Tencent invested in China’s ride-sharing and bike-sharing companies because their users pay frequently, and Tencent wanted them to use WeChat Pay. Only merchants that accept e-CNY will be taking payments in the central bank digital currency, according to WeChat’s announcement. Friendly companies build miniprograms for WeChat. Today’s update is an expansion of the e-CNY payments option that WeChat already supports since early last year. Earning results for the first quarter of 2020 showed a total revenue of 108 billion Chinese yuan (15.2 billion) - an increase of 26 year-on-year, despite the coronavirus pandemic. Clearly, that sea of microtransactions are potential targets of the digital yuan. In 2022, WeChat mini apps generated several trillion RMB ($1 = RMB6.9) of transaction value, according to Tencent. ![]() It comes with its own payments system, WeChat Pay supports millions of third-party lite apps, making it a rival to the App Store has a short video network that competes with Douyin, TikTok’s Chinese version, for eyeball time and has a host of other features that can easily be standalone apps - but Asia loves super apps. The bank has a designated app for e-CNY that crossed 261 million individual users in early 2022, but it’s also enlisting help from the private sector to take its official digital money to a broader user base.Ĭhina’s biggest messenger WeChat said Wednesday that it’s extended the use of e-CNY payments to transactions happening through its short video and mini-app platforms, which together cover merchants from small influencers to brands touting products on WeChat.įor those unfamiliar with WeChat, the Tencent-owned messenger is a sprawling empire that far exceeds what WhatsApp or Messenger can do.
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