Tencent commences test programme for digital yuan wallet

Undergoing A/B testing, the Tencent e-CNY Wallet, enables users to transact using the digital currency through QR codes on WeChat. Users will be able to transfer funds, collect payments, and access credit card functions through the programe.

To qualify, consumers need to to activate the wallet function of WeBank, Tencent’s digital banking arm, in the central bank's e-CNY app, which arrived in Android and Apple app stores in January.

WeChat and Ant Group's Alipay currently control a combined 94% of China’s online payment market.

The People's Bank of China rolled out digital yuan pilots in eleven additional cities last month after showcasing the currency internationally at the Winter Olympics.

SOURCE: https://www.finextra.com/newsarticle/40075/tencent-commences-test-programme-for-digital-yuan-wallet

China Launches Digital Yuan App – All You Need to Know

• China has released the new digital yuan app for iOS and Android on domestic app stores.

• The app is now available to users in 23 cities across China.

• Tencent-owned WeChat announced it would begin rolling out the e-CNY as a payment option on its platform, introducing the digital currency to over 1.2 billion users.

2022 kicked off with a major leap forward for the e-CNY – also known as the digital yuan – as the beta version of the digital yuan app was officially launched for iOS and Android on Chinese app stores. Although the app has been available to some users in China for over a year under limited pilot programs, this is the first time the app is freely available for anyone to download and use in any of the selected pilot cities.

Users in 23 cities across China, including Shanghai, Beijing, and Shenzhen, can now pay for goods and services with the e-CNY. Sign-up is possible through seven traditional commercial banks and two online banks, all Chinese.

Shortly after the launch of the app, the Tencent-owned messaging app and payment platform WeChat announced that it would begin allowing users to select e-CNY as a payment option to pay for services. With over 1.2 billion users, of which around 750 million are active on a daily basis, this development could give significant exposure to the e-CNY, which some analysts say faces stiff competition from other online payment platforms – including WeChat itself.

The People’s Bank of China (PBOC), China’s central bank, first began trialing the e-CNY app in April 2020 when it launched internal testing in four cities. This pilot program has since gradually been expanded through invites and cash incentives to eventually reach 140 million registered users by October 2021, according to the PBOC.

SOURCE: https://www.china-briefing.com/news/china-launches-digital-yuan-app-what-you-need-to-know/