This app is only available in Chinese app stores, and will require a special code to download. In the early stages, there are some limitations to regulate the number of people that have access. This app is run entirely in Chinese, and is called “ E-CNY”, or “Digital Renminbi”. You will need to go through Chinese websites that are compatible with these platforms, but the good news is that many are.īecause of the amount of international business completed in China, they are well equipped to allow foreign consumers to pay in RMB.Īnd now, even the Chinese government is jumping into the game.Ĭhina has recently created its own government-sponsored app to allow for payments in yuan. Online payments may currently be made with two payment platforms, Alipay and WeChat Pay. While some countries (such as Thailand, the UK, and Malaysia) have been cleared to pay China in RMB for international settlements, until recently it’s been difficult for individuals to do so. The good news is that in an increasingly digital world, breaking these types of financial barriers has become easier.
There are many foreigners who want to pay for products or services in China using RMB.īut how can this be done? The Rise of the Digital Yuan
Wechat payment abroad how to#
The official currency of China as a whole, the base unit is Yuan, as the dollar is for USD.īecause Hong Kong is a vast hub for international business, the question of how to pay in RMB outside of China is a common one. When conducting business in Hong Kong, it’s typical to use the local tender, Renminbi (or RMB).
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