Conceivably, those could all end up being points of distribution for the DCEP including for the merchants who may be happy being paid in DCEP as opposed to Euros or USD. Similarly, the DCEP could facilitate payments along China’s Belt and Road Initiative (BRI). In most global payment segments, such as credit cards, there are only a few payment service providers that have scaled enough to dominate the market and must markets still function well with that scenario.Īs the majority of BRI funding is in Chinese Yuan, a switch to DCEP would be relatively straightforward.Ī larger role for Alipay and WeChat Pay in China could be beneficial for the financial system. Further, as we have seen in the past, Beijing is undoubtedly sitting on top of the tech giants to make sure they don’t get too large. E-commerce, not the settlement of financial flows, is the priority for China’s CBDC, according to panelists at Consensus.Ĭhina did start as the world’s biggest fintech sandbox, but the regulators have reigned in the industry and are now partnered closely with the two companies, and all signs are that Alipay and WeChat Pay will be a critical part of that DCEP vision. ![]() Even though China will very likely beat the US to launch a CBDC, panelists weren’t convinced that’s what it takes to win.If you don’t want to download WeChat or Alipay in China (and I completely understand if you have security concerns), you can always withdraw Chinese RMB from any ATM and pay for items in cash.īe sure to inform your bank prior to traveling that you will be using your card while in China and ask what ATM fees you may be charged each time you withdraw money.Success for the People’s Bank of China’s central bank digital currency (CBDC), which is called the eCNY, does not mean dethroning the US dollar as the world’s reserve currency but rather providing more efficient payment corridors between Macau, Hong Kong and China, as well as strengthening cross-border e-commerce payments. At least, if it does, it doesn’t work well.Īt some point I’m sure they’ll get their act together, but for now you can’t rely on this option. Thankfully, even if you can’t get the credit card option to work, there are other ways to add money to WeChat without a Chinese bank account. adding a foreign credit card to WeChat doesn’t work. There’s only one very slight problem with this…. Your credit card is a Visa, MasterCard or JCB.You have downloaded WeChat in mainland China, Taiwan, Hong Kong or Macau.You are adding a credit card, not a debit card.Recently, however, you might have read news talking about the new option to add a foreign credit card to WeChat.Īccording to the reports, in order for this to work, you would need to meet the following criteria: Mobile payment through apps like Alipay and WeChat has historically only available to people with a Chinese bank account. This app is perfect for purchasing takeout (called “Meituan Waimai”), big meals like hotpot, movie tickets and much more for groups or for individualsĭo I need a Chinese Bank to Use Mobile Payment? Meituan is the leading tuangou, or group-buy application in China. In addition to standard transactions, these mobile payment apps have taken the convenience of mobile payment to a higher level by allowing you to pay for bills like cellphone service and Internet with the app.ĭepending on your area and provider, you may even be able to pay for utilities like electricity and water too. ![]() For example, with Ele.me or Meituan you can order takeout at local restaurants and pay using Alipay or WeChat. You can also use Alipay and WeChat to pay items for sale in apps that lack traditional payment functionalities. Now, a wallet isn’t even necessary to carry as long as you have your phone. At your typical hole-in-the-wall restaurant, coffee shop and convenience store, paying for items is as easy as scanning a QR code in the store (if you’re not sure what a QR code is, it looks like this).Īs recently as 5 years ago, everybody had to make sure they always had cash on them to pay for things. The largest benefit from paying with payment apps such as Alipay and WeChat is convenience. I only recommend what I’ve personally used, and I appreciate your support! Using WeChat or Alipay in China to Pay? Note: Some links in this article are affiliate links, which means that at no extra cost to you, I may be compensated if you choose to use one of the services listed.
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