Since unveiling a connection between its application and digital yuan wallets, Chinese payments company Alipay is expected to enable some of its customers to use the nation’s virtual yuan.
The Ant Group-owned mobile payment network stated the trial would allow some consumers to get access to digital yuan via its app, which is anticipated to be a core part of the digital currency’s evolving environment.
The decision was made practical by the engagement of MYbank, one of China’s top internet-only banking institutions and a majority-owned subsidiary of Ant Group.
Ant Group stated it will keep working with business and state forces to support the growth of the digital currency in an announcement cited by CNBC on its participation in the next step of the digital yuan tests.
“As one of the participants in the trial of the e-CNY, Ant Group’s associate MYbank will steadily advance the trial pursuant to the overall arrangement of the People’s Bank of China. Ant Group, together with MYbank, will also continue to support the research, development and trial of PBOC’s e-CNY.”
Over recent years, Ant Group has collaborated closely with the country’s national bank to grow the digital currency and its network. The company’s mobile app production rails have already enabled the launch of a range of different digital yuan applications, with Mybank playing a key role in the currency’s launch.
Rivals WeBank is also working to form China’s digital currency environment, but the company is yet to deliver its version of a fiat-to-digital yuan portal.
The People’s Bank of China has begun to focus on digital yuan tests, like airdrop services and localized city trial systems, to embrace digital payments in grocery, shopping events, and other daily circumstances.