On similar lines, sometime back, Indonesia’s central bank also announced plans to launch a digital currency to ‘fight’ private cryptocurrencies. Which in turn, creates a level playing field for new payment providers, as per the professor. Instead, to “provide a payment infrastructure that then provides interoperability for any payment provider, who wants to use that payment network.” Therefore, going forward, Prasad explained that the idea to set up a CBDC should not be to directly compete with these payment providers. “I think there is a concern that these two major payment providers have dominated the payment space…now control massive flows of data.” Meanwhile, McKinsey also reported that e-CNY saw moderate adoption as WeChat Pay and Alipay remain popular options. “PBOC is trying to create a digital currency that competes with these payment providers, for the use case for a CBDC I think, it’s actually pretty weak in China.” Its digital payment systems are advanced, with four out of five financial transactions made through mobile using applications like Tencent’s WeChat Pay or Alibaba’s Alipay, accounting for 347. When a comparable volume for the digital yuan was achieved in 18 months. It is also noteworthy that Alibaba is a huge platform that attracted a sales figure close to $85 billion in just around 11 days. And also to make sure that the payment space is not dominated by two payment providers.”Īs per a recent WSJ report, e-CNY is not offered on platforms by e-commerce giant Alibaba. With a small team, TechNode provides timely news and thoughtfully researched articles for worldwide readers interested in learning more about the Chinese tech industry.“The People’s Bank of China wants to make sure that a digital version of the yuan is relevant, in terms of making sure that central bank money remains tractable at the retail level. In January, Baidu further downsized 10-15%, Chinese media reported. #Jd.com ecny jingxi wechat pay series#Baidu has also begun a series of layoffs, with the first round beginning in last December, affecting employees in the company’s gaming, streaming, education, and mobile environment sectors.Last week, Tencent was reported to be cutting 20% of its workforce.Alibaba has started to make major cuts in its local food and grocery delivery business this year.Since late last year, Alibaba, Baidu, ByteDance, Kuaishou, and Tencent have all begun to lay off people. WeChat mini-program, its group-buying platform Jingxi Pinpin and more. The city is currently facing an outbreak of the COVID-19 Delta variant since earlier this month. #Jd.com ecny jingxi wechat pay free#JD’s 2021 financial reports noted that losses from new businesses, including Jingxi, expanded by 160% quarterly to RMB 3.2 million ($505,921) in Q4 of 2021.Ĭontext: JD joins a growing list of Chinese tech giants cutting staff to stay competitive in an economic slowdown. JD‘s social commerce platform Jingxi has started to distribute 100,000 free anti-COVID protection kits in Nanjing, the capital of Jiangsu province of China.JD’s other core business units, like customer electronics and retail e-commerce, are largely safe from the cuts. The reported layoff is mainly focused on Jingxi Pinpin. Jingxi consists four main teams: Jingxi focuses on bargain deals, Jingxi Pinpin on community group buy, Jingxida on logistics, and Xintonglu on enterprise businesses.Details: JD’s layoff will affect at least 400 to 600 staff in the Jingxin unit, according to sources quoted by 36Kr.
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