Emails only count for 22.6% of those surveyed. Only 59.5% use phones, text, and fax machines. Tencent’s research arm, Penguin Intelligence, said that 87.7% of WeChat users rely on the app for work communication. Of the 20,000 users surveyed, an overwhelming majority (90%) said that they prefer WeChat over other workplace communication tools. WeChat is the top choice for Chinese web users for daily work communication. It also helps that Facebook and Google are not allowed to operate in the country.
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They use it to book cabs, restaurants, and even movie tickets. The app’s integration into the daily life of Chinese people is partly the reason for the growing number of WeChat users. And that’s not even taking into account WeChat Pay which has 800 million users. It’s so in-demand that users of the platform end up sending more than 45 billion messages per day. WeChat users send billions of messages a day. On average, a WeChat user will follow 10 to 20 people. dollar-pegged CBDC, dubbed the “sand dollar.”Īs Modern Consensus reported, the People’s Bank of China has already been testing the digital yuan in Beijing, Hong Kong, Macau, Shenzhen, Suzhou, Chengdu and Xiong’an since August.WeChat users like features like Moments, voice and text messaging, group messaging, payments, and games. Technically, the country was beaten in this race by the tiny Bahamas, which recently just launched its U.S. The bank also clearly stated that China is eager to become the world’s first nation to issue a CBDC in an attempt to internationalize its fiat currency and reduce its reliance on the dollar’s financial infrastructure. China moves closer to CBDC launchĬhina’s central bank has been working on its digital currency-officially known as Digital Currency/Electronic Payment (DCEP)-for some time now, and in late September the institution announced that the system is ready for its launch. In July, it asked the State Council, which oversees anti-trust issues to investigate the companies. That’s a big step up from the PBOC’s previous position. It depends on consumers and the use case.” “If the digital money is to be allocated through the app, some people may switch to the app, while others may transfer it to WeChat or Alipay.
In other words, he explained that there is at least some degree of competition: Still, a financial technology consultant at the Shanghai-based financial industry consultancy Kapronasia pointed out that users can use an official CBDC wallet instead of private wallets such as the ones offered by AliPay or WeChat. WeChat and Alipay are wallets, while the digital yuan is the money in the wallet.”Ĭhangchun made his remarks in Shanghai at the second Bund Summit, co-organized by the China Finance 40 Forum. “They don’t belong to the same dimension. 26 that on Sunday, Mu Changchun, the head of the research institute for digital currency at the People’s Bank of China, said that the central bank digital currency (CBDC) won’t compete with the two services, which together hold 94% of the market. The English-language news outlet South China Morning Post reported on Oct. The People’s Bank of China (PBoC) will integrate its forthcoming digital yuan renminbi into the country’s two dominant mobile payment systems, WeChat Pay and AliPay.
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