Chinese CNPC trying to attract mass user by introducing new features
2022.12.28 03:48
Chinese CNPC trying to attract mass user by introducing new features
Budrigannews.com – In an effort to attract new users, China’s wallet app for its digital yuan central bank digital currency (CBDC) added the ability for users to send money electronically in the form of traditional “red packets.”
The new component was delivered throughout the end of the week, close to one month in front of the Chinese New Year on Jan. 22, as announced by the South China Morning Post on Dec. 26.
During Chinese New Year and other celebrations, the “red packets,” also known as hongbao, are typically given as a token of good fortune. Popular local services like WeChat Pay and Alipay now offer virtual red envelopes as a result of the growing use of digital payments.
Apparently, the e-CNY app lets you send a red packet to just one person, or you can set up a “lucky draw” so that a group of people will each get a random amount from a pool of money. Alipay and WeChat Pay have a similar feature.
A packet cover with wishes for a “prosperous China” and well wishes for the new year or birthdays are available to users.
On October 10, digital yuan transactions exceeded $14 billion (100 billion yuan), a mere 14 percent increase from the People’s Bank of China’s report of $12 billion (87.6 billion yuan) at the end of 2021.
A Dec.18 report in the Chinese Laborers’ Day to day paper revealed the e-CNY trails will grow to the urban communities of Jinan, Nanning, Fangchenggang and Kunming. In September, the trials were extended to four of the country’s provinces, including Guangdong, the most populous.
In spite of the government’s rapid expansion of the trials, the most recent reported user count for e-CNY wallets was 261 million in January 2022.
In order to encourage more people to use the digital yuan issued by China, the government may have to rely on WeChat Pay and Alipay.
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According to financial reports, WeChat had 1.3 monthly active users in the September quarter, while Alipay had over 1 billion annual active users in its fiscal year ending August 17, 2020. Both services accept e-CNY.
