• About Us
  • Jobs
  • Contact
  • Login
  • Register
Crypto Mufasa
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us
No Result
View All Result
Crypto Mufasa
No Result
View All Result
ADVERTISEMENT
Home General News

Alibaba’s Alipay & Taobao Platform to Roll Out Digital Yuan Pay Functions

Hania by Hania
December 13, 2022
in General News
Reading Time: 4 mins read
A A
0
Alibaba’s Alipay & Taobao Platform to Roll Out Digital Yuan Pay Functions
Tweet

In Brief:

  • You May Also Like:
  • Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
  • Crypto.com Obtained Digital Token License In Singapore
  • Why Does It Matter If Alipay and Taotao Support the Digital Yuan?

In addition to the market-dominating Alipay e-payments platform, an affiliate of the Chinese tech giant Alibaba recently announced that it will accept digital yuan payments on its Taobao e-commerce platform.

The statement was issued by Li Chen, the Chief Compliance Officer of the Ant Group, Alibaba’s fintech division, according to Sina Technology. The online banking divisions of Alibaba and Alipay are operated by Ant. At a digital trade conference in Zhejiang, Li Chen reportedly told attendees:

“Alipay has joined the digital yuan acceptance network. It is the first platform to accept payments in digital yuan.”

Alibaba’s Alipay & Taobao Platform to Roll Out Digital Yuan Pay Functions

You May Also Like:

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023

Li Chen also mentioned that Taobao had introduced a “fast payment function” for digital yuan wallets, enabling users to use their digital yuan balances while paying for items.

The spokesperson continued by stating that numerous services related to the digital yuan would be “launched in batches” in the coming weeks and months.

With the new Alipay link, users of digital yuan in the pilot zone are able to use their coins to purchase goods and services from subsidiaries of Alibaba, including the grocery store chain Hema, the “smart” online supermarket Tmall-Mart, and its Ele.me food delivery service.

Alibaba’s Alipay & Taobao Platform to Roll Out Digital Yuan Pay Functions

The news source pointed out that users of the Alipay and Taobao apps could immediately begin using digital CNY pay by just updating their apps. They can find suggestions that direct them to digital yuan wallet payment options at the time of purchase.

In order to “learn how to use” the coin, customers can access a new “paying with the digital yuan” feature in the Alipay app, according to company officials.

Why Does It Matter If Alipay and Taotao Support the Digital Yuan?

Alibaba’s Alipay & Taobao Platform to Roll Out Digital Yuan Pay Functions

Along with JD.com, Taobao is undoubtedly China’s most well-known e-commerce platform and the country’s response to Amazon. This latter firm has been very active in the digital CNY sphere and has launched a number of freebies in pilot zone locations.

In recent years, Alipay and WeChat Pay have dominated the Chinese e-payments business, controlling 15% of the country‟s payments market. Tencent, a leader in technology, is the creator of WeChat Pay.

Though some believe Beijing is seeking to break up the dominance of the two tech titans, the government has consistently emphasized that the digital yuan is not being positioned as a competitor to Alipay and WeChat Pay.

Earlier this year, WeChat Pay implemented interoperability features for digital yuan.

Tags: AliPayChinacryptocurrencydigital CNYE-Commerce
Tweet47Share76ShareSendPin17ShareSend
ADVERTISEMENT
Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead
General News

Dr John Forsyth ONFO Coin Co-Founder And “Bitcoin Millionaire” Found Dead

June 1, 2023
Crypto.com Obtained Digital Token License In Singapore
General News

Crypto.com Obtained Digital Token License In Singapore

June 1, 2023
Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam
General News

Sandbox CEO’s Twitter Was Hacked To Advertise The “Airdrop” Scam

May 29, 2023
Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether
Ethereum

Jimbos Protocol, Built On Arbitrum Hacked, Lost $7.5M In Ether

May 29, 2023
Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro
General News

Do Kwon, CEO Of Terraform Bail Cancelled In Montenegro

May 25, 2023
Crypto Anti-Money Laundering (AML) Regulations In Japan Will Begin In June
Regulation

Crypto Anti-Money Laundering (AML) Regulations In Japan Will Begin In June

May 24, 2023
FBI Warns About Crypto Job Scams
General News

FBI Warns About Crypto Job Scams

May 24, 2023
Elon MuskAnnounces Linda Yaccarino as Twitter’s New CEO”
General News

Elon MuskAnnounces Linda Yaccarino as Twitter’s New CEO”

May 12, 2023
Paxful Marketplace Reopens A Month After Suspension
General News

Paxful Marketplace Reopens A Month After Suspension

May 10, 2023
Load More
  • Trending
  • Comments
  • Latest
idmining cloud mining

The New Era of Passive Income Brings Another Amazing Opportunity To Make Money With IDMining

May 5, 2023
Passive Income HappyMiner

Earn Passive Income Cloud Mining With HappyMiner – A Quick Guide!

May 8, 2023
Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

Lost Your Bitcoin To Scammers? Explore The Options For Recovery From Crypto Scams

May 19, 2023
76 Cryptocurrencies Are Now Prohibited, Beware!

76 Cryptocurrencies Are Now Prohibited, Beware!

May 11, 2023
Sparklo (SPRK) Top Profitable Investments

Rising Market Reputation for Sparklo (SPRK) While Dogecoin (DOGE) And Solana (SOL) Witness Varying Price Trends

June 5, 2023
Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

Best-Performing Altcoins For The Week: XRP, LDO, and LUNC

June 5, 2023
Atomic Wallet Hacked, Users Lost Entire Portfolios

Atomic Wallet Hacked, Users Lost Entire Portfolios

June 5, 2023
sparklo finanace presale

Sparklo (SPRK) Presale Advances As Litecoin (LTC) Prices Explode

June 4, 2023
ADVERTISEMENT
Crypto Mufasa

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Navigate Site

  • Contact
  • Terms Of Service
  • Privacy Policy
  • Crypto Prices
  • Crypto Exchanges
  • Work With Us

Follow Us

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Web Stories
  • Work With Us

© 2022-2023 CryptoMufasa.com
All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In