If you’ve never been to China, you won’t understand eWallets. If you’re from the US, you probably don’t even know that eWallets exist, so you can’t ask any questions about them. I lived in China for a month in 2017, so I’m here to give you the quick & important information you need to understand them.
eWallets are mobile apps on a phone that acts as a bank account.
The 2 largest eWallets in China are Alipay and WeChat Pay. Instead of just being an on-phone bank account, these apps are ‘Lifestyle eWallets’. They combine payments, buying tickets, investing, e-commerce shopping, paying utility bills and a TON more all into one.
Learn (they’re nearly all short videos):
China’s Great Leap to Wallet-Free Living
Tencent (creators of WeChat)
WeChat Pay eWallet Walkthrough
Top-up with Bank Account/Card or Top-up with Cash
Cash out from ATM or Withdraw to Bank Account
China Mobile Payment Report 2017
Alipay and WeChat Pay: Reaching Rural Users
In the future, Digital USD will live in these eWallets. You will be able to walk into a Chase Bank, hand them $100 Physical Fiat, and they will credit you with 100 ChaseCoin to your eWallet by scanning your QR Code.
Each ChaseCoin will be backed by (and redeemable for) $1 Physical Fiat. You will be able to exchange the Digital Fiat for Physical Fiat at any Chase Branch, or any other Gas Station/Convenience Store that has a cash register and offers the service.
WellsFargoCoin, CitiBankCoin, and BankOfAmericaCoin will all follow shortly, thereafter. All backed by (and redeemable for) $1 Physical Fiat.