WeChat Pay, the unbeatable leader in messaging and mobile payments in Asia, has now started storing purchase receipts on the blockchain.
Binance’s CEO Changpeng Zhao revealed this in a tweet:
Just got word that WeChat pay in Shenzhen now puts receipts on the blockchain? pic.twitter.com/ucwYsUYV2c
— CZ Binance (@cz_binance) October 25, 2019
Storing receipts on the blockchain
While WeChat and AliPay, the other big player on the market, are both very reluctant to talk about cryptocurrency adoption on their platforms, storing receipts on the blockchain might be a good start.
Both sellers and users have been pushing for better crypto-asset adoption on the platforms. Unfortunately, Tencent, the company behind WeChat, has been actively introducing restrictive measures when it comes to cryptocurrencies.
In its’ freshly updated Terms and Conditions page, the company explains that any user, more specifically seller, who has recorded transactions with cryptocurrencies via WeChat Pay, will have their profile terminated.
Not only that, but Tencent has set out to monitor any cryptocurrency activity in the WeChat app. This monitoring includes tracking transactions and flagging suspicious activity from users.
Binance will start working WeChat and AliPay
According to another recent announcement, Binance, one of the largest crypto exchanges, is rolling out a test adoption of WeChat Pay and AliPay as payment methods.
The idea behind this is to allow users to make deposits in fiat easily, without the hassle of going through banks.
Currently, the WeChat Pay and AliPay deposit options are only available in beta mode for a limited number of users. If the beta version is well received, Binance has announced it will be rolling out this functionality for all operating systems and users.