![]() While the Chinese government has not said if and when it will officially introduce the eCNY nationwide, several officials have mentioned having it ready for tourists visiting for the 2022 Olympics in Beijing. Recent articles and speeches from officials at the People’s Bank of China, which is the country’s central bank, underscored the project’s ambitions and the desire to be first. “The right to issue and control digital currencies will become a ‘new battlefield’ of competition between sovereign states,” read an article in China Finance, the magazine of the central bank, in September. “China has many advantages and opportunities in issuing fiat digital currencies, so it should accelerate to seize the first track.” The People’s Bank of China did not respond to a request for comment. The development of a national digital currency began in 2014, when the People’s Bank of China set up an internal group to work on one, shortly after Bitcoin gained attention in the country. In 2016, the central bank created a division called the Digital Currency Institute. Last year, it began trials of eCNY in the cities of Shenzhen, Suzhou, Xiongan and Chengdu, according to research from Sino Global Capital, a financial investment firm. People invited to the trial through a lottery on WeChat or other apps were able to click on a link and get a balance of 200 electronic yuan, which was sometimes displayed in their bank app over a picture of an old-fashioned Chinese bank note with Mao Zedong’s face. To spend the money, users can use an eCNY app to scan a retailer’s QR code or produce a QR code that the retailer can scan. SOME CHINA ECNY ALIPAY WECHAT PAY TRIAL.Instead of looking for an ATM, we will have to look for a plug. What seems clear is that if in the near future we cannot pay in a shop or to a friend, it will not be because we do not have cash in our wallet, it will be because we do not have battery in our mobile phone. However, in the current international scenario, any option is possible. The particularities of the Asian market as well as the relationship of both companies with the Chinese executive make the international expansion of WeChat Pay and Alipay complicated. In Spain, Bizum has in its roadmap the payment in physical shops by QR, although it will have to compete with the current mobile payment systems that are already consolidated among the Spanish population. ![]() Whatsapp Pay has already been launched in some countries such as Brazil, although for the moment its functionality is limited to the payment of debts between individuals, and not in physical shops. ![]() And of course, an application, WeChat, supported by the Chinese administration itself, which became indispensable in every Smartphone.Īs for other alternatives, Whatsapp is still taking small steps in the implementation of its payment platform through its mobile application. A street trade of small stands and stalls that is still part of the DNA of Chinese life. A new generation of young people who, beyond the strict control of the Chinese government, were curious about Western habits and their way of relating. To give you an idea, A pple Pay is available in 48 countries and has about half as many users as WeChat and Alipay (between 400 and 500 million).Īnd what was the reason for this success? The background was good: a society that was not excessively bankable, in full economic expansion and anxious to consume. Outrageous figures in both cases that show the enormous potential of the Chinese market. According to the portal, WeChat Pay has 800 million active users per month and Alipay about 1200 million, 300 million of them outside the Chinese borders. And the truth is that they did not do badly. ![]() Tencent and Alibaba therefore looked for a way to make mobile payments reach everyone regardless of their mobile phone, giving even street traders the possibility to charge for their products without the need for a POS. ![]()
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