CoinGapeNews

China’s CBDC All Set To Eat Into the Digital Payments Market Share of WeChat and Alipay

Alipay and WeChat Pay the two dominant players in China’s online payments marketplace are all set to see tough competition from the country’s very own central bank digital currency (CBDC) aka Digital Yuan. On Thursday, March 25, speaking during a panel discussion organized by the Bank of International Settlements (BIS), Mu Changchun, director of the People’s Bank of China’s digital currency research institute, briefed about the CBDC developments.
Interestingly, Mu said that one of the key reasons behind the PBoC developing Digital Yuan is providing a foundational back-up to WeChat Pay and Alipay. The two private players currently have a lion’s share dominating 98% of China’s mobile payments market. Explaining further Mu said:
“If there is something bad happens to them, financially or technically, that could bring negative impact on the financial system’s stability in China. To provide a backup or redundancy for the retail payment system, the central bank has to step up” while offer its own digital payments services.
Interestingly, the Chinese central bank has said that the Digital Yuan will co-exist with the two payments giant – WeChat Pay and Alipay. Besides, it will also co-exist with paper notes and other mobile payments platform. Over the last few months, China has been testing its Digital Yuan in some parts of its country. The Asian Economic giant is also planning for a complete rollout by Winter Olympic 2022.
As per the estimates of Bloomberg Intelligence, the Digital Yuan will have 9% shares in China’s digital …
Story continues on CoinGape

Related posts
CoinGapeNews

Ripple Price Prediction: XRP explodes toward $0.6, leading crypto market recovery

Ripple heads back to $0.6 upon finding support at $0.4. The resistance at $0.54 must come down to validate the upswing to $0.6. Losses under $0.5 may revisit the support at $0.4 and perhaps extend to $0.35. Ripple and THETA…
CoinGapeNews

THETA Price Analysis: THETA 32% rally in jeopardy as immense resistance emerge at $14

THETA rallies towards all-time highs following a bounce from key support at $10. The MACD has a bearish impulse, suggesting that THETA would correct toward the 50 SMA. THETA is among the few double-digit gainers in the cryptocurrency market. This…
Bitcoin.comcrypto exchangeCryptocurrenciesEuropeNewspropertyReal EstateSpainSpain Cryptotokenizedtokenized assets

Domestic and Foreign Buyers Acquired a ‘Tokenized’ Apartment in a Spanish City by Paying With Ethereum

National and foreign buyers acquired a “tokenized” apartment in Spain with ethereum, which involved a domestic crypto exchange and a real estate investment firm. The city of Sevilla was the scenario for the crypto deal between the parties. Transaction Was…