Tencent’s WeChat will begin to accept digital yuan payments

Tencent Holdings, the company that owns WeChat, said that the digital yuan may now be used to make payments in advance of the Beijing Winter Olympics.

Tencent’s initiative comes as the Chinese government prepares to test its digital yuan around Olympic facilities when the Games begin next month.

The move is a tactic for Tencent, whose economic strategy hinges around WeChat, to keep users from abandoning the program.

To use WeChat’s payment function, users must first download the People’s Bank of China’s e-CNY app, create a digital yuan wallet with WeBank, Tencent’s virtual bank, and link the WeBank wallet to the WeChat account to make payments.

It remains to be seen if the central bank’s digital yuan will compete with or coexist with other smartphone payment services.

The world’s most popular chat app boasts 1.2 billion users, most of which are in China. Unfortunately, China’s digital yuan is now only available in a few local cities, and only a few companies accept it.

The People’s Bank of China (PBoC) has expanded its pilot testing for the digital yuan to develop a new mobile wallet. However, because it is still in development, the new wallet is only available to a limited few.

According to the article, the new mobile wallet is accessible for iOS users on the Google Play Store and the Chinese-supported App Store.

Along with WeChat, the government wants to make Macau a testbed for the digital yuan, as casino operators prepare to compete for new licenses for the first time in two decades.

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