China wants its digital currency to reach greater use

Digital Currency - Yuan

The country is boosting its efforts to roll out the online yuan to the general population. China is boosting its efforts to roll out its digital currency to the general population, as local tech giants such as Tencent and Alibaba join in with its use. That said, there are a spectrum of challenges in the way of the widespread use of this online yuan. The primary question is whether people across China who are already using two exceptionally popular mobile payments systems operated by Alibaba and Tencent will want to…

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QR code payments get one step closer in China

qr code payments

The central bank in the country is working on creating standards for the use of quick response codes. QR code payments have spent years in a state of limbo. There has been a ban on using quick response codes for mobile payments due to a lack of regulations. That said, the central bank is getting ever closer to drafting security and tech standards for QR codes in combination with mobile transactions. Once the regulations have been passed, it will allow third party payment providers to offer rapid verification processes. This…

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