Join us in New York on September 29-October 1 for our next Payments Boot Camp and Advanced Payments workshop!
A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
Search Payments News
July 13, 2026
On the web
Is China’s Digital Yuan Becoming a Settlement Tool? The Geopolitics of Monetary Hedging
Modern Diplomacy
"From 1 January 2026, China introduced a new management framework that moves the e-CNY towards “digital deposit money.” Commercial banks must pay interest on e-CNY wallet balances under prevailing deposit-rate rules, incorporate those balances into asset-liability management, and protect them through deposit insurance. The framework also places e-CNY operations within reserve-requirement calculations. These changes give users an economic reason to hold e-CNY and give banks a clearer institutional role in distributing it."
June 26, 2026
On the web
Africa’s Largest Lender Wins China Approval to Clear Yuan Payments Across 19 African Countries in Major Trade Shift
Business Insider Africa
"China has authorised Africa’s largest lender, Standard Bank, to jointly clear yuan transactions across 19 African countries. The move gives businesses across the continent direct access to China’s onshore financial system for the first time. It comes as China deepens trade and investment ties with Africa while promoting wider international use of the yuan. Businesses are expected to benefit from faster settlements, lower transaction costs and reduced dependence on the US dollar."
June 17, 2026
On the web
WeChat Pay Officially Launches AI Dedicated Card: Supports Agent Closed-Loop Consumption, Main Account Fully Isolated
AI Base
"WeChat Pay launched the "AI Dedicated Card," a payment tool specifically designed for AI agents. This payment solution allows users to directly express their consumption needs during interactions with Agents, achieving a full-circle closed loop from intelligent recommendations, placing orders to payments. The product has now been launched on the Mac version 5.1.1 of the WorkBuddy platform. Users can call the "Meituan Life Assistant" through the expert page and directly purchase life group services through the "AI Dedicated Card."
June 16, 2026
On the web
China Signs up 26 Financial Institutions for Digital-Yuan Cross-Border Payments
TNW | China
"The People’s Bank of China has spent the past year steadily widening the circle of lenders authorised to run e-CNY operations. The scale at home is already large. By the end of November 2025, e-CNY transactions had reached 3.48 billion in number and around 16.7 trillion yuan in value, roughly $2.37tn, according to PBOC figures. That is a substantial domestic footprint, though still a rounding error against the volumes that move through conventional cross-border rails every day."
June 15, 2026
On the web
China Readies Commercial Launch of mBridge Digital-Currency Payments Network
Bloomingbit
"China is preparing a commercial launch of mBridge, a digital currency-based cross-border payments network. mBridge includes the central banks of Hong Kong, Thailand, the UAE and Saudi Arabia, and aims to cut fees to about half those of existing international payment systems. mBridge uses blockchain technology to enable direct transactions in central bank digital currencies, reducing the dollar’s intermediary role and strengthening use of the digital yuan."
May 13, 2026
On the web
Alibaba Integrates Qwen With Taobao and Tmall: What End-to-End Agentic Commerce Means for Shoppers, Brands, and Retail Search
ALM Corp
"Alibaba’s latest expansion of agentic commerce across Taobao and Tmall matters for a simple reason: it pushes AI shopping beyond chat, beyond recommendations, and beyond a search box. Instead of using AI only to summarize options, Alibaba is moving toward a model where an AI system can help a shopper discover products, compare choices, apply promotions, complete payment with confirmation, coordinate logistics, and support post-purchase tasks. That is a much larger change than adding a smarter assistant to an e-commerce app."
May 7, 2026
On the wires
Indonesia–China Launch Cross-Border Payments Connectivity, Connecting Millions of Merchants via Ant International’s Alipay+
PR Newswire
"Under the guidance of Bank Indonesia and People's Bank of China, the China-Indonesia cross-border QR payment linkage was launched between Indonesia’s Quick Response Code Indonesian Standard (QRIS) and China’s leading payment ecosystems, enabled by Alipay+, the unified wallet gateway of Ant International, and UnionPay International."
April 24, 2026
On the web
Alipay Brings Mobile Payments to the Car
Finews
"At the Beijing International Automotive Exhibition 2026, Chinese tech firm Banma Intelligence and fintech giant Alipay unveiled a new AI-powered in-car system that allows drivers to make purchases using only their voice."
April 3, 2026
Top Post
China Expands Digital Yuan Network — 12 New Banks Join as E-CNY Push Accelerates
Crypto Economy
"The People’s Bank of China (PBOC) has given a major push to its central bank digital currency (CBDC) network. A total of 12 new financial institutions, including seven national joint-stock banks and five regional commercial banks (notably Bank of Ningbo), have joined the digital yuan (e-CNY) operating platform. This ends the previous oligopoly of the “Big Six” large state-owned banks This expansion process is not accidental; it is linked to a key regulatory shift: the e-CNY has been reclassified as M1, now functioning as a digital deposit that generates interest."
On the web
UnionPay Launches Agentic Payment Open Protocol Framework: Building an Open, Trusted Smart Payment Ecosystem
Yahoo Finance
"On April 2, a special taxi booking transaction was successfully completed in Hong Kong, China. After entering the booking information into the AI assistant developed by the technology company Evonet, the tester quickly received a list of available taxi types and prices from the ride-hailing platform Hoppa, along with a recommended booking option. UnionPay has officially released the Agentic Payment Open Protocol (APOP) framework – UnionPay's solution for agent-based payments – leveraging its platform capabilities and neutrality."
March 20, 2026
On the web
China’s Bank of Ningbo Readies Digital Yuan Business as Beijing Expands E-CNY
Yahoo News-Reuters
"China's Bank of Ningbo said it is inviting suppliers to help build a system to handle the digital yuan. The People's Bank of China (PBOC) may allow another 12 Chinese banks to conduct e-CNY businesses. China has licensed 10 banks for digital yuan business. Beijing is stepping up its e-CNY initiative to cement its lead over other central banks in digital currency development, and to fend off threats from cryptocurrencies, which facilitated capital flight and evasion of currency controls."
February 12, 2026
On the web
Alipay AI Pay Solution Hits 120M Transactions as Chinese Shoppers Tap Agentic Commerce
Retail Technology Innovation Hub
"Alipay reports that AI Pay, a solution that enables payment through AI agents, exceeded 120 million transactions in the past week. Launched in 2025, this has expanded into various use cases, including AI agents in apps and mini programmes for bricks and mortar retailers like Luckin Coffee, as well as in AI smart glasses like Rokid. In December, Alipay collaborated with Rokid to enable developers to integrate AI payment into the AI agents they build on Rokid’s Lingzhu platform."
February 11, 2026
On the web
China’s First Group of Migrant Workers Gets Paid in Digital Yuan
Yicai Global
"Migrant workers at a construction site in Chengdu have become the first in China to receive their wages in e-yuan, the official digital currency issued by the country’s central bank. Bank of Communications paid more than CNY1 million (USD140,000) in wages to 104 migrant workers. BOC used the e-yuan smart contract ecosystem service platform. The bank opened an e-yuan corporate wallet for the project's general contractor and embedded a smart payroll contract, achieving closed-loop management and direct full payment of wages, thereby preventing potential misappropriation or diversion of funds at the source."
February 6, 2026
On the web
The Global Payments Reset Has Begun - And It’s Not Coming From Banks
Exchange Rates
"China’s central bank has signalled a major shift in digital-currency policy. Under a new action plan published by the People’s Bank of China, the digital yuan moves from “digital cash” to a form of deposit money: commercial banks will pay interest on e-CNY balances from 1 January 2026 and deposits will be covered by deposit insurance. The plan integrates digital-currency liabilities into banks’ asset-liability management and reserve-requirement frameworks."
February 3, 2026
On the web
China’s Digital Yuan Enters ‘2.0 Era;’ Set to Focus On Application Scenario Deepening, Ecosystem Building, Analysts Say
Global Times
"On January 1, with the launch of an action plan by the People's Bank of China (PBC), the country's central bank, which lays out a new framework for the digital yuan, the digital yuan officially entered into the 2.0 era. An important feature unlocked by the 2.0 version is interest accrual based on demand deposit rates. The upgrade makes the digital yuan the world's first interest-bearing central bank digital currency and signals that e-CNY is moving from "digital cash" to "digital deposits."
January 22, 2026
On the web
Chinese Tech Giants Launch Agentic Commerce Push
The Tech Buzz
"China's tech giants are charging ahead in the AI arms race with a bold new play: turning chatbots into autonomous shopping assistants. Alibaba just overhauled its Qwen AI chatbot to handle end-to-end transactions—from food orders to flight bookings to payments—all without users leaving the chat interface. ByteDance and Tencent aren't far behind."
January 20, 2026
Top Post
Why Chinas Interest-Bearing CBDC Changes Global Playbook
India
"On January 1, 2026, China crossed a line most central banks have deliberately avoided. The digital yuan (e-CNY) began paying interest. According to Reuters, verified wallet holders will now earn interest at demand deposit rates under a new management framework that took effect the same day. This is a deliberate digital payments policy choice that reshapes how people decide where money sits. An interest-bearing CBDC competes directly with deposits, pulling monetary design closer to the banking core rather than keeping it at the edges."
January 16, 2026
On the web
China-Led Cross-Border Digital Currency Platform Sees Surge in Transactions
The Business Times
"Transactions on a new China-led digital currency platform have surged to over US$55 billion, a new report shows. It is the latest sign that efforts to build alternatives to US-dollar-dependent global payment systems are gaining traction. Data crunched by the Washington-based Atlantic Council showed the prototype mBridge platform had now processed more than 4,000 cross-border transactions. It is being tested by central banks in China, Thailand and the United Arab Emirates (UAE), among others."
January 15, 2026
On the web
China’s Digital Yuan Architect Accused of $8M Crypto Bribery Scheme
Cryptonews
"Yao Qian, the former architect of China’s digital yuan, accepted crypto bribes worth over $8 million while holding senior regulatory positions, Chinese state media revealed this week. The case exposes how corrupt officials exploited the same blockchain technology Yao helped develop to conceal illicit transactions through hardware wallets and anonymous transfers."
January 7, 2026
On the web
China’s First CBDC Oil Purchase Is a Warning for Crypto
Weiss Ratings
"China has been buying oil using its yuan, rather than U.S. dollars, since 2023. But this marked the first time it used its own Central Bank Digital Currency to do so. The ramifications of this move will ripple through multiple markets. But we’ll likely see the first impacts hit right at home on the blockchain."
January 6, 2026
Top Post
Digital Yuan Morphs From CBDC Into Digital Bank Deposits to Rival Stablecoins
Ledger Insights
"The retail digital yuan is no longer a central bank digital currency. China’s version 2.0 upgrade, launched 1 January 2026, has transformed it into a commercial bank deposit solution where retail balances become liabilities of the holding institution – whether a bank or non-bank payment provider."
On the web
UnionPay Intros Nihao China App
ATM Marketplace
"UnionPay launched the "Nihao China" mobile application Friday at the China International Travel Mart, aiming to centralize payment and transit services for foreign visitors, according to a press release. The digital platform allows international travelers to register via email or Apple ID and link foreign-issued bank cards, including UnionPay, Visa and Mastercard. The app integrates the three major domestic payment networks — UnionPay, Alipay and WeChat Pay."
December 2, 2025
On the web
China Closes Door on Stablecoin Adoption
Ledger Insights
"The People’s Bank of China announced it convened a meeting of several Chinese agencies to combat speculation in cryptocurrencies, and especially stablecoins. Most of China’s justice and legal agencies were involved alongside the regulators for markets, securities and foreign exchange. The key message is that there is no change in stance on cryptocurrencies and stablecoins, so the crackdown announced in 2021 is still in force and inter-agency coordination should be enhanced. “Virtual currency-related business activities constitute illegal financial activities,” according to the central bank statement."
December 1, 2025
On the web
China’s Central Bank Reaffirms Crypto Ban, Flags Stablecoin Risks Following Multi-Agency Meeting
The Block
"China’s central bank reaffirmed its stance that digital assets have no legal status in the country following a multi-agency meeting on Friday. The PBoC specifically flagged stablecoins as failing to meet anti-money laundering and customer identification requirements, calling them a threat to financial stability."
October 27, 2025
On the web
China’s Digital Yuan CBDC Processes $2 Trillion
Ledger Insights
"The People’s Bank of China reported that digital yuan payment volumes nearly doubled over the past 14 months, reaching RMB 14.2 trillion ($2 trillion) through September 2025, up from RMB 7.3 trillion in July 2024. The CBDC figures represent a significant acceleration in adoption of the central bank digital currency. The surge in volume comes alongside explosive wallet growth."
October 6, 2025
On the web
Shanghai Digital Yuan Center Propels China’s Ambition in Global Payment Systems
Yahoo
"The People’s Bank of China (PBOC) has established a new digital yuan operations center in the nation’s financial hub, Shanghai, in a move to foster the internationalisation of the yuan."
September 26, 2025
On the web
Shanghai Digital Yuan Center Propels China’s Ambition in Global Payment Systems – Here’s How
Yahoo Finance-Cryptonews
The People’s Bank of China has established a new digital yuan operations center in the nation’s financial hub, Shanghai, in a move to foster the internationalisation of the yuan. The digital yuan hub comes amid growing tensions with the US trade and tech issues. The move looks to reduce reliance on a US dollar-dominated financial system.
September 18, 2025
On the web
Ant International Becomes China’s First Foreign Payment Gateway Partner
Electronic Payments International
"Ant International has been appointed as an inaugural foreign Institution Partner (FIP) for China’s Cross-border Interconnection Payment Gateway (CPG), a scheme overseen by the People’s Bank of China and the Payment & Clearing Association of China (PCAC). Under the arrangement, Alipay+ — Ant International’s cross-border payment and digital services arm — will use the direct connection to broaden its partner network and international reach."
August 28, 2025
On the web
mBridge Cross Border CBDC Project Enters Next Phase in China
Ledger Insights
"Over the past couple of months there have been an increasing number of announcements about Chinese banks executing cross border payments using mBridge, the cross border CBDC initiative. The project was originally an initiative of the BIS Innovation Hub in Hong Kong in conjunction with the central banks of Hong Kong, Thailand, China and the UAE. It is a DLT solution that sidesteps Swift for cross border payments, enabling the final settlement of payments within seconds and reportedly at half the cost."
August 15, 2025
On the wires
RayNeo and Ant Group Forge Strategic Partnership to Advance AR Glasses Innovations in Payments and Beyond
Business Wire
"RayNeo X3 Pro AR glasses are the first to support payments through both the merchant terminal and QR code, powered by Alipay’s multidimensional risk-control solution for AR glasses.The two parties will expand AR glasses applications across various daily services, with the goal of making AR glasses an essential part of daily life and a true personal assistant on the go."
Take us with you
Payments on Fire is available on Apple Podcasts, Spotify, Google, and other podcast apps and services.
Watch new video episodes on our YouTube channel.