Expert: The DCEP to improve competition and diversify options

Prof. Michael Sung, founding Director at the Institute of Digital Finance Innovation, said Alipay and WeChat Pay have formed a duopoly, taking 95 percent of the market share in mobile payments. The DCEP will improve competition, diversify options, and, backed by the state, offer greater reliability. In addition to traditional payment functions, he said that the DCEP is a programmable currency, which can serve multiple functions, and be directly transferred to those most in need, stimulating the economy in a more effective way.

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