China's digital currency trials suggest threat to Alipay, WeChat duopoly

China's digital currency trials suggest threat to Alipay, WeChat duopoly

Photo: Christiann Koepke / Unsplash

In China’s commercial hub Shanghai, six big state banks are quietly promoting digital yuan ahead of a May 5 shopping festival, carrying out a political mandate to provide consumers with a payment alternative to Alipay and WeChat Pay.

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