Tencent, China’s largest tech giant, has released a teaser of its upcoming Digital Yuan wallet, which will be part of the WeChat ecosystem.
WeChat, which has over 1.2 billion monthly active users, has proven to be a valuable resource both inside and outside the Middle Kingdom. The much-anticipated debut of Tencent Digital Yuan Wallet demonstrates China’s Central Bank Digital Currency’s rapid evolution (CBDC).
WeChat Pay has already expanded digital yuan capability to 14 additional platforms, but the features are nothing compared to the next Tencent wallet. While Tencent’s Digital Yuan Wallet is still in beta testing and therefore unavailable to users, rumours suggest that it offers a lot of features.
According to Sina, a leading publication, the applet goes further than the WeChat Pay integration, allowing users to “directly open the applet to operate by scanning the payment code of digital RMB,” as well as the hidden entrance into the wallet, providing more convenience to users to help manage their accounts.
The platform’s “sweep” capability is comparable to a direct debit from a standard bank account, with bank card-related capabilities and numerous payments added to help it stand out from the competition.
WeChat Pay and AliPay control a major portion of China’s payments business, and Tencent and its new wallet are expected to tip the scales in their favour. In a brave attempt to wrest market share from industry heavyweights, the People’s Bank of China (PBoC) established its digital yuan wallet, which has over 260 million users.
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