Alibaba’s Alipay

yuan digital

Will China’s Digital Currency Revolutionize Global Payments?

Daniel Wagner | More than 600 M Chinese already use Alibaba’s Alipay and Tencent’s WeChat Pay to pay for much of what they purchase. Both companies control approximately 90% of China’s mobile payments market, which totaled some $17 trillion in 2019. The Chinese government understands that, via Blockchain, the issuance of its own cryptocurrency is an excellent way to track and record the movement of payments, goods and people: the unsexily named Digital Currency/Electronic Payments (DCEP).