And online retailer JD.com said this month it would begin facilitating third-party merchants that sell on its platform to start accepting the e-CNY. It is not a cryptocurrency such as bitcoin and works very differently.Įarlier this month, Chinese internet giant Tencent began supporting the digital yuan in its massively popular WeChat messaging and payments app. The People's Bank of China began working on the digital currency in 2014 and it's designed to replace cash and coins in circulation. QR-based transactions can be done two ways: by the user scanning the merchant’s unique QR code, or the merchant scanning the user’s unique QR code. The head-to-head rivalry between Tencent and Alibaba dates back to July, when Alibaba blocked application programming interface (API) access to marketing services offered by members of its Taobao affiliate network on WeChat.By fending off competitors, Alibaba also is gearing up for a 24-hour sale to encourage the use of mobile phones for everyday purchases. In fact, this is a much safer option than using cash. And it provides integrated services for upwardly-mobile. WeChat Pay works just like any other QR-based mobile payment service. It is the leader in mobile payments, with more than 800 million users of WeChat Pay. The Beijing-headquartered company is the latest in a line of tech companies to help promote the digital yuan, which is also known by its official name Digital Currency Electronic Payment (DCEP). WeChat users send more than 45 billion messages a day. It's one of China's food delivery giants but also allows consumers to access lots of different offline services such as booking hotels. Meituan had more than 660 million transacting users who used its services in the 12 months that ended Sept. By the end of 2021, about 64 percent of Chinese people were using mobile payment systems, according to a report by Daxue Consulting, with Alipay and WeChat Pay handling most payments. From then on, they can use the digital currency to pay for everything from movie tickets to taxis and hotels. Users can download the digital yuan, or e-CNY app, and link it to their Meituan app. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Born August 2013, WeChat Pay’s domestic success largely stems from the fact that it’s an extension of social networking and IM tool WeChat, which guarantees high. In Q1 2017, Alipay’s market share dropped to 54 percent, while WeChat Pay claimed 40 percent. Best Debt Consolidation Loans for Bad Credit However, the app is quickly surrendering territory to a new rivalWeChat Pay.
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