Wechat Pay, the popular payment app of Chinese social media platform Wechat, has announced its support for the state-backed digital yuan. With this move, over a billion users will now be able to make fast payments using the digital currency issued by the People’s Bank of China.
Following in the footsteps of Alipay, Wechat Pay has integrated payments with the digital yuan, making it easier for users to access and use the currency. The latest update to the app will allow more than 1.2 billion users to spend digital yuan (e-CNY) to pay for goods, services, and utility bills in some widgets.
The new feature will also enable direct transactions between Wechat users, with more use cases planned for the future. Currently, about 750 million people use Wechat Pay daily, making it one of the most widely used payment apps in China.
The move by Wechat Pay to support the digital yuan is seen as a significant step towards the wider adoption of the currency in China. The digital yuan is part of China’s efforts to modernize its financial system and reduce its reliance on the US dollar.
The People’s Bank of China has been testing the digital yuan in various cities across the country, with plans to launch it nationwide in the near future. The digital currency is expected to be used for everything from online shopping to paying bills and even for public transportation.
With the support of Wechat Pay and Alipay, the digital yuan is well on its way to becoming a mainstream payment option in China. As more businesses and individuals begin to use the currency, it is likely to have a significant impact on the country’s financial system and the global economy as a whole.
