The new wallet for China’s state-issued digital currency quickly became one of the most downloaded apps in the country within days of its launch. Media reports claim that its use and integration with other apps have contributed to the increase in digital yuan payments.
Wallet launch boosts digital yuan ahead of Chinese New Year and Winter Olympics
Within a week of being made available to the public, the digital yuan (e-CNY) wallet has become one of the most downloaded apps in China.Wednesday, on its second day premiereThe South China Morning Post, citing market researchers, said it surpassed Tencent’s WeChat to become the most popular app on Apple’s iOS in downloads. As of Monday, it was also the second most downloaded financial app in the Xiaomi app store.
The e-CNY app is widely available for download, but is currently only available in certain regions.The software’s developer, the People’s Bank of China’s (PBOC) Digital Currency Research Institute, is working with authorities in 10 pilot cities including Shanghai, Shenzhen, Xiongan, Chengdu, Suzhou and Beijing, where digital renminbi amounts have been issued as part of red envelope Activity.
The app was launched to promote China’s central bank digital currency (CBDC) The publication notes that this is a popular time to give away red packets ahead of the Chinese New Year, which begins on February 1. During the week-long holiday, the Beijing 2022 Winter Olympics will kick off on February 4. Visitors to the capital’s venues do not need to open a local bank account to use the e-RMB.
The digital yuan can be paid through other payment apps, such as Alipay and WeChat Pay, which account for 90 percent of China’s mobile payments market. CBDC can also be used in the apps of seven Chinese banks, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of China, Bank of Communications, Postal Savings Bank of China, and China Merchants Bank.
Electronic renminbi payments have seen a “stratospheric rise” in the past week since the yuan became available on Chinese mobile apps, according to a report by China.com. The official news portal cited local service firm Meituan as saying digital payments denominated in yuan rose nearly 43 percent after its app was integrated with the e-RMB wallet. Transaction value has also surged, rising more than 64% in the week leading up to launch.
China’s digital yuan is arguably the most advanced CBDC in the world, ahead of similar projects in China we, A generation, and Russia. An official of the People’s Bank of China disclose In November, the digital currency was used in nearly $10 billion worth of transactions. As of October, about 140 million Chinese residents had opened digital yuan accounts.While promoting the electronic renminbi, the Beijing government has rolled out a nationwide repression Last year on cryptocurrencies and related activities.
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