According to local sources, Alipay has introduced a new feature that allows users to purchase non-fungible tokens (NFT) from within the app.
Alipay, one of the largest payment service providers in China, has launched a platform to sell NFTs. Local media reports and tweets from Colin Wu and others confirmed this progress, which was a huge step forward for the company.
Users can purchase NFT directly from the app as shown in the tweet with some UI screenshots. Matthew Graham, CEO of Sino Global Capital, stated that he bought an NFT and paid for it in renminbi.
Wu Blockchain explained that NFT is sold in the Dunhuang style, which refers to a specific art style that was used in ancient times. It also indicated that the NFTs were based on AntChain. No virtual currency is accepted. This is further proof that China strictly restricts transactions to fiat and the digital yuan.
China recently ordered financial institutions not to allow transactions related to cryptocurrencies. Following the shutdown of the provinces’ bitcoin mining operations, this is the country’s biggest move so far in reviewing the market.
Alipay is the most popular e-wallet service in Asia. In China, millions of transactions are processed with Alipay every day! Residents can use Alipay’s digital wallet on their smartphones to make payments in stores, online, and via wire transfer quickly and easily. Alipay’s e-wallet app allows users to save their debit or credit card details in the app and then pay with their mobile phone instead of using cash or bank cards.
Alipay’s e-wallets are widely used by people living in China for a variety of different transactions, from making payments in stores and online to receiving international transfers from relatives overseas.