![]() Internet giant JD has made functionality available across an array of its online and offline assets, including JD's e-commerce and finance apps, as well as 7Fresh-the fresh food chain supermarket it backs. The app also said it will explore the novel digital yuan payment experience in Beijing's Winter Olympic Village, which is set to open on Jan 27. Once activated, the function allows users to receive remittances and pay for goods and services with digital currency in WeChat. In a similar vein, Tencent-owned WeChat, China's largest messaging app and one of the leading payment services, also began supporting the digital yuan last week via the WeChat Pay mobile wallet. The pilot version of the app was rolled out on Jan 4. To link to two services, users need to first submit an identity authentication via the e-CNY app, the digital yuan wallet application developed by the central bank. The transaction value of the digital currency via Meituan also surged 64.4 percent compared with a week ago, the company said, adding that the number of users adding the digital yuan payment option to the Meituan mobile wallet expanded almost twentyfold. Local services company Meituan said the number of digital yuan-denominated payments jumped 42.7 percent after connecting the Meituan app with the e-CNY app, which was developed by the People's Bank of China, the central bank. Yesterday the Shenzhen municipal government announced a giveaway of ten million renminbi ($1.5 million) in central bank digital currency ( CBDC).Electronic payments via China's digital currency have enjoyed a stratospheric rise in a matter of days after the novel payment option was made available across the country's major mobile apps. Fifty thousand people will receive the gifted money on a lottery basis in amounts of 200 yuan as part of the digital yuan tests. The trial is in the Luohu District, following another red packet gifting in the same area to 5,000 medical and healthcare workers as thanks for their COVID-19 contributions. Jingxi is an upgrade from its predecessor named JD.com Pinguo, which mostly targets Chinese female consumers and small-city shoppers with ultra low-priced items. To date, most digital yuan tests have been rather limited, focused on government employees. This latest give away is a far more broad and public test, engaging the general public. There’s no better way to gain interest than giving away free money! One could argue it’s a little like an airdrop for public blockchains. One of the biggest challenges for the eCNY will be adoption. Most Chinese citizens are quite happy with using existing digital payment solutions Alipay and WeChat Pay. ![]() One of the key reasons for issuing the digital yuan is to prevent an over-reliance on these private payment systems. Jd.com ecny wechat pay chinachina They are also treating the blockchain-based financial innovations that offer the best alternative to China's e-yuan like gatecrashers at their own exclusive party.' - Niall Ferguson, historian, Bloomberg, April 4, 2021.ommunist China is adding another element to its toolbox of surveilling and controlling its. ![]() ![]() This week we reported that to date, 113,300 personal digital wallets for the eCNY have been created in trials and $160 million in transactions have been processed.Ĭommercial banks are the main gateways for the People’s Bank of China to issue the currency, much like the way cash is distributed to consumers. Wallets can only hold limited amounts of cash in order not to threaten the role of commercial banks.
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