WeChat Pay
China’s CBDC wallet resorts to ages-old tradition to boost adoption
China’s wallet app for its digital yuan central bank digital currency (CBDC) introduced a feature for users to send money in an electronic version of traditional “red packets” to try to attract new users. The new feature was released over the weekend, around one month ahead of the Chinese New Year on Jan. 22, as reported by the South China Morning Post on Dec. 26. The “red packets,” called hongbao in China, are traditionally used for gifting money around the Chinese New Year and other celebrations as a gesture of good luck. The rising use of digital payments has seen virtual red envelopes offered by popular local services such as WeChat Pay and Alipay. Reportedly, the e-CNY app allows a red packet to be sent to only one person, or a “lucky draw” can be set up for a group of people who will...
Trump Pushes Executive Order to Ban Alipay, WeChat Pay and other Chinese Platforms
Image sourced from Al Jazeera US President Donald Trump has signed an executive order that aims to prohibit transactions with eight digital Chinese payment platforms, including Ant Group’s Alipay and Tencent’s QQ and WeChat Pay. “Additional steps must be taken to deal with the national emergency with respect to the information and communications technology and services supply chain,” reads the order. “The pace and pervasiveness of the spread in the United States of certain connected mobile and desktop applications and other software developed or controlled by persons in the People’s Republic of China… continue to threaten the national security, foreign policy, and economy of the United States.” US Commerce Secretary, Wilbur Ross confirmed that the Commerce Department will “begin imple...
