5/28/2023 0 Comments Ecny jingxi wechat pay morningpostThis portends a more free-flowing adoption process, with the central bank not needed to hijack the entire payment apparatus in order to foster acceptance of the digital currency. In such a structure, the PBoC works together with commercial banks in order to foster acceptance of the digital yuan using their existing infrastructure and mobile applications. The eCNY largely operates via what is known as a two-tiered system. Popularization efforts have mostly focused on the five major global cities of Shenzhen, Suzhou, Beijing, Chengdu, and Shanghai. To this date, more than $40 million has been distributed in eCNY. They are then able to use the currency for purchases at any vendor that accepts it. Typically, these “winners” receive a set amount of digital yuan in the form of a virtual “red packet,” the traditional Chinese way of gifting money. The revolutionary new currency has thus far made its debut through lottery systems, which allocate funds to users who are randomly selected. The People’s Bank of China (PBoC), the de facto Chinese equivalent to the Federal Reserve, backs the currency, which can then replace cash in circulation. Like this one, or of course this one.China’s digital yuan, or eCNY, is a trailblazer in the realm of central bank digital currency, getting off the ground at a much quicker speed than counterparts pursued in the West and Japan. If this doesn't work for you, keep in mind China has other payment options. If you have an older bank account that you registered with your previous passport, and you are using your new passort to register WeChat pay it won't work. The phone number and passport number registered with your bank must match the data you enter on WeChat.Your best option then is to register a new bank account with the exact same name as on WeChat If you used a middle name on your bank card but not on WeChat, you are out of luck. The name on your bank card must match exactly the name on registered on WeChat.If you are having trouble adding a bank card, here is what that usually boils down to: They’re asking you to do this because you shouldn’t be sending/receiving money from/to strangers with a newly created WeChat pay account to risk not getting blocked by their fraud detection. Once WeChat confirmation is received, ask three friends from existing contacts to send you small payment, receive payment to WeChat money. There's screenshots going around WeChat groups from another conversation with the WeChat support team that also suggests the following. 1) Withdraw all your money from WeChat in Balance > WithdrawĢ) Go to Payment Managment (the 3 dots on the top of the Pay page), and cancel all Auto-Deducation Services.Ĥ) Go to " Payment Managment" again and cancel WeChat Pay.ĥ) Set up WeChat Pay again by adding a new bank Card Please note that all your payment history will be deleted. This assumes that your WeChat pay was working fine until yesterday and that you currently have a bank card linked to your WeChat account. They should be answering daily 8am to 6pm. If this doesn't solve the problem, please contact WeChat support at 95017, choose 0 from the menu, then 9 for English. Long story short, you have to cancel WeChat Pay and set it up all over again. So, here's what you have to do to fix this problem if you are experiencing it. Recent upgrading of banking regulations by the government has led to some trouble with the new version of WeChat.
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