The Official Guide To Digital eWallets
All this information comes from this Track.
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):
Tencent (creators of WeChat)
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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The Official Guide to Stablecoins LP