The broader aim can be inferred as a push to internationalize RMB and challenge the dominance of USD in international trade. It is not only testing the domestic prospects but also looking into using it to facilitate cross-border payments. As of now, China has been able to position itself as the forerunner in this race with rounds of successful trials of its own version of CBDC, the technical term of which is known as DCEP(Digital currency/Electronic payment) and the general term known as Digital Yuan/eCNY/Digital RMB. A combination of factors like shifts in payment modes and the increasing popularity of cryptocurrencies and stablecoins have led Central banks to realize that they will have to be in it to win it or else they will lag behind in the race of evolution of money. With around 86% of the world's central banks engaged in CBDC related work, it is evident that CBDCs are being viewed as an important development in the Fintech domain to counter cryptocurrencies and in order to maintain monetary sovereignty. Alipay and Tencent, the top 2 giants, take up to 94% of the country’s mobile payment market.The concept of Central Bank Digital Currency (CBDC) seems to have gained traction over the past few years and is well past the stage of conception. Recently, Alipay first released that oversea visitors are able to enjoy the convenience of mobile payment in China now. Master Card Alipay Mobile Payment in China WeChat from Tencent made the same announcement soon after that. No matter if you are on a vacation or a business trip to China, mobile payment can make your life much easier. There is no need to always present yourself to the train station or the airport.Īnd when you do product sourcing in China, don’t worry if it’s hard to pay a small amount of sample cost to a supplier.īook your tickets and hotel in advance by using apps like Ctrip. You don’t have to do a bank transfer or Western Union transfer for 30 USD or 50 USD. Alipay and WeChat Pay will take care of that. And you don’t have to bring a wallet with lots of cash or plastic cards. From our experience, a lot of clients visiting Yiwu wholesale market, some of them wish to buy a few items to test, but it’s hard to deal with the vendors. Now, you could save the trouble easily by using WeChat or Alipay.īefore the opening policy, you have to bind a local Chinese bank account with WeChat or Alipay to start using the mobile payment service. To have a Chinese local bank account is not easy for an oversea visitor. But if you are in regular business with China, for example, if you are importing frequently from China, it’s also possible to try to open a Chinese bank account. You may have to try from different banks like Agricultural Bank of China, China Construction Bank, Bank of China, etc. Now both WeChat and Alipay have reached cooperation with few international credit card providers including Visa, Mastercard, Discover Global Network (Diners Club), American Express, and JCB. #Ecny wechat pay morningpost how toHow to Set Up WeChat Pay with Credit Card? #Wechat pay chinachina morningpost how to It’s nothing different from eating at a restaurant.īut no worry, you open the mobile and switch from eleme and Meituan ( Those 2 are food delivery APP eleme was wholly owned by Alibaba now.) to order lunch. The food is well packed and delivered to you in 30 minutes after you pay the bill via WeChat. You could have a brief nap as of time saved from not having lunch outside. You invite 2 friends for dinner in a nice restaurant. 3 of you order the dishes from a mobile menu after scanning the codes at the corner of the table. #Ecny wechat pay morningpost codeThe bill again paid by scanning the code from Alipay or WeChat, no counter there anymore. You go there and wish to buy some daily used items there. After half an hour of shopping around, you want to leave now. You can either wait in the line or choose to pay the bill by scanning the products in front of a machine. No more payment codes, the machine scan your face and bill is paid after your confirmation with one easy click.īack home, you almost forget that today is the birthday of one of your best friends from another city. There is no way to meet her or send her a present now. You have a video call with her and send her a red pocket from WeChat…. The story of mobile payment is not ending yet. You can pay train tickets, air tickets, hotel costs, taxi, Uber/Didi and so on all by WeChat or Alipay. Meanwhile, if you wish to buy from Taobao, Tmall, JD.com, etc. #Wechat pay chinachina morningpost code.#Wechat pay chinachina morningpost how to.
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