Speaking at a November conference, Mu Changchun, who runs the e-CNY project at the People’s Bank of China, appeared to acknowledge the demand challenge. The e-CNY wasn’t a payment option on sites run by Alibaba Group Holding Ltd., which in 11 days racked up sales of nearly $85 billion, or 8.5 times the amount of digital yuan transacted over 18 months of trials. The company said 100,000 customers used e-CNY in 240,000 orders but declined to say how much of the total $55 billion spent during the sales period it constituted it was likely a fractional portion. made it a payment option during the event as part of a plan to encourage adoption of digital wallets. Pointedly, China’s annual online shopping extravaganza in November, known as Singles Day, featured only limited promotion of e-CNY, a currency designed for the internet. Based on central-bank numbers, the average amount spent per transaction was under $1. Giveaways aren’t nationwide they have been run in particular cities on specific dates and so far have left out small towns and rural areas. “Primarily, e-CNY has been distributed in free-to-enter lottery-type promotions and through discount deals designed to encourage downloads of the central bank’s app and digital wallets. I’m sure a majority of participants in the payments ecosystem hope this remains true: There is also interest in how quickly consumers might adopt digital money, but given the poor consumer adoption reported here, perhaps the payment tools consumers use today are sufficient. The primary concern among world leaders is its potential impact in world trade. In fact, WeChat actually has a lot of partnerships set up with other Chinese companies which allow you to directly access them as a Mini Program.The world is anxiously watching China’s digital yuan to learn how quickly a Central Bank Digital Currency (CBDC) will be adopted. JD is not the only app you can access thorugh WeChat. You are also able to directly access JD through the WeChat app. Similarly, thanks to a deal in 2015 between Tencent and Jing Dong, you are only able to use WeChat Pay as a mobile payment on JD.

This is because they are both owned by Alibaba so it makes sense for their business not to allow their competitor WeChat Pay as an option on their shopping apps. You’ll see that the only usage Alipay has which WeChat Pay doesn’t is the shopping apps Taobao and TMall.

In fact, there are now some shops and venues which only accept mobile payments. Whether it’s ordering food, getting a taxi, topping up your electricity, buying plane tickets or sending money to friends the sky really is the limit with these mobile payment apps.

Yes, nowadays WeChat Pay and Alipay can be used for pretty much everything. WeChat Pay vs Alipay – What Can they be Used For? Living in Beijing Part 1 | Being a Beijing Expat 🌎 What’s the Deal?īeijing is an incredibly large city, and because of this looking for apartments and getting prepared for living in Beijing can be extremely daunting. With more supported currencies and a much higher limit for withdrawals, you can see some of the ways that Alipay is more focused towards ecommerce and business. In the table below you can see some of the key differences between the two smart payment systems. Beijing Winter Olympic Village is scheduled to open on January 27, and the e-CNY will be piloted in the relevant scenes of the Beijing Winter Olympics. After the early multi-stage controllable pilot, Tencent began to provide users with e-CNY services. As Alipay was originally created as a payment platform for the Alibaba website, it has become more of an escrow payment service. Tencent WeChat supports e-CNY payment Recently, e-CNY APP was upgraded, and the e-CNY Wallet on WeBank(WeChat Pay) was launched. Popular uses are purchasing groceries, paying bills, transferring money to friends, sending red envelopes and other everyday transactions.Īlipay on the other hand puts more emphasis on e-commerce payment and financial services. WeChat Pay is more of a social app used by most users to navigate their daily life. This means that although both systems can be used for similar things the focus of them is slightly different.

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