If you don’t want to download WeChat or Alipay in China (and I completely understand if you have security concerns), you can always withdraw Chinese RMB from any ATM and pay for items in cash.īe sure to inform your bank prior to traveling that you will be using your card while in China and ask what ATM fees you may be charged each time you withdraw money. At least, if it does, it doesn’t work well.Īt some point I’m sure they’ll get their act together, but for now you can’t rely on this option. Thankfully, even if you can’t get the credit card option to work, there are other ways to add money to WeChat without a Chinese bank account. adding a foreign credit card to WeChat doesn’t work. There’s only one very slight problem with this….
This app is perfect for purchasing takeout (called “Meituan Waimai”), big meals like hotpot, movie tickets and much more for groups or for individualsĭo I need a Chinese Bank to Use Mobile Payment? Meituan is the leading tuangou, or group-buy application in China. In addition to standard transactions, these mobile payment apps have taken the convenience of mobile payment to a higher level by allowing you to pay for bills like cellphone service and Internet with the app.ĭepending on your area and provider, you may even be able to pay for utilities like electricity and water too. For example, with Ele.me or Meituan you can order takeout at local restaurants and pay using Alipay or WeChat. You can also use Alipay and WeChat to pay items for sale in apps that lack traditional payment functionalities. Now, a wallet isn’t even necessary to carry as long as you have your phone.
At your typical hole-in-the-wall restaurant, coffee shop and convenience store, paying for items is as easy as scanning a QR code in the store (if you’re not sure what a QR code is, it looks like this).Īs recently as 5 years ago, everybody had to make sure they always had cash on them to pay for things. The largest benefit from paying with payment apps such as Alipay and WeChat is convenience. I only recommend what I’ve personally used, and I appreciate your support! Using WeChat or Alipay in China to Pay? "I expect central bank digital currencies to continue to expand around the world," Chorzempa said.Note: Some links in this article are affiliate links, which means that at no extra cost to you, I may be compensated if you choose to use one of the services listed. Earlier reports also suggested that PBoC might set up a digital exchange in Beijing. However, so far, it has already conducted several large-scale trials in its advanced pilot stage. China’s e-CNY is expected to witness a full-fledged launch by February 2022. Since Facebook first proposed launching the Libra cryptocurrency, now rebranded Diem, there has been a "huge wave of interest" among central banks that are concerned that a private tech company "might take over their currency" in a similar manner to how Alipay and WeChat pay dominate payments in China, he said. China has become the frontrunner when it comes to the global CBDC race.
"I wouldn't be too worried about the safety of a digital renminbi in a central bank regulated wallet," he added.īeyond China, Sweden is expected to be among the first advanced economies to launch a digital currency, according to the PIIE researcher. Intermediaries that sell the digital currency in China are also expected to be "quite safe and carefully regulated" so long as they are sanctioned by the government, Chorzempa said. "It's designed to have the same value as any regular renminbi, so there should be no price fluctuations to worry about." "I would say the safety levels (of the digital yuan are) very high and the risk is low," he said. To be sure, Chorzempa said China's digital yuan has very little in common with cryptocurrencies such as bitcoin, known for its high price volatility.