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Global

Central Bank of China Calls for Increasing Use of Digital Yuan

“The monetary policy regulator of China has called for improving the integration between the digital yuan (e-CNY) system and traditional tools for electronic payments. The People’s Bank of China (PBOC) says this will increase convenience for users of its central bank digital currency (CBDC). To achieve that, additional efforts should be made to expand the […]
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Global

China Wants Unified QR Code Systems for Digital Yuan, Central Bank Official Says

“China’s central bank is pushing for interconnectivity between its digital yuan and other traditional digital electronic payment tools through universal QR code payments, as the country expands the pilots for its digital currency. Fan Yifei, a deputy governor of the People’s Bank of China (PBoC),said at a forum on Thursday that standardization is key for […]
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Companies

Alipay and WeChat Pay Advances Can Boost Credit Card Use, Fend Off Digital Yuan

“Chinese mobile wallet titans Alipay and WeChat Pay are trialing credit card cash advances, per China Daily. In partnership with banks including the Bank of Ningbo, China Everbright Bank, and Ping An Bank, users will be able to withdraw funds from their credit cards and transfer them to debit cards linked to digital wallets. Alipay and WeChat Pay will offer the service […]
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Global

Banks Link Credit Cards to e-Payment Platforms (China)

“Chinese mobile payment platforms Alipay and WeChat Pay have begun allowing users to withdraw money online through credit card cash advances by cooperating with some banks, such as Bank of Ningbo, China Everbright Bank and Ping An Bank. Industry experts said the move will help raise the number of credit cards in use, make credit […]
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Global

In China, Cities Start Piloting e-CNY Payment in Public Transport Systems

“Several Chinese cities have started using e-CNY payment methods in their public transport system as part of the next phase of the country’s central bank digital currency (CBDC) pilot testing. According to a local report by Quinjia, Guangzhou Public Transport has launched the payment method for use in paying bus fares. The city now provides e-CNY QR payment codes […]
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Global

China’s Digital Yuan App Can Now Link to Users’ Bank Accounts

“The test version of China’s digital yuan payment app can now be linked to bank card accounts following an update yesterday. The new feature ensures that funds in the e-yuan wallet never run dry, industry insiders told Yicai Global. The app can automatically draw amounts from a linked account at a commercial bank when the […]
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Global

Bank of China Unveils New e-CNY Smart Contract Test Program for School Education

“According to local news outlet Sohu.com, on Tuesday, the state-owned Bank of China announced a new program to bridge primary school education with smart contracts. In a combined partnership with local education and financial authorities, parents residing in the city of Chengdu, located in China’s Sichuan province, will be able to enroll their children in after-school or […]
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Global

The Challenges Ahead for China’s Digital Yuan

“In three years of experiments, China’s central bank has made significant progress in developing its central currency. Total transactions since late 2019 reached 83 billion yuan (S$16.8 billion) as of the end of May. Nearly 4.6 million merchants across China have come to accept the digital yuan, known as the e-CNY, as payment. People have […]
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Global

Chinese Municipal Bank Issues First Digital Yuan Loan Holding IP as Collateral

“China’s central bank digital currency (CBDC) pilot testing continues to onboard new use cases for the digital yuan. The country has now recorded its first instance of Intellectual Property (IP) financing on the CBDC platform. The Rural Commerce Bank of Zhangjiagang, located in China’s Suzhou province, has issued the first-ever digital yuan loan backed by […]
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Global

QR Codes Gaining Strength in Southeast Asia

“The concept of QR codes that was trailblazed in China is gaining popularity in Southeast Asia. Central banks in the region are looking to link their payment systems that will allow customers to buy goods and services by scanning QR codes within the year. Bloomberg reported that five of the region’s biggest economies are set to […]