Chinese MNBC: digital yuan lands on WeChat messaging service

Chinese MNBC: digital yuan lands on WeChat messaging service

MNBCs still growing in China – The arrival of central bank digital currencies (MNBC) seems quite inevitable, especially in China with the digital yuan (e-CNY). In effect, the Chinese Central Bank regularly distributes its MNBC to test it in real situations. From now on, this digitized version on the blockchain of the renminbi will also be accessible via the famous application WeChat.


Chinese MNBC lands in WeChat Pay

The WeChat social network application has become a real means of payment, especially in China… to the point of quite often replacing traditional bank cards thanks to its payment platform WeChat Pay. It is therefore a vector of choice for the digital yuan of the People’s Bank of China (PBoC).

We learn, through a publication from the local newspaper The Paper, that WeChat will support the use of thee-CNY in its payment application. And it will be the same on the application side. Digital RMB. Currently in pilot version, this application will be central for the use of the renminbi with MNBC sauce. According to the publication, she would therefore see the WeChat Pay option as “payment platform”.

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Multiply the tests of the digital yuan to prepare for its adoption

The transaction process of this “quick checkout feature” in e-CNY is here based on theidentification through the phone numbers of sender and receiver, which already serve as user ID in WeChat.

“(…) the user must authorize the operator of the corresponding digital yuan wallet to synchronize the linked mobile number with WeChat to ensure that the mobile number of the digital yuan wallet matches the linked mobile number to WeChat. (…) After that, you can pay merchants who support digital yuan in WeChat app. »

WeChat Statement

The ease of use of WeChat to pay in e-CNY promises great accelerate expansion of the Chinese MNBC also with the tradespeople.

“Access to the digital yuan via WeChat Pay will improve efficiency and costs for [transactions des] small merchants (…)”

WeChat Statement

In December 2022, it is another very popular payment solution in China – Alipay (founded in 2004 by the Alibaba Group) – which welcomed the digital yuan into its midst. If it is still very difficult to know if MNBCs are chance or risk for Bitcoin (BTC) and decentralized cryptocurrencies, one thing is certain: the China is widely on your mind of the race for these state digital currencies.

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