Alipay will Start Using Digital Yuan Crypto as Payment Soon

The e-payment giant Alipay, part of the Alibaba business empire, has added an advanced search function for users wishing to use its platform to make payments using the digital yuan within the fast-expanding pilot zone. 

Alipay had previously added digital CNY pay options late last year, with its biggest rival – the Tencent-operated WeChat Pay – following suit earlier this year.

WeChat Pay and Alipay, both of these platforms, have now added buttons that direct users to digital yuan wallets rather than requiring them to search through cluttered menus in a bid to find the payment option. 

The Alipay UI update also enables users to develop accounts using the same phone number they have registered with the e-pay platform and pay for goods or services using digital CNY without leaving the app.  

The Alipay digital yuan button prompts new users to rapidly set up accounts in the token via its MYBank neobank. Alipay users can also utilize QR codes from other devices to go directly to an MYBank digital yuan account opening page. 

Alipay and WeChat Pay represent 15% of the payments market in China, and the vast majority of young, urban Chinese citizens have made use of the e-pay platforms. However, it has not been good news for the PBoC and its new token this week. 

Author: Abhishek Kumar

A self-believer who loves to learn and spread the light of wisdom in his community. You could find him writing about finance, cryptos, and marketing. Moreover, he loves to read non-fiction and drink non-alcoholic drinks.

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