Some china ecny alipay wechat pay11/15/2023 JD is not the only app you can access thorugh WeChat. You are also able to directly access JD through the WeChat app. Similarly, thanks to a deal in 2015 between Tencent and Jing Dong, you are only able to use WeChat Pay as a mobile payment on JD. This is because they are both owned by Alibaba so it makes sense for their business not to allow their competitor WeChat Pay as an option on their shopping apps. You’ll see that the only usage Alipay has which WeChat Pay doesn’t is the shopping apps Taobao and TMall. In fact, there are now some shops and venues which only accept mobile payments. Whether it’s ordering food, getting a taxi, topping up your electricity, buying plane tickets or sending money to friends the sky really is the limit with these mobile payment apps. Yes, nowadays WeChat Pay and Alipay can be used for pretty much everything. WeChat Pay vs Alipay || What Can They Be Used For? Living in Beijing Part 1 | Being a Beijing Expat □ What’s the Deal?īeijing is an incredibly large city, and because of this looking for apartments and getting prepared for living in Beijing can be extremely daunting. With more supported currencies and a much higher limit for withdrawals, you can see some of the ways that Alipay is more focused towards ecommerce and business. In the table below you can see some of the key differences between the two smart payment systems. As Alipay was originally created as a payment platform for the Alibaba website, it has become more of an escrow payment service. Popular uses are purchasing groceries, paying bills, transferring money to friends, sending red envelopes and other everyday transactions.Īlipay on the other hand puts more emphasis on e-commerce payment and financial services. WeChat Pay is more of a social app used by most users to navigate their daily life. This means that although both systems can be used for similar things the focus of them is slightly different. “You’re creating architecture that gives the government a little bit more insight into transactions.” The key thing here is that the central bank is, I think, inserting itself more into the payment architecture,” he said during the panel.The main difference between WeChat Pay and Alipay is that WeChat Pay is an in-app feature of the social media app WeChat whereas Alipay is a dedicated smart and mobile payment system. The Chinese authorities support coordinated development of various payment methods.”ĭuring a panel on the topic earlier this year at CoinDesk’s Consensus conference, Yaya Fanusie, a Fellow at the Center for a New American Security, and former CIA counter terror financing analyst, pointed out that China’s push for a CBDC via the eCNY is about gathering as much data as possible - to combat things like tax evasion and illegal gambling amongst other things. This is problematic for any central banker, as they cannot exert the same amount of control on M2 as they can on cash.Īs the People’s Bank of China whitepaper on eCNY explains, the “eCNY will provide the public with a new interoperable way of payment, which will further diversify payment instruments and make the payment system more efficient and safer. Given the two apps popularity in China they control a significant amount of the supply of M2, or commercial bank money. Part of the reason why this announcement generated such considerable interest is because of the expectation that eCNY will eventually replace the payment rails offered by WeChat Pay and AliPay. Underground casinos would often recruit people to rent their personal payment code to the casino in order to launder funds, in exchange for a cut of the proceeds. Ling also added that the use of personal payment codes was a common scheme for laundering funds from underground casinos. “This not only confuses the nature of the transaction, but also leads to the distortion of transaction information, which affects risk monitoring.” For example, some institutions use barcode transfer services for personal receipts to handle large-scale ,” Tony Ling, a partner at China-based Bizantine Capital, wrote in a note to Blockworks. “The government has decided to strengthen supervision due to the hidden risks of personal payment barcodes. Instead, the PBoC is mandating that businesses only use business payment codes instead of personal ones - a common scheme for small family-run businesses. The reality of the situation on the ground is much more mundane.
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