The E-CNY app is currently only available on the Chinese App store, so you can only do this if – and that's the main limitation we mentioned at the beginning – your app store location is set to China.
CHINA ECNY WECHAT PAY DOWNLOAD
This will now bring you to a page where you can download the app. Make sure your location settings on your phone are turned on, or you will get an error message.Īgree to the terms, click the red confirmation button and you'll get a code:Ĭopy the code, open the Apple App store, click on your profile picture and go to " Redeem Gift Card or Code". On the ICBC app version that we tried we would get an error message if we entered our passport number, but it worked perfectly find with just leaving the passport number empty. Click on the button with your respective phone type, then you'll be led to a page where you have to enter your name, passport number and phone number.
CHINA ECNY WECHAT PAY CODE
Scanning the code with WeChat brings you to a welcome page. We have listed the codes for ICBC and Bank of China below, for any of the other bank just visit any branch and ask for their code. You get the QR code directly from one of the 6 partner banks: ICBC, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank.
Here's How You Set It Up.Ĭurrently you can't find the app on the app stores directly but have to redeem a special code that you use to get access in APP stores, presumably to limit the numbers of people that start using the currency in the early stages. The actual app is all in Chinese, but at some point, it uses the term "E-CNY" so let's go with that. The English Wikipedia calls it " Digital renminbi" the Chinese Wikipedia calls it " E-CNY". There doesn't seem to be an official English name for it. Amen! In fact, we set up the app without providing a real name, just a phone number, and it worked fine.
CHINA ECNY WECHAT PAY VERIFICATION
In our first tests, absolutely no name verification was required. And for any foreigner who's ever struggled with things like real name verification on WeChat and Alipay, there is good news. You don’t need to be a China expert to know that a digital currency run by the government will roll out fast, and most likely take over the dominant position currently held by Tencent and Alibaba's payment systems.Īnd the good news: Foreigners can already use it, with just a few limitations. Different from WeChat Pay and Alipay that are run by private corporations, the digital yuan is issued by the Chinese government through the People’s Bank of China. Suppose an e-CNY has been minted and released In that case, it can be exchanged, stored, and spent by various businesses (exchanges, wallets, financial services) and individual traders trying to escape the cryptocurrency markets’ often severe uncertainty, and the security backed by Chinese Bank Reserves.China has launched its own digital payment method, the Central Bank Digital Currency (数字人民币 in Chinese) and is rolling it out in shops around the country. e-CNY would eventually lead to a cashless world.Įach e-CNY is exchangeable for a corresponding exchange rate to the Chinese yuan backed by the Chinese government. Cashless transactions accounted for four out of five payment transactions in 2020, totaling 320 trillion yuan (US$49 trillion).
In recent years, China has moved closer to being a cashless country. Both commercial and central banks including Blockchain holders are keeping the detailed records of the flow of digital currency, so the beauty of this token is, it can’t be stolen or spend illegally, in any of these cases the transfer will be traced and the first holder will get the same amount of e-cny with official police complaint anywhere in the world. Commercial banks will potentially be involved in distributing digital currencies and will be required to deposit the same amount of reserves with the e-CNY as they distribute. The Electronic Payment providers are going to implement the integration of this token for digital payments the top of list Chinese companies in the earlier trials are Tencent’s WeChat Pay, Alibaba’s, Alipay.ĭigital money intends to replace cash in circulation rather than long-term bank deposits.
Finally, China has introduced its first Central Bank Digital Currency (e-CNY), or Digital Yuan, which was developed using its new payment system and it’s built on top of Binance Smart Chain blockchain.
0 kommentar(er)
