Experts in China and South Korea believe that China’s digital yuan will likely be interoperable with e-pay solutions like WeChat Pay and the Alibaba-operated AliPay, as well as a number of digital platforms used by major banks.
The People’s Bank of China (PBoC), the Middle Kingdom’s central bank, has remained relatively tight-lipped on the matter of private sector app-interoperability for the forthcoming digital currency, known locally as the DCEP. Furthermore, Chinese internet user-shared images appear to show testbed users using digital yuan holdings kept in new smartphone wallet apps issued by Chinese state-owned banks.
However, a research specialist named Im Dong-min, at South Korean financial giant Kyobo Securities, told media outlet Chosun,
“In the future, with the DCEP, you will no longer need to rely on using a range of specific apps. That is to say, if you want to receive funds, you will no longer need to have multiple apps from Alipay, WeChat and [various state-owned banks] – it will suffice to just have one of these. For example, if you have installed the Alipay app, you can scan a code from a WeChat Pay account and proceed with a direct DCEP payment. The same goes for banks and other third-party platforms.”
The columnist backed up their claims by pointing out that the PBoC has already suggested that interoperability could be one of its main goals with the DCEP, stating last year (as reported by Tuolo Caijing),
“The ultimate goal is to enable and establish the PBoC and large Chinese enterprises like Tencent, Huawei, Baidu and [Alibaba affiliate] Ant Financial as the world leaders in new-breed payments infrastructure with unique features.”