Tencent Launches WeBank/ WeChat Pay Digital Renminbi Wallet

130

Tech giant Tencent is stepped up its participation in China’s ongoing trials of its new central bank digital currency (CBDC), commonly referred to as the digital renminbi.

Tencent recently launched its WeBank (WeChat Pay) digital renminbi wallet, according to a report from Caishelian.

The move comes following the launch of digital renminbi wallets by all of China’s big state-owned banks since the start of trials of the CBDC in early 2020, as well as the provision of a range of digital renminbi-related services by Tencent.

Users can register for the digital renminbi apps via Tencent-backed digital lender WeBank, and then use either the app itself or WeChat to effect payments.