WeChat, China’s largest social messaging and payment app that boasts of over a billion users is all set to integrate the digital yuan payment option on its platform. In China, there is a common trend of one app offering multiple features and WeChat is definitely one of them which acts as a messaging app like Whatsapp and Telegram and can also be used as a social media along with payment app. The integration could potentially make it the unofficial launch for digital yuan.
“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. So it makes sense for the central bank to team up with WeChat Pay and Alipay as opposed to doing it on its own,” said Linghao Bao, an analyst at consultancy Trivium China.
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China began the development of its sovereign national digital currency in 2014 which was completed by the end of 2019. The public trials began soon a
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