The e-CNY is now a payment option on WeChat and China replaces its financial regulator China WeChat PeoplesBankofChina
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With the integration of the digital yuan wallet, WeChat has become the second major payment platform to do so after Alipay added support for the wallet in December. The integration with WeChat enables users to make payments on certain WeChat mini-programs and other platforms, such as ordering food from McDonald’s or paying bills, using the digital yuan. WeChat reportedly has more than 1 billion active monthly users.
“Chinese consumers are so locked in WeChat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app,” said Linghao Bao, an analyst at Trivium China, a strategic advisory firm. “So it makes sense for the central bank to team up with WeChat Pay and Alipay as opposed to doing it on its own.”
As part of the launch of the new regulatory body, its current banking and insurance guardian, the China Banking and Insurance Regulatory Commission , will be disbanded and replaced with the National Financial Regulatory Administration , which was presented to China’s parliament during its annual meeting on Tuesday.
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