China’s digital yuan wallet app has become one of the country’s most downloaded apps within just a week of launching, a development that could disrupt a consumer payment market dominated by Alipay and WeChat Pay.
Downloads of the e-CNY app, which currently operates in select cities, exceeded those of WeChat, the super app from Tencent Holdings with its own mobile payment function, to become the most popular app on Apple’s iOS on Wednesday, a day after landing in app stores, according to market researcher App Annie. It retained the top spot through Saturday before falling to second place behind Kuaishou.
By Monday, the app was the second most downloaded financial app in Xiaomi’s app store, after topping the list last Wednesday, according to market researcher Qimai. However, it ranked just 43rd in Huawei’s store on Monday, 10 spots higher than the previous day. Both stores are popular options for Android users in mainland China, where Google Play is blocked.