The Ant Group operates AliPay, the dominant digital payment system in China.
The Group is a subsidiary of the Alibaba Group and is in the midst of a massive overhaul.
AliPay has integrated the Digital Yuan to enable instant payments across all of Alibaba Group Holding’s e-commerce platforms, including Taobao and Tmall, in an effort to promote China’s digital currency, e-CNY. The Ant Group operates AliPay, the dominant digital payment system in China.
Tuesday, December 13th was the formal announcement date, and Ant’s chief compliance officer, Li Chen, issued the statement. E-CNY, China’s digital money, is now being tested in over 12 cities around the nation.
Massive Adoption Boost
Through the official e-CNY app, the Ant Group has made this possible. Buyers may now utilize their Digital Yuan balances when checking out with AliPay. Because of new rules from China’s PBoC, the Ant Group, a subsidiary of the Alibaba Group, is in the midst of a massive overhaul.
The Digital Currency Institute is in charge of creating e-CNY, although the People’s Bank of China monitors the process. AliPay’s new integration might aid the PBoC in furthering the adoption of the Digital Yuan. Nearly 1 billion people use AliPay each year.
The People’s Bank of China has announced that e-CNY would be used to replace the decreasing amount of physical currency in circulation caused by the widespread use of mobile payment systems around the nation. However, PBoC claims that e-CNY doesn’t compete with AliPay and WeChat Pay, two of China’s most widely used online payment systems.
According to recent reports, China is also considering putting a time limit on the use of the Digital Yuan. Users with DCEP, or Digital Yuan, will have a limited window in which to use their funds.