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Ningbo recently added an incentive for one-cent fares, and Guangzhou just added support for buses, according to Coingeek. New use cases etc incentives could change – for example, 10 cities now accept e-CNY for subway fare.
That could attract customers digital yuan (e-CNY): The government reports 261 million enrolledand 1 in 5 adults in China has downloaded the official e-CNY appper Morning Consult.
ECNY WECHAT PAY CHINACHINA MORNINGPOST CRACK
But Beijing was crack down on Big Tech, which could make apps more difficult to use and less attractive to customers. The bigger picture: The pressure on the large mobile wallets is increasing.Ĭhina’s mobile payments market is very mature: Almost 8 out of 10 mobile phone users do both vicinity and peer to peer (P2P) mobile payments, most of time via Alipay and WeChat Pay. New rules from the China Banking and Insurance Regulatory Commission (CBIRC) aim to change that: If more than 20% of a bank’s cards have not had any transactions or overdrafts for 18 months, they must pause issuing.Ĭredit card withdrawals could be a boon for banks - finding themselves disintermediated through digital wallets – and on UnionPaywhich has almost a monopoly on the Chinese card market due to the increasing use of cards.and Usage stagnates at around 40%, Per Daxue Advice. Chinese credit cards per capita are hovering around 0.53-lower than other developed markets, Per Huaon.What it means:At first glance, the move is intended to improve the use of credit cards in the market after new regulations come into force. Users cannot use cash advances to pay off debts or make investments. In partnership with banks, including the Bank of Ningbo, China Everbright Bankand Ping a bankallows users to withdraw funds from their credit cards and transfer funds to debit cards linked to digital wallets.Īlipay and WeChat Pay offer the service for free, and banks set withdrawal limits and interest rates. Wallets can only hold limited amounts of cash in order not to threaten the role of commercial banks.The news:Chinese mobile wallet titans Alipay and WeChat payment are testing cash advances by credit card, per China Daily. This week we reported that to date, 113,300 personal digital wallets for the eCNY have been created in trials and $160 million in transactions have been processed.Ĭommercial banks are the main gateways for the People’s Bank of China to issue the currency, much like the way cash is distributed to consumers. One of the key reasons for issuing the digital yuan is to prevent an over-reliance on these private payment systems. Most Chinese citizens are quite happy with using existing digital payment solutions Alipay and WeChat Pay. One of the biggest challenges for the eCNY will be adoption.
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There’s no better way to gain interest than giving away free money! One could argue it’s a little like an airdrop for public blockchains. This latest give away is a far more broad and public test, engaging the general public. To date, most digital yuan tests have been rather limited, focused on government employees.
ECNY WECHAT PAY CHINACHINA MORNINGPOST TRIAL
The trial is in the Luohu District, following another red packet gifting in the same area to 5,000 medical and healthcare workers as thanks for their COVID-19 contributions. Fifty thousand people will receive the gifted money on a lottery basis in amounts of 200 yuan as part of the digital yuan tests. Yesterday the Shenzhen municipal government announced a giveaway of ten million renminbi ($1.5 million) in central bank digital currency ( CBDC).
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