Main payment application WeChat adds support for China’s digital renminbi

WeChat, China’s largest instant messaging application and one of China’s most popular payment services, will begin to support the Chinese government’s digital currency.

On Wednesday, Tencent announced that it will start accepting digital renminbi payments through its proprietary mobile wallet WeChat Pay. according to Report to the local news. Since 2014, China has been developing a digital renminbi, but it has not yet implemented it nationwide. If people start using WeChat, which has more than 1 billion users, to pay for goods and services, it will give it a huge boost.

WeChat’s huge user base and countless packaging services have earned it the nickname “Super Application”.User can use WeChat Pay chat, pay bills, And order food or transportation. WeChat Pay has more than 800 million monthly active users.

Bao Linghao, an analyst at the consulting company Trivium China, Tell CNBC, “Chinese consumers are so addicted to WeChat Pay and Alipay, it is unrealistic to persuade them to switch to new mobile payment applications. Therefore, it makes sense for the central bank to cooperate with WeChat Pay and Alipay instead of doing it themselves.”

related: The rapid deployment of China’s digital renminbi has left dust on its way forward

So far, the People’s Bank of China (PBoC) has ConductedDigital element simulation test Several cities that involve a small amount of currency in the business and consumer environment. Although there is no timetable for a nationwide rollout, there are signs that the People’s Bank of China is interested in expanding the use of digital currencies.

China has established a significant leading position in the development of central bank digital currencies for public use, surpassing most countries Are still in their respective research phases. Earlier this week, the country’s central bank issued a Digital RMB Wallet Application Trial Version IOS and Android stores in China.