Payments giant WeChat Pay has announced that it has added China’s digital currency (CBDC) e-CNY to its payment options in all pilot areas.
Tencent-owned WeChat, China’s largest messaging app and one of the country’s largest payment services, has started to support the digital yuan.
WeChat Pay to Accept e-CNY Payments in All Pilot Areas
WeChat announced on Wednesday that users will be able to open their digital yuan wallets by signing up through WeBank in the app, e He stated that they can pay and transfer money directly within WeChat using CNY.
As part of the pilot project, WeChat will allow users to transact digital yuan. The central bank digital currency (CBDC) program was recently expanded to include 11 additional cities.
In the announcement, it was stated that WeChat, the most popular social media application in China, will participate in the digital yuan pilot program. The Chinese government plans to increase the use of the digital currency.
According to the People’s Bank of China PBoC data, transactions of the digital yuan reached 87.57 billion yuan ($13.76 billion) at the end of last year. In other words, there was an increase of 154% compared to June 2021.
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