WeChat Pay offers over 800M active users to central bank
As per a local news article, Tencent announced on Jan. 6, 2021, that it will start taking digital yuan payments through its mobile wallet WeChat Pay. Since 2014, China has been working on a digital yuan, but it has yet to be adopted statewide. It will gain a big boost if citizens start transactions for goods and services with WeChat, which has over 1 billion active users.WeChat has been called a "mega-app" due to its massive user base and the plethora of wrapped offerings. WeChat Pay allows users to chat, pay bills, and purchase food and transportation. WeChat Pay has more than 800 million monthly active users.
"Chinese consumers are so locked in WeChat Pay and Alipay; it's not realistic to convince them to switch to a new mobile payment app," Linghao Bao, an analyst at consultancy firm Trivium China, told CNBC. As a result, it makes perfect sense for the People's Bank of China to collaborate with WeChat Pay and Alipay rather than doing it alone.
China gearing up to launch CBDC
As per our previous report, the central bank of China unveiled a pilot version of a digital yuan wallet software for iOS and Android users earlier this week. China has taken a big lead in the development of CBDC for public usage, outpacing the majority of nations that are still in the research and development stages.Currently, more than 100 countries throughout the world are working on bringing their own national CBDC in some form. Russia, Japan, India, and South Korea are planning to start pilot projects for CBDC trials in 2022, but the United States has yet to formalize any realistic CBDC plans. This year, France and Switzerland held their first cross-border trials, with many more set to follow soon.
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