Blockchain
China takes lead in Blockchain based payment with WeChat
Blockchain
Tencent is one of China’s largest technology companies and they develop WeChat, the country’s most popular messaging app.
Blockchain
China first started developing its digital yuan back in 2014 but progress has been slow. If WeChat users start using it though, it could provide the currency with some significant momentum
Blockchain
China’s largest messaging app and one of its biggest payment services, WeChat, will be adding support to the electronic yuan.
Blockchain
The PBoC, the sovereign bank that issues digital money, is looking to broaden the public’s use of the virtual currency.
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Partnering with Wechat brings contact with over 1 billion potential customers, which could hopefully provide a boost to those using e-CNY.
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There may be few people in the Western world who have never heard of WeChat, but it is well-spread in China, the world’s second-largest economy.
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WeChat is also heavily integrated with other applications such as messaging and ordering food. People can use it to hail a taxi or pay for their meals, making it a very convenient app to depend on.
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WeChat Pay is a convenient payment method that enables customers to show a merchant a barcode on their phone to make a purchase or use it online.
Blockchain
Chinese regulators seem to be taking a cautious approach to the digital yuan and it remains to be seen if and when they might push the digital currency into wider use.