Red Pack is a new feature that has been added to the official digital currency wallet app for China. a feature that has become well-known over time thanks to his two most widely used payment apps in the nation, WeChat and Alipay.
Users will be able to send one another red envelopes, or digital yuan-filled packets, via the most recent e-CNY update. The Chinese custom of giving cash-filled red envelopes to family and friends gave rise to the concept. In Japan, electronic installment has become far-reaching, and sending modest quantities of money has turned into a social peculiarity. In the meantime, since January, the e-CNY app has been available for general download.
The People’s Bank of China has repeatedly insisted that the digital yuan is not meant to replace Alipay or WeChat payments but rather for “banknotes and coins.”
Additionally, the overall population has more interest in e-CNY. Installments incorporated into applications from tech organizations and physical banks are one more method for paying on the web.
China’s digital currency The e-CNY app is currently only available in Beijing and Shenzhen, two cities and regions. Additionally, there is no set launch date for the digital currency, which is still in the testing phase.
Capital of Kunming, Guangdong, Jiangsu, Hebei, and Sichuan. Jinan, the commonplace capital of Yunnan and service of Shandong, turned into an all-computerized yuan last week and integrated into the city.
Investigation shows that from the send-off of e-CNY in December 2019 to the furthest limit of August, the complete exchange volume including yuan expanded by 14% to 100 billion yuan.
The digital yuan, on the other hand, is accepted by Alipay and WeChat, allowing them to capitalize on these apps’ much larger user bases. However, digital Hongyuan packs can be shared via Alipay, WeChat, and QQ, a well-known Tencent-owned social platform.
Tencent’s financial report indicates that Alipay’s annual users exceeded one billion in the year ended August 17, 2020. WeChat, on the other hand, had 1.3 billion and 574 monthly active users, respectively.