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Alipay, the mobile payment platform owned by Ant Group, is set to allow some of its users to participate in the emerging digital yuan commerce ecosystem.
This new feature is a result of MYbank’s participation in the country’s expanded digital currency electronic payment testing protocols, as Cointelegraph says. Ant Group owns a majority stake in MYbank, one of the largest internet-only banks in the country.
Ant Group has been collaborating with the PBoC on digital currencies since 2017. China’s central bank is reportedly using the firm’s mobile app development environment to create digital yuan-linked apps.
The PBoC continues to promote the digital yuan’s utilisation via a litany of airdrops and lotteries in several cities. These adoption events often target shopping festivals with merchants encouraged to accept the currency as a payment means.
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