Real-world tests of the digital yuan show how it could disrupt China’s mobile payment giants

Quick Take

  • Merchants who supported digital yuan for real-world testing said they didn’t have to pay any transaction fees, unlike when they use third-party payment providers.
  • The government has sent mixed signals about whether the central bank digital currency will compete with Alipay and WeChat Pay.
Tests of China's digital currency and increasing regulatory scrutiny help paint an uncertain picture of the future for AliPay and WeChat Pay.

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