This Brief explores the emergence, similarities, and differences between China's Alipay and WeChat Pay and the affects these elements may have on the way they compete in the rural arena. That support reflects Big Tech companies’ commitment to help promote the country’s sovereign digital currency, following earlier initiatives by Meituan and JD.com. Around 13 percent of the world’s population, or about half of all Chinese, live in rural areas, where these services have not penetrated to the degree that they have in cities. Chinese cities offer a glimpse of a truly cashless future, where people's relationship to financial services is changing forever. (12 October 2022) Digital renminbi ( Chinese: also abbreviated as digital RMB and e-CNY ), 1 or Digital Currency Electronic Payment ( DCEP, Chinese: pinyin: Shz hub dinz zhf ), is a central bank digital currency issued by China's central bank. These two dominant Chinese providers have been able to bridge the gap between the digital and physical worlds. This development is largely thanks to AliPay and WeChat Pay. Indeed, China is awash with those black-and-white static-filled squares.
CHINA STREETJOURNAL ECNY ALIPAY WECHAT PAY CODE
It is hard not to be struck with how matter-of-factly Chinese scan a QR code to pay for everything from haircuts to vegetables at market. China’s digital yuan will need to dethrone the country’s domestic e-payments giants first, before it can think of competing against the greenback internationally, says the Peterson Institute. Smartphone-enabled mobile payments are becoming seamlessly integrated into everyday life for people from the young to the elderly.
A profound behavior change is happening in China’s cities.
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