AliPay users will test the digital yuan

Online banking MyBank will allow some customers to conduct digital yuan transactions (DCEP) in the Alipay payment system application. China Securities Journal writes about it .

Such functionality will appear as part of MyBank’s participation in the extended protocols of the pilot experiment on digital yuan payments. The company confirmed the continuation of cooperation with the People’s Bank of China in this area.

The AliPay owner of the technology company Ant Group owns 30% of MyBank. As of the end of 2020, the credit institution served 35 million clients, which is 68% more than a year ago.

Another participant in the trials, Tencent’s online bank WeBank, has not activated a bridge to DCEP for customers at the time of writing. 

The testing also features the six largest commercial banks that have developed the corresponding wallets.

Recall that in April 2021 Hodlmonks announced the Ant Group’s readiness to assist the regulator in creating a platform for the digital yuan .

Online retailer previously announced that it began paying salaries to DCEP and using it in interbank and commercial settlements.

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