Industry News | WeChat has further expanded the scope of merchants that can use e-CNY

On January 17th, WeChat officially announced that in order to further support the application scenarios and ecological construction of digital RMB, WeChat Pay has partnered with hundreds of acquiring institutions to further expand the range of merchants within WeChat who can use digital RMB.

As of now, millions of merchants who can use digital RMB on WeChat cover various fields such as scenic spots and museums, multi regional living payment platforms, T3 travel, Hello Bike, SF Express, Southern Power Grid, etc., covering life services, livelihood payment, catering and entertainment, and transportation.

WeChat Pay told Securities Daily that "WeChat's support for the use of digital RMB for various life services, livelihood payments, etc. will further enrich the daily usage scenarios of digital RMB. Users can conveniently experience digital RMB transactions through WeChat mini program scenarios."

After years of development, the pilot areas for digital RMB have continued to expand, and the application ecosystem has become increasingly rich. In recent years, WeChat has successively launched multiple open measures to support the digital RMB ecosystem. In the first half of 2022, WeChat opened a "digital RMB entrance" to users in pilot areas, and added "digital RMB scanning payment" on the payment page; In the second half of 2022, WeChat launched the "Digital RMB Red Envelope Assistant" mini program and cooperated with government departments in Shenzhen and other places to distribute digital RMB red envelopes multiple times.

In 2023, WeChat supports the "Wallet Quick Payment" function for digital RMB, allowing users to directly manage and use their opened digital RMB wallets within WeChat. At the same time, WeChat opens up mini programs and video account scenarios, seamlessly connecting users, merchants, and digital RMB apps. In addition, during the Chengdu Universiade, a group of WeChat mini program merchants in the fields of clothing, food, housing, and transportation were supported to use digital RMB for convenient payment.

"In recent years, WeChat has continued to help enrich the application scenarios of digital renminbi and promote the continuous expansion of the digital renminbi ecosystem." Wang Pengbo, a senior analyst in the financial industry at Broadcom Consulting, predicts that WeChat will continue to explore more scenarios and measures to support the application of digital renminbi.

Gan Yutao, Executive Director of Beijing Xinke Financial Development Research Institute, further explained to Securities Daily reporters, "Through cooperation with hundreds of acquiring institutions, WeChat has provided convenient conditions for a wider range of merchants and consumers to use digital RMB. On the other hand, WeChat has also strengthened its payment ecosystem, protected the rights and interests of financial consumers, and promoted the development of inclusive finance."

The data shows that the pilot scope of digital RMB has been expanded to 26 pilot areas in 17 provinces and cities. The application scenarios have extended from personal consumption scenarios to public enterprise services such as salary distribution, inclusive loans, green finance, as well as government service scenarios such as finance, taxation, public utilities, e-government, and poverty alleviation for agriculture.

Gan Yutao said, "In the future, with the integration and promotion of digital RMB in more application scenarios, it will further promote innovation in the field of financial technology, increase transaction security and convenience, and provide more efficient regulatory methods for financial services.".

The above content is sourced from Securities Daily