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Ltd., while WeChat Pay and Union Pay are not accepted on Alibaba and its related platforms.įollow our series previewing the landmark IPO by Ant Group:Ĭhina payments giants may face limited risk, tweak growth plans as US mulls banĪnt-sized transaction margins will not spoil giant IPO valuationĬhina may seek to raise yuan's stature via a digital avatarĬhina's startup STAR board will still have a long way to go after Ant's mega IPOĪnt Group's close ties with Alibaba to endure post-IPOĬhina's leverage caps on microlenders bring Ant's regulatory risk to forefrontĬhina's Ant Group may seek clear blue skies in Southeast Asia to grow via M&AĪnt Group's lack of strong messaging platform concerns investors as IPO loomsīank disruptors doubling down on mobile payments in Chinaĭoes not allow payments from Alipay, owned by Alibaba-backed Ant Group Co. Some china streetjournal ecny alipay wechat series# Six years in the making, the digital yuan, also known as Digital Currency Electronic Payment, or DCEP, is set to be issued by China's central bank to replace cash in circulation. However, the official launch date is unknown. The move is designed to improve interoperability among various payment platforms and could potentially allow a consumer to use the currency from an Alipay wallet to pay for items on rival platforms like JD.com or WeChat, analysts said. The industry is divided on the degree of openness that the digital currency will bring to the online payment systems.īeing essentially digital cash, DCEP should be able to flow across retail and internet ecosystems seamlessly, but some believe that complete openness at the level of digital wallets is less likely during the initial rollout.Ĭustomers could be tempted to move to an alternative wallet that is accepted by all e-commerce platforms to circumvent the restrictive policies of Alipay and WeChat Pay, which control most of the digital transactions in China. The digital yuan is likely to open up opportunities for retailers and banks to offer wallets that claim greater flexibility, analysts said. "Some of these walled gardens will remain, at least initially. That might give some edge to the banks or some other wallets that may claim greater operability," said Richard Turrin, a former IBM executive and author of the upcoming book Cashless-China's Digital Currency Revolution. JD.com, which so far relied on a partnership with Tencent for its payment needs, has teamed up with People's Bank of China through its fintech arm JD Digits to develop blockchain platforms and a wallet to support the digital currency. Pinduoduo Inc., which accepts payments from both WeChat Pay and Alipay, is planning its own payment system. TikTok owner Beijing Byte Dance Telecommunications Co. Has acquired third-party payment service UIPay to grow the payment capacity of its Chinese short video platform Douyin. Some china streetjournal ecny alipay wechat series#.But WeChat and Alipay are also potential competitors to the digital yuan's own app. In China, WeChat and Alipay, which is run by Alibaba affiliate Ant Group, dominate mobile payments last year, Alipay also began trialing digital yuan payments. Previously, users could get the app on an invite-only basis.
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That will enable anyone in those areas to download and sign up to use the digital currency. This week, the PBOC launched an e-CNY app for users in certain regions and cities in China. To date, the People's Bank of China, which issues the digital yuan or e-CNY, has done limited trials in certain cities via lotteries where the central bank has handed out small amounts of the currency to some citizens.īut there are now signs that the PBOC is looking to expand usage of the digital yuan, despite no concrete date for a nationwide rollout. WeChat Pay has over 800 million monthly active users. It can also be used for purchases online. WeChat Pay allows users to show merchants a barcode on their phone to pay for items in store. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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