Chinese Banks Encourage Payments with Digital Yuans on the Coming Shopping Festival
Chinese digital yuan is being actively promoted by the country’s top banks. The upcoming online shopping festival is scheduled on May, 5, and two biggest Chinese payment systems, Alipay and WeChat Pay will be involved in this event. But now China has a CBDC and Chinese bank want to popularize it rather than usual payment services.
Six banks took part on this initiative. They want to demonstrate that digital payments are more convenient, fast and secure that the traditional systems people are used to. 98% mobile payments in China are processed with Alipay or WeChat Pay at the moment, and in case there will be any technical errors, the entire system may collapse.
Chinese regulators admit that it’s difficult for them to get access to the data of the top payment firms about their clients. They are interested in promoting the use of their CBDC, being the first country to go that far in implementing the national cryptocurrency.