(technode) China’s messaging app giant WeChat has said it has started supporting payments using a digital yuan in all of the 23 regions.
The select regions are those where the digital yuan is being trialed and includes Beijing, Shenzhen, and Shanghai.
Users will be required to apply for accounts with Tencent’s WeBank to be allowed to use the digital version of the Chinese currency.
The support of the e-CNY is expected to accelerate the reach of the Chinese messaging app to more than one billion customers.
WeChat’s rival Alipay also has sights on digital yuan payments, with the company already in explorations since last year.
Over 140 million Chinese residents have so far opened digital yuan wallets. China started testing the e-CNY during the 2022 Winter Olympics, with over $315,000 worth of transactions in the digital currency being transacted daily during the event.
The latest move catapults China ahead of rivals such as the United Kingdom and Canada, which have announced intentions to release a central bank-backed currency.
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