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Tencent Commences Test Programme For Digital Yuan Wallet

Industry News

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Tencent has launched a wallet that allows users to use the Chinese central bank’s digital currency to make transactions.

As part of Tencent’s A/B testing, its e-CNY Wallet allows users to make purchases via QR codes on WeChat using digital currency. The program will allow users to transfer funds, receive payments, and access credit card functions.

To participate in the program, consumers must download the central bank’s Android or iOS e-CNY app and activate the wallet function of Tencent’s digital banking arm, WeBank.

Chinese online payments are now controlled by WeChat and Ant Group’s Alipay, which together account for 94% of the market.

After demonstrating the currency internationally at the Winter Olympics, the People’s Bank of China made the currency available in 11 additional cities last month.

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