Other efforts to increase the adoption of the e-CNY included the distribution of more than 180 million digital yuan during the recent Chinese Lunar New Year celebration.The CBDC is also a focal point of conversation at the ongoing Two Sessions parliamentary meetings in China. “So it makes sense for the central bank to team up with WeChat Pay and Alipay as opposed to doing it on its own.”The government is hoping that with this integration, the switch over to using the digital yuan payment infrastructure will go more smoothly and see more uptake. According to the “Wallet Quick Payment Management” page on the digital yuan pilot wallet, there are 94 merchant platforms that can be accessed, including WeChat.The addition of support for platforms like Alipay and WeChat comes in response to the muted adoption of the e-CNY as Chinese citizens have opted to continue to use the digital payment apps that they have grown accustomed to, including WeChat and Alipay.“Chinese consumers are so locked in WeChat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app,” said Linghao Bao, an analyst at Trivium China, a strategic advisory firm. WeChat reportedly has more than 1 billion active monthly users.The digital yuan, or e-CNY, is currently being piloted in at least 26 Chinese provinces and cities. The integration with WeChat enables users to make payments on certain WeChat mini-programs and other platforms, such as ordering food from McDonald’s or paying bills, using the digital yuan. WeChat, the leading social networking and payment app in China, has announced the addition of the digital yuan to its payment services, according to reports from local media.The integration of China’s central bank digital currency (CBDC) with its top social networking app was done in an effort to help broaden the appeal of the digital yuan, which has seen lackluster adoption thus far.With the integration of the digital yuan wallet, WeChat has become the second major payment platform to do so after Alipay added support for the wallet in December.
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