Bank of China has worked out a solution for using digital yuan wallets to make near-field communication payments and has started trialing it in Shenzhen, under guidance from the country’s central bank.
Testing of the two-step contactless payment solution on Bank of China’s e-yuan app began in Shenzhen taxis last month, Yicai learned. Drivers can select the function on the app’s homepage and input the fare, while passengers can pay using their e-yuan hardware wallet.
Getting and opening an e-yuan hardware wallet is easy and can be made anonymously. These wallets have been popular among foreigners in China since the Winter Olympic Games in Beijing in 2022 because they are an efficient payment option for those staying in the country for a short period.
Shenzhen has more than 20 automated machines that have issued nearly 30,000 e-yuan hardware wallets, according to official figures.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
