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Tencent china wechat pay 800m5/16/2023 ![]() The actual app is all in Chinese, but at some point, it uses the term “E-CNY” so let’s go with that. It’s true that WeChat isn’t that well known outside of China, but it’s a ubiquitous tool within the world’s second-largest economy inside that country.Ĭhinese Wikipedia calls it “ E-CNY“. Nevertheless, now that WeChat, which has over 1 billion users, is supporting a digital currency, it could give it a huge boost if people start to use this to arrange payments. It’s been over two years since China started to work on the digital yuan and it hasn’t been rolled out nationwide yet. This is different from Alipay and WeChat Pay, which require real-name verification even for small transactions, a procedure that requires users to upload images of their ID papers.Ĭhina’s most popular messaging service, as well as one of the country’s biggest payment services, WeChat, owned by Tencent, is launching support for the country’s digital currency. This means it will enable users to make small transactions without disclosing personal information. The digital yuan app also offers ‘managed anonymity’ and adheres to “anonymity for small value and traceable for high value”. ![]() Point your phone at the WeChat QR code.Ī document released by the PBOC in July 2021 describes how the e-CNY uses a “variety of technologies, including digital certificate system, digital signature, and encrypted storage to make double-spending, illegal duplication and counterfeit, transaction falsification, and repudiation unfeasible”.This can be accessed via the ‘Discover’ tab at the bottom of the main screen or via the small + icon in the top right corner of the ‘Chat’ list tab. Open up the ‘Scan’ function within WeChat.If you would like to make payment to someone with who has a WeChat QR code for you to scan, follow the steps below: For people who don’t have need of a printed out QR code, the same code can be opened within to app for people to scan and make payment to. these are designed to be scanned for payment. Transfer Money by Scanning a QR CodeĪround China, small vendors will often display WeChat and AliPay QR codes at there place of business. QR codes can be scanned from several metres away, so someone doing this with a powerful zoom lens could easily steal money from your account from quite a distance. On April 7, 2022, Tencent announced that it will now enable users to use the digital yuan as a payment option on its social media and payment app WeChat in the 23 pilot regions listed above. Zhangjiakou, Hebei province (Winter Olympics and Paralympics sites).Beijing (Winter Olympics and Paralympics sites).If ‘WeChat Pay’ does not show up in your version of WeChat, try changing the app language to Chinese and back – Me | Settings | General | Language | 简体中文 and then press ‘Done’. Click on ‘WeChat Pay’ in the menu that appears.Click on the ‘Me’ icon in on the bottom right of the main screen.Once you have collected all the items you need, follow the steps below to link your bank account to WeChat Pay: Some banks, such as Huaxia Bank, may refuse to perform the activation for non-Chinese citizens. Some bank some banks require activation of mobile banking before their bank cards can be used.WeChat accounts can’t be linked to more than one name at a time. Transfer Money by Scanning a QR CodeĪs a Chinese citizen with a shēnfènzhèng number, or a foreigner with a Green Card, you can directly connect the app to your bank account, just like you do with WeChat Pay and Alipay. It’s a clean, simple user interface with a well-known face looking at us. ![]() Here it is, right next to the other app you really need to live in Shanghai. There are tons of tutorials out there about how to do that.Ĭongratulations, you now have China’s newest payment app on your phone. If your app store is set to another country, it’s easy to switch. The E-CNY app is currently only available on the Chinese App store, so you can only do this if – and that’s the main limitation we mentioned at the beginning – your app store location is set to China. ![]() Shortly after the launch of the app, the Tencent-owned messaging app and payment platform WeChat announced that it would begin allowing users to select e-CNY as a payment option to pay for services. Sign-up is possible through seven traditional commercial banks and two online banks, all Chinese. Users in 23 cities across China, including Shanghai, Beijing, and Shenzhen, can now pay for goods and services with the e-CNY. Although the app has been available to some users in China for over a year under limited pilot programs, this is the first time the app is freely available for anyone to download and use in any of the selected pilot cities.
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