![]() ![]() ![]() WeChat Pay allows users to show merchants a barcode on their phone to pay for items in store. It can also be used for purchases online. China concluded another mass retail test of its new digital yuan this week after distributing 100,000 e-CNY red packets worth US3 million. According to the Ministry of Culture and Tourism, the number of inbound tourists reached 141.2 million in 2018, an increase of 1.2 percent over the same period of the previous year. WeChat Pay has over 800 million monthly active users. However, the number of foreigners professionals and tourists coming into China is also growing year-on-year and hence, WeChat decided to look for a solution. We are providing better Digital Money Solution. The latest test in the tech metropolis of Shenzhen means China aside from earlier trials involving large banks has now tested out its new digital yuan on 250,000 shoppers and restaurant-goers. The Digital Yuan ECNY is a Blockchain version of Central Bank Digital Currency (CBDC), it’s the first token that is 100 backed by Local Chinese Bank Reserves, and It’s the best crypto with 1000x potential. To date, the People's Bank of China, which issues the digital yuan or e-CNY, has done limited trials in certain cities via lotteries where the central bank has handed out small amounts of the currency to some citizens.īut there are now signs that the PBOC is looking to expand usage of the digital yuan, despite no concrete date for a nationwide rollout. Chinas digital currency, e-CNY, will co-exist with Alipay and WeChat Pay, a Chinese central bank official said. This week, the PBOC launched an e-CNY app for users in certain regions and cities in China. That will enable anyone in those areas to download and sign up to use the digital currency. ![]() #CHINA ECNY WECHAT PAY MAUSKHARPALCNBC DOWNLOAD# Previously, users could get the app on an invite-only basis. In China, WeChat and Alipay, which is run by Alibaba affiliate Ant Group, dominate mobile payments last year, Alipay also began trialing digital yuan payments. Chinas e-CNY pilot has seen about 10 million people participate in the lottery and more than 500,000 people use the drawn offers, according to a report Monday by local media. But WeChat and Alipay are also potential competitors to the digital yuan's own app. #CHINA ECNY WECHAT PAY MAUSKHARPALCNBC DOWNLOAD#Ĭhinas e-CNY has run seven rounds of pilots in Shenzhen, Suzhou, Beijing, and Chengdu, distributing a total of RMB150. Receive a Red Packet or a Transfer from one of your Chinese contacts.Chinese internet-based technology and service company Tencent has partnered with Finnish digital signature and data management developer Avaintec. Helsinki Business Hub supported the collaboration. Together the two companies have brought Tencent’s WeChat Pay to Finland, offering the rapidly growing number of Chinese visitors a safe, familiar and convenient way to pay for their purchases. WeChat Pay allows Finnish businesses to serve their Chinese customers better – and to improve their sales while doing so. When Chinese visitors want to buy souvenirs for example from a Moomin Shop in Helsinki or from the Arctic Circle Tourist Information in Rovaniemi, they can now pay with a mobile application that is quick, easy and already familiar to them: WeChat Pay. Mobile payment apps are already challenging cash in China, as Chinese consumers find them safer and more convenient. The Chinese also prefer smartphone payment apps while travelling abroad, and the ability to offer this option can really benefit retailers. WeChat Pay is the leading mobile pay platform in China, with more than 800 million monthly active users and over 1 billion daily transactions on average in 2018. Along with the rapid development of the Chinese economy, more and more Chinese tourists travel abroad, and WeChat Pay collaborates with local merchants to meet their needs. With WeChat Pay, users can make payments quickly and conveniently in their own currency by simply scanning a QR code, without having to exchange money or withdraw cash. “In my opinion, for companies like Tencent, Finland and the Nordic area is a rapidly growing tourism market, and Finland is also a convenient shortcut between China and the rest of Europe,” says Service Manager Jie Guo from Avaintec. Helsinki Business Hub worked with Tencent and helped the company look for potential partners in Finland. ![]()
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