Tourists can now utilize prepaid Mastercards in digital Yuan application for transactions.
China's state-backed digital currency, the e-CNY, is taking a significant step forward with its latest update. The e-CNY app, a digital wallet for the Digital Yuan, now allows international tourists to top up their wallets using Mastercard or VISA credit cards.
This move comes as China aims to make e-CNY a commonly used payment method for both physical retail stores and online purchases within the country. The update is aligned with China hosting the Asian Games, further showcasing the digital currency's potential.
During the Beijing Winter Olympics in 2022, international tourists were already experimenting with using e-CNY for payments in China. The update now makes this process more accessible for tourists, as they can top up their Digital Yuan wallets before arriving in the country.
The e-CNY app, which enables consumers to make transactions using the digital renminbi e-CNY, is currently in beta and is available to some regions of China and China-based Google Play Store users. The current update (version 1.1.1) was conducted by authorized operators under the People's Bank of China, the issuer of the digital yuan (e-CNY).
The e-CNY app is designed to simplify transactions for the Chinese population, being tested as a means of streamlining everyday transactions. The app allows consumers to make personal digital wallets for the state-backed digital renminbi e-CNY. However, no information about the app's support for personal digital wallets outside China was provided.
As China continues to promote e-CNY as a solution to simplify transactions, the latest update is a significant step towards making it a widely accepted payment method. With the Asian Games and other major events on the horizon, the future of e-CNY looks promising.
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