SECURITY WARNING: When you follow the steps above, the transaction will happen automatically. Place the QR code provided on the QR code reader in the shop.Select ‘Money’ from the top left corner of the screen.Select ‘WeChat Pay’ from the ‘Me’ tab (you may need to verify your identity).Often in these environments, the WeChat payment system will be linked to the cash register in such a way that you just need to show your app’s QR code and the payment is made. With WeChat now an integral part of the payment scene in China, it is common to find shops that do not accept payment cards but will accept WeChat and/or AliPay. Money that you transfer in this manner needs to be accepted by the other party within 24 hours or the funds will be returned to you. Enter the amount you would like to transfer, add a note if desired then press “Transfer”.Select ‘Transfer’ from the available icons. Press the + button in the bottom left corner of the screen.Open up your private message window with the person you want to transfer money to.If you want to transfer money to someone who is on your contact list in WeChat and you have set up a WeChat Pay account (as above): China ecny wechat pay 800mb Transfer Money to a WeChat Contact It is issued by China’s central bank, the People’s Bank of China (PBOC). The e-CNY, also known as the digital yuan and officially called the Digital Currency Electronic Payment (DC/EP), is a digitized version of China’s legal currency, the renminbi (RMB). The digital yuan app is currently only available on Chinese app stores and only available in Chinese.īelow we answer some frequently asked questions about the e-CNY and the Chinese government’s intentions with the roll-out of the digital currency. This allows users of Alibaba’s food delivery app ele.me, grocery delivery app Hema Fresh, and e-commerce platforms Taobao and Tmall to pay for orders using the e-CNY – even though the digital currency is a direct competitor to Alibaba’s payment platform, Alipay. WeChat Pay and Alipay are well-liked, but the e-CNY is catching upĪt the beginning of this year, a People’s Bank of China official said that about one-fifth of the Chinese population had set up e-CNY wallets. In our latest representative survey on e-CNY uptake, Morning Consult finds that there are both challenges and opportunities ahead for widespread adoption of the world’s most advanced CBDC project. There is also much discussion taking place in policy circles over e-CNY adoption as a future challenge to U.S.ĭollar dominance as the e-CNY participates in pilot programs forcross-border transactions. Enter the mobile validation code sent out.ĬBDCs- are observing the e-CNY pilot to see how quickly government-sponsored digital money might replace both cash and private forms of digital money.Select ‘Passport’ from the ‘ID Type’ drop-down list, fill out the rest of the details as described on the sheet and then press ‘Next’.Enter your bank card number and press ‘Next’.Agree to WeChat / Tenpay’s User Service Agreement and Privacy Policy.
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