China’s Biggest Messenger App WeChat to Support Digital Yuan Payment Functions

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China’s messaging app giant, WeChat, has reportedly enabled digital yuan payments on its platform.

Source: technode

CNYUSD up +0.05%

The service is available in all of the 23 regions where the financial product is being tested, including Beijing and Shanghai.

The biggest messenger application in China, WeChat, allowed customers to facilitate transactions in digital yuan. Users need to apply for accounts with Tencent’s WeBank before adopting the CBDC.

The first signs of the program happened at the start of the year. Adding such support from an app with extra one billion customers could influence the distribution of the e-CNY.

WeChat’s main rival, Alipay, has also set his eyes on integrating digital yuan payments. The company started exploring the potential adoption in 2021.

The number of Chinese residents who have already created digital yuan wallets is more than 140 million, 10 million of which are corporate accounts.


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