Digital payments giant Alipay has reportedly become the first payments platform in China to integrate with the processing network for the Chinese central bank digital currency (CBDC), commonly referred to as the e-yuan or digital renminbi.
On 12 December Ant Group’s chief compliance officer Li Chen (李臣) announced that Alipay had joined up with the processing network for the digital renminbi, becoming the first payments platform in China to “support rapid payments functionality with digital renminbi wallets.”
“We are continuing to expand digital renminbi consumption scenarios with cooperative partners,” Li said. “From today, Alipay will gradually expand digital renminbi payments functionality for Taobao customers.”
Li made the remarks at the inaugural Global Digital Trade Expo held in the Zhejiang province capital of Hangzhou.
Wang Pengbo (王蓬博), financial analyst with Botong, said to state-owned media that third party payments providers would help drive the expansion of the digital renminbi processing network, and that the digital renminbi is now on the verge of far greater expansion.
“The digital renminbi is now entering the fast lane…this also proves that it won’t overturn the third party payments sector,” Wang said.
“Alipay is one of the largest online payments platforms, with users and vendors numbering in the hundreds of millions. It is one of teh best platforms for popularising use of the digital renminbi.
“Additionally, the integration of an online e-commerce platform like Taobao will also greatly drive the applications and stickiness of the digital renminbi in everyday scenarios.”