Ant Group’s Alipay mobile payment platform allows some users to participate in the new ecological ecosystem of digital commerce.
According to a report by the China Securities Journal on Monday, this new feature is the result of MYbank’s participation in electronic payment testing protocols for the country’s expanded digital currency.
The news increases Ant Group’s involvement in the Chinese central bank’s digital currency project. In fact, the group owns a majority stake in MYbank, one of the largest internet banks in the country.
In a statement released by CNBC, Ant Group confirmed its involvement in the Digital Yuan experiments and added:
“As a participant in the e-CNY experiment, MYbank, a partner of Ant Group, will be relentlessly conducting trials as part of a public agreement with the People’s Bank of China. Together with MYbank, Ant Group will continue to support research, development and experimentation with the electronic CNY PBOC. ”
As Cointelegraph previously reported, Ant Group has been working with PBoC Bank on cryptocurrencies since 2017. It is reported that the central bank of China is using the company’s mobile application development environment to create digital applications related to the yuan.
As MYbank moves towards allowing users to interact with digital currency, Tencent-backed WeBank is said to have not yet activated any customer bridge to the digital yuan. Both banks were announced online as the first private financial institutions to join the digital yuan testing ecosystem in February.
However, six state-owned banks dominate the testing arena, and several of them have created custom digital RMB wallets.
The People’s Bank of China (PBOC) continues to promote the use of the digital yuan through giveaways and lotteries in many cities. These adoption events often target shopping festivals and merchants are encouraged to accept currency as their method of payment.
Back in April, Chinese e-commerce giant JD.com announced that it was already using the digital yuan to pay employees. The e-commerce company was the first to accept digital currency as a payment method and reportedly received nearly 20,000 DCEP-funded applications in its first week.