Alipay is probably less important, marginally less important than WeChat, but because of its use in e-commerce, it is also an important place to be able to use the digital yuan.” “WeChat Pay is the dominant social network, so if you want to be able to send money to people, you have to be on WeChat. “It is very clear that the digital yuan must be usable on both WeChat Pay and Alipay,” Richard Turrin, a Shanghai-based fintech consultant, told Forkast. The transaction volume of mobile payments in China rose to 310.3 trillion yuan (US$46.2 trillion) in 2021, from 253.4 trillion yuan in 2020, according to a report released earlier this month by research firm Analysys. A 2020 Brookings Institution report suggested that Alipay had 1.2 billion monthly users in 2019 and WeChat Pay users exceeded one billion in 2018. In the second quarter of 2020, Alipay held 55.6% of the third-party mobile payment market share, while WeChat Pay took up 38.8%, according to an iResearch report. 21 and allows e-CNY app users to send red envelopes via both WeChat, the dominant networking and payment app in China run by Tencent Holdings, and rival Alipay that is controlled by Ant Group, an affiliate of Jack Ma’s Alibaba conglomerate. The feature sets the stage for the week-long Lunar New Year holiday starting Jan. The e-CNY app, made available for public downloads in pilot cities a year ago, rolled out a so-called red packet feature in late December that allows users to send their friends cash gifts usually given out in red envelopes on special occasions or festivals. China’s central bank will have to work closely with payment giants WeChat Pay and Alipay to achieve wider adoption for the e-CNY, the country’s central bank digital currency (CBDC), as it continues struggling to get consumers to use it, experts said.
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