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Steps 1: find the WeChat Wallet “Cards” section A phone that linked with your bank card.So how can foreigners open WeChat Pay account? Requirement Survey shows only 10% of users prefer to pay via credit card or cash over WeChat Pay or Alipay. Living in China without WeChat Pay or Alipay is like living without cash or credit card. How do foreigners create WeChat Pay account (for the individual)? And WeChat Pay will pay a central role in this service strategy. Tencent actually makes most of its money through value-added services. It is good to keep in mind that Tencent is very different from its Western competitor Facebook: while Facebook makes 95% of its revenue from advertising, the figure was only 17% for Tencent in 2017. These transactions are meant to be a future money-maker for Tencent. Perform transactions on e-commerce websites.Transfer money to friends (especially as “red envelopes” shared during Chinese festivals).Through the wallet section and the integrated browser of WeChat, users can perform a variety of transactions using WeChat Pay, including and not limited to: It appears in the “WeChat Wallet” section of the application. On similar lines, sometime back, Indonesia’s central bank also announced plans to launch a digital currency to ‘fight’ private cryptocurrencies.WeChat pay is a payment solution completely integrated inside the social and messaging application of Tencent: WeChat. Which in turn, creates a level playing field for new payment providers, as per the professor. Instead, to “provide a payment infrastructure that then provides interoperability for any payment provider, who wants to use that payment network.” Therefore, going forward, Prasad explained that the idea to set up a CBDC should not be to directly compete with these payment providers. “I think there is a concern that these two major payment providers have dominated the payment space…now control massive flows of data.” Meanwhile, McKinsey also reported that e-CNY saw moderate adoption as WeChat Pay and Alipay remain popular options. “PBOC is trying to create a digital currency that competes with these payment providers, for the use case for a CBDC I think, it’s actually pretty weak in China.”
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When a comparable volume for the digital yuan was achieved in 18 months.
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It is also noteworthy that Alibaba is a huge platform that attracted a sales figure close to $85 billion in just around 11 days. And also to make sure that the payment space is not dominated by two payment providers.”Īs per a recent WSJ report, e-CNY is not offered on platforms by e-commerce giant Alibaba. “The People’s Bank of China wants to make sure that a digital version of the yuan is relevant, in terms of making sure that central bank money remains tractable at the retail level.