What will China’s central bank digital currency mean for Alipay and WeChat Pay?

//What will China’s central bank digital currency mean for Alipay and WeChat Pay?

What will China’s central bank digital currency mean for Alipay and WeChat Pay?

China’s e-payments ecosystem is set to step up a level of sophistication as the coronavirus pandemic and deteriorating US-China relations hasten Beijing’s plans for a digital fiat currency; potentially complicating a landscape dominated by Alipay and WeChat Pay.The central bank’s e-yuan, called Digital Currency Electronic Payment (DC/EP), would let citizens ­pay for goods with e-wallets, replacing banknotes and coins and ­accelerating the dash by the world’s second-largest economy towards a…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2020-09-05T02:00:11+00:00 September 5th, 2020|Technology|Comments Off on What will China’s central bank digital currency mean for Alipay and WeChat Pay?