![]() ![]() ![]() You have a video call with her and send her a. The story of mobile payment is not ending yet. You can pay train tickets, air tickets, hotel costs, taxi, Uber/Didi and so on all by WeChat or Alipay. #Ecny wechat pay chinachina morningpost how toNingbo recently added an incentive for one-cent fares, and Guangzhou just added support for buses, per Coingeek. Wechat pay chinachina morningpost how to Wechat pay chinachina morningpost code Meanwhile, if you wish to buy from Taobao, Tmall, JD.com, etc. New use cases and incentives could change that-for example, 10 cities now accept the e-CNY for subway fare.But interest is lukewarm: Both Alipay and WeChat Pay have higher favorability ratings, and many users see no need to switch.That might draw customers to the digital yuan (e-CNY): The government reported 261 million enrollees, and 1 in 5 adults in China have downloaded the official e-CNY app, per Morning Consult.But Beijing has been cracking down on Big Tech, which could make apps harder to use and less appealing to customers. The bigger picture: Pressure on major mobile wallets is building.Ĭhina’s mobile payments market is highly mature: Nearly 8 in 10 mobile phone users make both proximity and peer-to-peer (P2P) mobile payments, mostly through Alipay and WeChat Pay. New regulations from the China Banking and Insurance Regulatory Commission (CBIRC) are meant to change that: If more than 20% of a bank’s cards have no transactions or overdraft for 18 months, they’ll have to pause issuance.Ĭredit card withdrawals could be a boon both to banks-which find themselves disintermediated by digital wallets-and to UnionPay, which holds a near monopoly in China’s card market, by increasing card use.WeChat Pay owned by Tencent Holdings, both support the e-CNY.6922/6949 from 4. And use has stagnated at about 40%, per Daxue Consulting. China digital currency: Shenzhen hands out e-CNY vouchers worth US4.5mil. #Ecny wechat pay chinachina morningpost install
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