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1. Ecny wechat pay mauskharpalcnbc verification#
2. Ecny wechat pay mauskharpalcnbc code#
3. Ecny wechat pay mauskharpalcnbc trial#
4. Ecny wechat pay mauskharpalcnbc download#

If your app store is set to another country, it's easy to switch. The E-CNY app is currently only available on the Chinese App store, so you can only do this if - and that's the main limitation we mentioned at the beginning - your app store location is set to China.

Ecny wechat pay mauskharpalcnbc download#

This will now bring you to a page where you can download the app. Make sure your location settings on your phone are turned on, or you will get an error message.Īgree to the terms, click the red confirmation button and you'll get a code:Ĭopy the code, open the Apple App store, click on your profile picture and go to " Redeem Gift Card or Code". On the ICBC app version that we tried we would get an error message if we entered our passport number, but it worked perfectly find with just leaving the passport number empty. Click on the button with your respective phone type, then you'll be led to a page where you have to enter your name, passport number and phone number.

Ecny wechat pay mauskharpalcnbc code#

Scanning the code with WeChat brings you to a welcome page. We have listed the codes for ICBC and Bank of China below, for any of the other bank just visit any branch and ask for their code. You get the QR code directly from one of the 6 partner banks: ICBC, Bank of China, Agricultural Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank. The actual app is all in Chinese, but at some point, it uses the term "E-CNY" so let's go with that.Ĭurrently you can't find the app on the app stores directly but have to redeem a special code that you use to get access in APP stores, presumably to limit the numbers of people that start using the currency in the early stages. The English Wikipedia calls it " Digital renminbi" the Chinese Wikipedia calls it " E-CNY". There doesn't seem to be an official English name for it. Amen! In fact, we set up the app without providing a real name, just a phone number, and it worked fine.

Ecny wechat pay mauskharpalcnbc verification#

In our first tests, absolutely no name verification was required. And for any foreigner who's ever struggled with things like real name verification on WeChat and Alipay, there is good news.

You don’t need to be a China expert to know that a digital currency run by the government will roll out fast, and most likely take over the dominant position currently held by Tencent and Alibaba's payment systems.Īnd the good news: Foreigners can already use it, with just a few limitations. Different from WeChat Pay and Alipay that are run by private corporations, the digital yuan is issued by the Chinese government through the People’s Bank of China.

Wallets can only hold limited amounts of cash in order not to threaten the role of commercial banks.China has launched its own digital payment method, the Central Bank Digital Currency (数字人民币 in Chinese) and is rolling it out in shops around the country. This week we reported that to date, 113,300 personal digital wallets for the eCNY have been created in trials and $160 million in transactions have been processed.Ĭommercial banks are the main gateways for the People’s Bank of China to issue the currency, much like the way cash is distributed to consumers. One of the key reasons for issuing the digital yuan is to prevent an over-reliance on these private payment systems. Most Chinese citizens are quite happy with using existing digital payment solutions Alipay and WeChat Pay. One of the biggest challenges for the eCNY will be adoption. There’s no better way to gain interest than giving away free money! One could argue it’s a little like an airdrop for public blockchains. This latest give away is a far more broad and public test, engaging the general public. To date, most digital yuan tests have been rather limited, focused on government employees.

Ecny wechat pay mauskharpalcnbc trial#

The trial is in the Luohu District, following another red packet gifting in the same area to 5,000 medical and healthcare workers as thanks for their COVID-19 contributions. Fifty thousand people will receive the gifted money on a lottery basis in amounts of 200 yuan as part of the digital yuan tests. Yesterday the Shenzhen municipal government announced a giveaway of ten million renminbi ($1.5 million) in central bank digital currency ( CBDC).