![]() ![]() Next, the pair of deep-pocketed payment behemoths ratcheted up their expansion plans with a long list of headline-making campaigns and promotions to scramble for use by mainland tourists as well as local consumers. Having been granted the so-called stored-value facilities (SVF) licenses from the Hong Kong Monetary Authority (HKMA) with another 14 digital payment operators in 2016, Alipay and WeChat Pay rushed to roll out their maiden versions of the payment-by-smartphone app in a local currency in Hong Kong. With the BIS and the central banks of Thailand and the UAE also involved, the project is progressing toward production.Alipay, WeChat Pay among competitors in market dominated by Octopus, credit cardsįor years, China’s twin pillars of digital payment-billionaire Jack Ma Yun’s Alipay and Tencent’s WeChat Pay-have been branching out worldwide to chase the more than 130 million big-spending mainland holiday-makers who have become a common sight across the globe, including Hong Kong.Īs the two payment giants raise the stakes in their battle for bigger overseas market shares, Hong Kong has naturally become the “first stop” to localize their payment apps, which secure a combined 94 percent overseas mobile payment market share of the world’s second-largest economy. Meanwhile, China and Hong Kong are participants in an interbank multi-CBDC initiative for cross border payments, Project MBridge. That’s despite a 20% discount being available on purchases at 1,400 outlets in Shenzhen’s Luohu district when payment is made with the eCNY. There wasn’t a massive takeup, with 625 wallets bought in the first four days of availability. There’s a promotion for Hong Kong users who receive 25 yuan for every 100 yuan they spend at JD.com through a collaboration with the state-owned commercial Bank of China and Bank of China (Hong Kong).Īdditionally, vending machines were launched, offering eCNY hardware wallets similar to prepaid cards. JD was involved in the very first trials of the digital yuan in mainland China as the first online outlet to accept the digital currency. More recently, the range of scenarios has been expanded, including mainland e-commerce purchases by Hong Kong residents.įor example, a limited number of whitelisted Hong Kong users can buy goods from online retailer JD.com, China’s equivalent of Amazon. Hong Kong’s usage of the digital yuan was first trialed in early 2021 for Hong Kong residents visiting mainland China. Chinese news outlet The Paper reported that WeChat Pay also supports the digital renminbi wallet of MYbank which is associated with competitor Alipay. The dominant ones are Ant’s Alipay and WeChat Pay. One of the stated objectives of the CBDC was to enable interoperability between separate payment apps. So to use the digital yuan in WeChat, the two wallets must be synchronized, which also means the same phone number must be used in both. The digital yuan or e-CNY is usually linked to a bank wallet. Additionally, the digital yuan is being promoted in Hong Kong for limited use cases. ![]() China’s central bank digital currency ( CBDC) can now be used for faster payments not only in the WeChat app but in several WeChat mini programs. Yesterday China’s pilot digital yuan was enabled in WeChat Pay, the payment wallet of the largest social network in the country. ![]()
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