Tencent has released the wallet, allowing users to conduct transactions through China’s central bank-backed digital currency.
New Tencent Digital Yuan Wallet Preparing to Launch
In the process of A/B testing, the Tencent eCNY Wallet allows users to make transactions with the digital currency using QR codes available on WeChat. The users will have the ability to transfer money, make payments, and access credit card features through the application.
To be eligible, users have to enable the wallet feature of WeBank, which is Tencent’s digital banking branch, located in the e-CNY app of the central bank, which was made available to Android and Apple store apps in January.
WeChat and Ant Group’s Alipay are currently the sole owners of a 94% share of China’s internet market for payment.
The People’s Bank of China rolled out digital currency pilots in 11 additional cities in the last month, following showing the currency around the world during the Winter Olympics.
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