![]() Although WeChat Pay came a decade later, it has captured significant market share. "I expect central bank digital currencies to continue to expand around the world," Chorzempa said. The competition between Alipay and WeChat. Since Facebook first proposed launching the Libra cryptocurrency, now rebranded Diem, there has been a "huge wave of interest" among central banks that are concerned that a private tech company "might take over their currency" in a similar manner to how Alipay and WeChat pay dominate payments in China, he said. If you’ve ever made a purchase from AliExpress, you might know that it follows the shipment and asks you to confirm delivery. "I wouldn't be too worried about the safety of a digital renminbi in a central bank regulated wallet," he added.īeyond China, Sweden is expected to be among the first advanced economies to launch a digital currency, according to the PIIE researcher. The final difference between Alipay and WeChat Pay is that Alipay is an internet escrow service, meaning it keeps the money a buyer pays until the transaction is completed according to the agreement. Intermediaries that sell the digital currency in China are also expected to be "quite safe and carefully regulated" so long as they are sanctioned by the government, Chorzempa said. AliPay has some 1.3 billion annual active users, and currently processes more payments than WeChat - with both services growing and looking to expand. WeChat has over a billion daily active users who use the app to chat, play games, send money and make purchases. "It's designed to have the same value as any regular renminbi, so there should be no price fluctuations to worry about." WeChat Pay and AliPay are the leading digital payment services in China. ![]() ![]() "I would say the safety levels (of the digital yuan are) very high and the risk is low," he said. To be sure, Chorzempa said China's digital yuan has very little in common with cryptocurrencies such as bitcoin, known for its high price volatility. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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