AliPay will include digital currency for quick transactions at all its e-commerce platforms to promote e-CNY or Digital Yuan, according to local news outlets. AliPay has integrated the Digital Yuan to enable quick payments on all e-commerce websites controlled by the Alibaba Group Holding, including Tmall and Taobao, to promote China’s digital currency, e-CNY. The Ant Group’s AliPay is China’s most widely used digital wallet.
On Tuesday, December 13, Ant’s chief compliance officer, Li Chen, issued the formal declaration. Users in more than 12 cities can use China’s digital currency, e-CNY, as part of the nation’s pilot program.
Ant Group unveils official e-CNY app to support the development
Through the official e-CNY app, The Ant Group has made this function available. Users will therefore be able to utilize the Digital Yuan to pay for orders using AliPay. The Ant Group, a subsidiary of the parent Alibaba Group, is now going through a significant restructuring due to the PBoC’s numerous rules.
The PBoC is in charge of e-CNY development through the Digital Currency Institute. The current AliPay connection might aid PBoC in promoting the adoption of the Digital Yuan. On its platform, AliPay has around 1 billion active users each year.
The use of e-CNY to replace “notes and coins” in circulation has already decreased due to the usage of mobile payments in the nation, according to the central bank of China. However, according to PBoC, e-CNY doesn’t compete with widely used payment options in China like AliPay and WeChat Pay.
Related: Digital Yuan Will Have An Expiration Date
According to the most recent sources, China, which has been pushing for the integration of the digital Yuan, is also considering giving the Digital Yuan an expiration date. Users that own Digital Yuan, or DCEP, must utilize them within a specified window. This is a brand-new concept in the works as the PBoC attempts to promote the adoption of Digital Yuan throughout the nation’s vast population.
