The popular Chinese messenger WeChat received support for the digital yuan – users of the application can now pay for goods and services in the national electronic currency via the quick payment function.
WeChat was originally developed as a messaging app by Chinese tech giant Tencent, but has gradually evolved into what it calls a super app, a one-stop app that combines the power of a social network and an e-commerce platform. WeChat has over 1.2 billion monthly users.
The function of paying for goods and services in digital yuan is available in some mini-applications of the messenger through the built-in payment system WeChat Pay – in the future the number of available options will increase. The limit per transaction is 2,000 yuan ($289), and you cannot transfer more than 5,000 yuan ($720) per day.
Today, the digital yuan is being tested in at least 26 Chinese provinces and cities, where more than 5.6 million shops and service companies accept the digital currency. At the end of December 2022, digital currency payments reached 13.61 billion yuan ($2 billion).
In addition to WeChat, Alipay (owned by Alibaba) works with the digital yuan, enabling payments for the AliExpress, Taobao, Shanghai Bus and Youbao platforms, as well as Tmall and Hema.