China’s leading social networking app WeChat has added support for the country’s central bank digital currency (CBDC), also known as digital yuan or e-CNY, to its payment service, WeChat Pay.
The move is expected to significantly increase digital yuan adoption in the country.
WeChat Pay users can now make payments with digital yuan while ordering food or paying bills.
- The integration will also allow payments between WeChat users later.
- WeChat Pay has over 1 billion monthly active users.
- China is currently piloting the digital yuan in at least 26 provinces and cities.
In December last year, Alipay, China’s largest third-party payment platform, similarly integrated the digital yuan into its services.
- The integration allowed Alipay users to pay with digital yuan on China’s leading e-commerce platforms, including Taobao.
