More than 1 billion users of leading Chinese social network WeChat can now use its function of fast payments in digital national currency to pay for goods and services
Leading Chinese social network WeChat has added support for digital yuan (e-CNY) to its payment services. This was reported by local publication The Paper. The integration of WeChat’s e-CNY fast payment feature should help expand the use of this form of currency promoted by the Chinese authorities.
The WeChat app, created by tech giant Tencent Holdings first as a messenger but has evolved into a full-fledged social network. It has more than 1.2 billion monthly active users. Now they can pay for goods and services in digital Yuan in certain WeChat mini-applications through the WeChat Pay system. In the future, the social network will add more options for using e-CNY.
Right now, there is a limit of 2 thousand yuan ($289) per transaction and a daily limit of 5 thousand yuan ($720).
The digital yuan, also known as e-CNY, is being tested in at least 26 Chinese provinces and cities. There are 5.6 million stores and businesses from the service sector taking part. As of the end of December 2022, e-CNY’s digital national currency payment volume was 13.61 billion yuan ($2 billion).
Our experts note that in December 2022, Alipay, Alibaba’s payment system, announced that it would begin accepting digital CNY. This system processes transactions between sellers and buyers on AliExpress. As well as on Taobao, Shanghai Bus, Youbao platforms and supermarket chains Tmall and Hema.