WeChat Pay and Alipay to support China’s Digital Yuan
The much-anticipated digital yuan has the latest announced the latest development news. With the update of the digital yuan app, in addition to the original six state-owned banks, WeBank (WeChat Pay) and MYbank (Alipay) have also been added. As long as users register two wallets with their real names in the digital yuan app, they can pay with digital yuan in WeChat Pay and Alipay.
How to use the digital yuan in WeChat Pay and Alipay?
After users register the digital yuan app with their mobile phone number, they can choose to open WeBank (WeChat Pay) wallet or MYbank (Alipay). After completing the verification of the mobile phone number that is linked to WeChat and Alipay, users will successfully open two wallets.
Before using, users only need to authenticate two wallets with their real name, the “digital yuan” entry will then be added to the “wallet” page of WeChat Pay and Alipay. And the “Pay with digital yuan” option will be added to the “Pay and receive payment” page.
In daily life, users can complete the payment through three methods: POS machine, scan QR code, and "OneHop". Users can use WeChat Pay or Alipay to scan the digital yuan QR code, or show the digital yuan payment QR code to the merchant to complete the payment.
Users can also turn on the NFC function of the mobile phone, enter the digital yuan app, click on the "OneHop" button at the top of the page, and place the back of the mobile phone close to the "Digital Yuan Touch Sensing Area" to complete the payment.
When paying online, users can use the "sub-wallet" function of the digital yuan app. The sub-wallet includes 43 commonly used merchants such as JD.com, Meituan, Tmall Supermarket, Ele.me, SF Express, Suning.com, DiDi, Baidu, and China Southern Airlines, etc. Users can select merchants through「Services」-「Sub-Wallets」-「View More」-「Add Sub-Wallets」.
After that, they need open Meituan, Ele.me or other merchants to to select the products, and choose digital yuan at "select payment method" to complete the online payment. The digital yuan adopts the design of the sub-wallet, which can protect users' privacy better.
Will the digital yuan app replace Alipay and WeChat Pay?
The goal of the digital yuan is not to become a payment tool such as Alipay and WeChat Pay. Both Mu Changchun, Director of the Central Bank's Digital Currency Research Institute, and Hu Xiaoming, CEO of Ant Group, have said that Alipay, WeChat Pay and other mobile payment methods are wallets and carriers, and digital yuan is money. In essence, there is no competition or substitution between them.
WeChat Pay and Alipay have begun to support the digital yuan. First of all, for users, they have an additional option. Users can choose digital yuan for payment while maintaining their original payment habits.
Secondly, the digital yuan provides protection for users with the advantages of offline transactions, no "commission charge", legal compensation, so that every consumption can be traced. It will definitely consolidate the stability and safety factor of Alipay and WeChat Pay.
The popularisation and development of the digital yuan will further accelerate China’s entry into a cashless society. According to Worldplay data, as of June 2021, the number of online payment users in China reached 872 million. Among all payment methods in China, mobile payment accounts for 50%, which is the most preferred payment method for Chinese consumers.
Silkpay as a service provider of Alipay and WeChat Pay in Europe. We are committed to providing payment interface services for companies registered in Europe simplifying the payment process, providing maximum convenience for your business, and helping you open to China's 1.3 billion user market.
Our payment methods are not only transparent in price, but also our payment experts will provide a one-to-one professional services. Whether paying in-store or online, our team can assure you that we have the most complete and attractive payment solutions to help you meet your customers' needs and improve your profit margins.