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WeChat Pay now stores receipts on the blockchain

Wechat starts puting receipts on the blockchain

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:

https://twitter.com/cz_binance/status/1187590589786648576

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.

Tina Yordanova

Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

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