WeChat Pay is not the only payments platform looking towards increasing the use cases for the digital yuan. AliPay, the main competitor of WeChat in China, is also looking towards promoting settlements in the digital yuan. In 2021, AliPay, which is a subsidiary of Alibaba’s Ant Group, launched research into the adoption of the China CBDC. AliPay and WeChat Pay have dominated the Chinese market, such that it is impossible to change consumer mindsets of shifting towards other forms of payments. Linghao Bao, an analyst at Consultancy Trivium China, noted that Chinese consumers cannot shift to a new mobile payments...