An employee exits Alibaba Group Holding’s headquarters in Hangzhou on January 20. Only merchants that accept e-CNY will be taking payments in the central bank digital currency, according to WeChat’s announcement. Alibaba’s bargain marketplace Taobao Deals said to be introduced as a mini-program on Tencent super app WeChat. Key Points Chinese giant Tencent is exploring whether regulators will require it to create a financial holding company to house is fintech business. Today’s update is an expansion of the e-CNY payments option that WeChat already supports since early last year. Clearly, that sea of microtransactions are potential targets of the digital yuan. WeChat officially launched Palm Pay on May 21. 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. Tencent first began charging users in China for the use of the card repay service that is featured in the built-in digital wallet service of WeChat in December 2017, but only if the monthly. Tencent -owned WeChat, China’s largest messaging app and one of the country’s biggest payment services, will begin supporting the country’s sovereign digital currency. This year marks the 10th anniversary of the Tengger Desert Tree Planting project by Tencent Volunteers. The company shares marketing insights and trends to help luxury brands reach consumers in China more effectively. For the last few years, China’s central bank has been trying to ramp up the adoption of digital yuan, or e-CNY, which forms part of the country’s monetary base, M0. Tencent Spotlights Growth Roadmap for Digital Advertisers in China Market.
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