The digital yuan wallet application uses the traditional Chinese way of donating money, which has become virtual with the growth of digital payments.
China’s digital yuan wallet, the central bank’s digital currency (CBDC), has introduced a feature that allows users to send money in an electronic version of traditional “red packets” to attract new users.
The new feature was released over the weekend, about a month before the Chinese New Year on January 22, as reported by the South China Morning Post on December 26.
“Red packets”, called Hongbao in China, are traditionally used to donate money as a lucky gesture during the Chinese New Year and other celebrations. The growing use of digital payments has seen virtual red envelopes offered by popular local services such as WeChat Pay and Alipay.
According to reports, the e-CNY app allows you to send a red package to just one person, or hold a “lucky draw” for a group of people who will receive a random amount of funds through WeChat Pay and Alipay. they have a similar function.
Users can choose a package covered with the Happy New Year or birthday wishes and wishes for a “prosperous China”. Digital yuan crossed the $1 billion (100 billion yuan) threshold on October 10, only a 1% increase from the $12 billion (87.6 billion yuan) reported by the People’s Bank of China at the end of 2021.
A December 18 report in China Workers’ Journal reported that e-CNY lines will expand to the cities of Jinan, Nanning, Fangchenggang, and Kunming. In early September, testing expanded to four of the country’s provinces, including its most populous province, Guangdong.
Despite the rapid expansion of government trials, the last reported user base for e-CNY wallets was in January 2022, and 261 million users created a digital wallet.
The Chinese government will apparently have to use WeChat Pay and Alipay to promote the adoption of its digital yuan.
Both services accept e-CNY, and WeChat had 1.3 monthly active users in the September quarter, according to financial reports, while Alipay had more than 1 billion active users in the fiscal year ended 08/17/2020.
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