![]() ![]() The world is anxiously watching China’s digital yuan to learn how quickly a Central Bank Digital Currency (CBDC) will be adopted. The primary concern among world leaders is its potential impact in world trade. I’m sure a majority of participants in the payments ecosystem hope this remains true: There is also interest in how quickly consumers might adopt digital money, but given the poor consumer adoption reported here, perhaps the payment tools consumers use today are sufficient. “Primarily, e-CNY has been distributed in free-to-enter lottery-type promotions and through discount deals designed to encourage downloads of the central bank’s app and digital wallets. Giveaways aren’t nationwide they have been run in particular cities on specific dates and so far have left out small towns and rural areas. Based on central-bank numbers, the average amount spent per transaction was under $1. Pointedly, China’s annual online shopping extravaganza in November, known as Singles Day, featured only limited promotion of e-CNY, a currency designed for the internet. made it a payment option during the event as part of a plan to encourage adoption of digital wallets. The company said 100,000 customers used e-CNY in 240,000 orders but declined to say how much of the total $55 billion spent during the sales period it constituted it was likely a fractional portion. The e-CNY wasn’t a payment option on sites run by Alibaba Group Holding Ltd., which in 11 days racked up sales of nearly $85 billion, or 8.5 times the amount of digital yuan transacted over 18 months of trials. If needed I guess I will download the China wechat on to my iPhone but I don’t have a China Apple store account - don’t know I need One to download China wechat.Speaking at a November conference, Mu Changchun, who runs the e-CNY project at the People’s Bank of China, appeared to acknowledge the demand challenge. Entering this card acts as a real-name verification for WeChat. Chinese Bank Card: If you’ve already opened a China bank account, the bank has given you a bank card. Of course, if you’re reading this right now, my guess is that you don’t have that. ![]() If needed I will switch to my China cell number account for these payments?ģ. Chinese ID: If you have a Chinese ID card, you’re golden. Does anyone know how without getting a China ID (Can’t to my knowledge), a China bank account, or a China credit card, can I do real name authentication or otherwise accomplish #1 above?Ģ. Sending or receiving a Red pocket is a tradition in China. ![]() If you withdraw your money to your bank card, then there will be a tiny fee to cost. if you keep the transferred money on WeChat without withdrawing then there’s no fee to use. I was using my US phone number wechat account and tried putting both my US and China cell numbers in.ġ. You can send money or receive money on WeChat. Id like to use WeChat Pay in the Chinas Mainland. I tried by my US credit card and failed at the end because it said my CC wasn’t linked to a China ID. Both times it said I need real name authentication. Recently (May 2018) I tried to receive a 300 RMB reimbursement from a friend by wechat and today a 1 RMB red packet. can do so if needed but not convenient.Ħ) have no credit or bank account linked to either wechat accoun and to my knowledge no ID Don’t want China versions at this time.ģ) I have US downloaded wechat and wechat account via US number.Ĥ) when in China I use a China Unicom SIM card (has both China number)ĥ) I have a second wechat account via my Chinese phone number but have never used it after signing up. Am in China nowĢ) I have no China ID, no China bank account, and no China credit card. #1 is top priority - so if I can only do #1 or the first part of #1 that’s ok.ġ) I live in US but come to China very frequently to see family and friends. Want to use wechat pay to 1) send and receive money to/from wechat contacts and to pay simple hints like monthly 20RMB fee for Mobike, 2) ideally but not high priority to use it to pay restaurants, etc - can supply money into account by friends sending small amounts of money vs supplying by bank acct or card, 3) ideally link to my US credit card. ![]()
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