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 act 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):

Alipay

WeChat Pay

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.

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