Business organizations use the cryptocurrency payment Apps market to accept transactions like cryptocurrencies as payment from their clients in exchange for goods or services. These apps can be used to get payment from any country. It seems like apps are everywhere and there is a new app coming every week.

These solutions are good becausethey have advanced security mechanisms in place. When payment is made through theCryptocurrency payment apps, it happens at a fixed exchange rate. These apps immediately convert thetransaction into a currency that has traditionally acknowledged fiat currency,and therefore merchants can survive the volatility in the cryptocurrencymarkets. There are some cryptocurrencyapps, which will not convert the digital tokens to fiat currenciesautomatically.

Over the past five years, The People's Bank of China(PBOC) has been developing the state-backed cryptocurrency. While decentralized blockchain-basedcryptocurrencies provide for anonymous transfers, the cryptocurrency from Chinais designed to improve the control of the government over its financial system.

It is expected that the PBOC will launch itscryptocurrency on a mobile wallet app facilitating users to be able to usetheir Yuan for digital currency to make payments in the digital currencypayments on the platform. The CentralBanks will track the origins and destination of every transaction.

Several industry watchers believe that the introductionof the Libra by Facebook is a significant trigger for China coming up with itscryptocurrency. However, China will not be cutting off the banks from the loop,thereby simplifying the cross-border transfers. The digital Yuan aims to improve the transparency of financialtransactions.

Several conversations about the digital currency arebased on comparing the Libra and digital Yuan. There are comparatively fewer discussions about how the coming of thedigital currency will affect China’s top digital payments platform like Tencent– OTC: TCHEY. Of note, Tencent is providing TenPay as a payment service for QQin 2005. Ant Financial's AliPay from Alibaba is Tencent’s rival.

It isexpected that PBOC might partner up with WeChat Pay and AliPay. A recent report from Forbes states that PBOCwill partner with seven institutions like Tencent, Alibaba, and “severalChinese banks -- to roll out the digital yuan.”

Eventually, every token ranging from TCAT token through several other Altcoins are going to come into the mainstream adoption, with each of them offering a range of wallets. Despite the significant opposition and apprehensions, the crypto space continues to grow.