Thank you to Timmy Shen from Forkast.news!
Full article: here
Some great quotes
“It is very clear that the digital yuan must be usable on both WeChat Pay and Alipay,” Richard Turrin, a Shanghai-based fintech consultant, told Forkast. “WeChat Pay is the dominant social network, so if you want to be able to send money to people, you have to be on WeChat. Alipay is probably marginally less important than WeChat, but because of its use in e-commerce, it is also an important place to be able to use the digital yuan.”
The digital yuan does not seek to displace WeChat Pay or Alipay, Turrin said, adding: “What it does strive to do is to give people a third payment option.”
Still, Turrin said the best way for the central bank to increase digital yuan adoption is to “ensure that the banks roll out to their commercial or retail customers the ability to accept digital yuan on their point of sale systems.”
“That hasn’t happened yet and that’s the primary reason why I don’t feel the PBOC is in any particular rush or feels any great pressure to push digital yuan use,” Turrin added.
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