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Tencent has rolled out a wallet that enables users to make transactions using China’s central bank backed digital currency.
Undergoing A/B testing, the Tencent e-CNY Wallet, enables users to transact using the digital currency through QR codes on WeChat. Users will be able to transfer funds, collect payments, and access credit card functions through the programe.
To qualify, consumers need to to activate the wallet function of WeBank, Tencent’s digital banking arm, in the central bank’s e-CNY app, which arrived in Android and Apple app stores in January.
WeChat and Ant Group’s Alipay currently control a combined 94% of China’s online payment market.
The People’s Bank of China rolled out digital yuan pilots in eleven additional cities last month after showcasing the currency internationally at the Winter Olympics.
Financial Services
