WeChat added support for digital yuan
Chinese social network WeChat has added support for payments in digital yuan
More than 1 billion users of the leading Chinese social network can now use the function of fast payments in digital currency to pay for goods and services.
According to the local publication The Paper, the leading Chinese social network WeChat has added support of digital yuan (e-CNY) to its payment services. The integration of WeChat's e-CNY fast payment feature should help expand the use of this currency promoted by the Chinese authorities.
The WeChat app, created by technology giant Tencent Holdings first as a messenger but evolved into a full-fledged social network, has more than 1.2 billion monthly active users. Now they can pay for goods and services in digital yuan in certain mini-applications WeChat through the system WeChat Pay. In the future, social networks will add more options for using e-CNY.
Now there is a limit of 2 thousand yuan ($289) per transaction and a daily limit of 5 thousand yuan ($720), the Global Times found out.
As of the end of December 2022, e-CNY's digital national currency payment volume was 13.61 billion yuan ($2 billion).
In December 2022, Alipay, Alibaba Group's payment system, announced that it would begin accepting digital RMB. The system processes transactions between sellers and buyers on AliExpress, as well as on the Taobao, Shanghai Bus, and Youbao platforms and the Tmall and Hema supermarket chains.
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