Tencent announced its plan to launch a new digital yuan wallet through WeChat integration to facilitate users with new features and tools. The wallet is currently in its beta stage and is expected to be released soon officially.
Tencent is a leading tech company in China that has been working on various projects to improve user experience in China.
Currently, the most popular e-wallets are AliPay and WeChat Pay, which many people use for monetary transactions.
People’s Bank of China (PBoC) also comprises more than 260 million users, which recently dropped their own digital yuan wallet, currently in its pilot stage. According to the news outlets, the pilot stage recorded $13.6 billion in transactions.
Tencent Digital Yuan Wallet
Tencent’s new wallet uses the WeChat ecosystem. The new wallet is the company’s effort to develop China’s Central Bank Digital Currency (CBDC).
According to the sneak peek released by Tencent, beta testing gives more functionality options to users compared to WeChat Pay, making it, even more, easier to transfer and send money on a daily basis.
It will enable users to “directly open the applet to control by scanning the payment code of digital RMB.” There is also a hidden entrance to access the wallet to manage accounts.
The ‘Sweep’ function
Although WeChat Pay already offers many functionalities, Tencent goes to the next level by utilizing its latest technology. According to Sina, Tencent introduces the ‘sweep’ function giving the user the experience of using a real debit card.
It will add bank-card features so that people can use the wallet the same way they use a debit card from a traditional bank. This functionality will also help Tencent stand out from its competitors in China.
With China’s public slowly turning towards digital yuan wallets, including in the remote and small areas, Tencent is optimistic that its yuan digital wallet will be a huge success in the market.
