![]() ![]() It allows users to purchase goods online or to pay in physical stores by displaying a square barcode, known as a QR code on their phone screen. WeChat Pay is one of the most popular features of social media application WeChat. Poshu Yeung, vice-president of international business group at Tencent, addresses the WeChat Pay technology exhibition in Kuala Lumpur, Malaysia, March 26, 2019. ![]() "I have been informed that this is one of the reasons why there are more than 3,500 merchants in Malaysia now accepting WeChat Pay for mobile top-ups, flight tickets, movies and many more," he said. E-wallets increase payment speed while reducing capital expenditure for payment infrastructure. "Enablers like WeChat foster fertile ground for further innovation to take place," he added.Īccording to Lim, local vendors in Malaysia are already at ease with e-wallets because the benefits are clear. I believe tech companies like WeChat can help digitalize payments in Malaysia and create an environment conducive for big data analytics and other technologies relevant to Industry 4.0," he said. "But in the longer term, Malaysia is preparing its economy for Industry 4.0. Consumers now are seeking quicker, safer and more convenient methods to pay for their purchases," he said, adding that a recent survey found 67 percent of Malaysians had used cashless payments. "Malaysians are used to cash but it can be burdensome to carry around in large quantity. In his keynote speech to officiate the WeChat Pay technology exhibition, Lim said despite most Malaysians currently using cash in transactions, this was expected to change rapidly. KUALA LUMPUR - Digital payment platforms such as WeChat Pay of China's tech giant Tencent will help prepare Malaysia for the digitization and cashless payment society, Malaysian Finance Minister Lim Guan Eng said Tuesday. These are the Bahamas and Nigeria.Malaysian Finance Minister Lim Guan Eng addresses the WeChat Pay technology exhibition in Kuala Lumpur, Malaysia, March 26, 2019. This news comes as the CBDC race continues intensifying, with only two countries managing to roll out digital versions of their currencies. The largest lotteries were in Beijing, Chengdu, and Changsha when the government gave away 40 million RMB in each trial. So far, the government has been gifting red packets containing digital yuan to attract more users. To this end, the government has to find a way to incentivize users to embrace its e-CNY app. Compared to Alipay, e-CNY still has a long way to go. He further disclosed that the CBDC had recorded transactions exceeding 62 $9.7 billion (£7.16 billion) since launch. The platform handled transactions worth $1.02 trillion (£0.75 trillion) by the end of June 2020.Īccording to Mu Changchun, the Head of the Digital Currency Research Institute, around 140 million Chinese citizens had opened a digital yuan account by October 2021. ![]() For instance, Alipay had onboarded 1.3 billion users by July 2020. These apps are already popular among the Chinese population. Notably, Ant Group’s Alipay and Tencent Holdings’ WeChat Pay let users top up their accounts, transfer money, and make payments with QR codes or NFC like the e-CNY app. While the Chinese government has achieved significant milestones with its e-CNY initiative, it will face stiff competition from the private sector. Apart from these cities, the app will also be open to people at all venues of this year’s Winter Olympics, which kick off on February 4 in Beijing. These are Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xian, Qingdao, and Dalian. However, new user registrations are limited to designated Chinese cities already trialling e-CNY. This launch is well-timed, seeing as it comes weeks before the Lunar New Year, where people in mainland China exchange monetary gifts in the form of digital red packets dubbed lai see.Īre you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. While the application was initially downloadable through private links, this marks the first time it is open to the public. CHINA ECNY WECHAT PAY 800M ANDROIDAt the moment, the app is available in Android and iOS versions.Īccording to the report, the PBoC’s Digital Research Institute developed the wallet. A report unveiled this news on January 4, noting that the People’s Bank of China (PBoC) rolled out the beta version of the wallet to expand the usage of the digital yuan (e-CNY). China is actively pursuing its plans to launch a central bank digital currency (CBDC), with the latest development being the launch of a digital yuan wallet. ![]()
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