The Integration of WeChat Payment in Digital RMB App

03/06/2023 03:45 • AI & Tech Insights • 69 views

It is reported that the “payment platform” in the “wallet quick payment management” of the digital RMB app (pilot version) has added “WeChat payment” on March 4. Previously, Alipay has supported it. According to Tenpay’s Digital RMB Wallet Express Payment Platform Service Agreement, users can jump to the digital RMB application through the WeChat payment service page to apply for the opening of the corresponding digital RMB operator’s wallet express payment function, or select “payment platform” through the digital RMB application’s wallet express payment function page to open. In WeChat wallet, click “Digital RMB” to enter, and you can also add any operator’s wallet for quick payment.

WeChat payment officially joined the digital RMB acceptance network

Interpretation of the news:

Recently, the digital RMB app (pilot version) has integrated WeChat payment in its payment platform. This addition has been implemented on March 4, and it joins the already included Alipay support. The move is seen as a significant development in China’s digital currency scene, as it further expands the availability and accessibility of digital RMB to Chinese citizens.

According to the Digital RMB Wallet Express Payment Platform Service Agreement, WeChat payment users can now apply for the opening of the corresponding digital RMB operator’s wallet express payment function. They can do this by jumping to the digital RMB application through WeChat payment’s service page or by selecting the “payment platform” through the digital RMB application’s wallet express payment function page. Once users enter WeChat wallet and click on “Digital RMB,” they can add any operator’s wallet for quick payment.

The integration of WeChat payment in the digital RMB app is a significant step towards achieving the widespread adoption of China’s central bank digital currency (CBDC). It is seen as a strategy that aims to ensure that the digital RMB reflects the way Chinese people use digital payments in their daily lives. With the inclusion of WeChat payment, millions of Chinese citizens who rely on the app for their daily transactions can now access the digital RMB without the need to download a separate application.

The integration of WeChat payment in the digital RMB app is also seen as a competitive move against other digital currencies such as Bitcoin. Bitcoin’s popularity in China has been growing in recent years, and with the integration of WeChat in the digital RMB app, the government aims to counteract the use of Bitcoin and other digital currencies. The Chinese government has been keen on regulating Bitcoin and other cryptocurrencies, and the digital RMB’s integration with WeChat is seen as a strong strategy to gain control of China’s digital payments space.

In conclusion, the integration of WeChat payment in the digital RMB app is expected to drive the adoption of China’s CBDC. With the rise of digital payments in China, it is only natural to integrate the digital RMB in widely used apps. The development also shows that the Chinese government is committed to digitalizing the country’s economy and ensuring that its citizens have access to modern digital payment infrastructure.

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The Integration of WeChat Payment in Digital RMB App

WeChat payment officially joined the digital RMB acceptance network

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