With digital payments, the user sends transaction instructions to a financial institution, either directly or indirectly, via an electronic terminal, resulting in the transfer of money or capital. As mobile smart devices became ubiquitous, tech giants like Alipay and WeChat Pay have been pushing the mobile payment market. In 2019, 950 million users were using third-party mobile payment in China, transacting a total of 226 trillion yuan (33.6 trillion US dollars). Electronic payment has already become a part of daily life. Chinese public has been abuzz lately about the debut of a digital currency/electronic payment (DC/EP) system. Known as digital RMB or e-RMB, the system appears to be complete and ready to go public at any moment.
1 “Third-Party Payment Report 2020,” iResearch, October 05, 2020 https://www.iresearch.com.cn/Detail/report?id=3552&isfree=0.