As China expands trials of the digital RMB, or e-CNY, in more cities and for various scenarios, it is reported that Alipay has launched a digital RMB solution for certain users.
China has moved quickly in digital currency electronic payment, piloting the new money in several major cities and provinces since last year.
We’ve posted several articles introducing digital RMB, you can check the following links to know more:
△ A payment terminal for digital RMB is exhibited at the China International Consumer Products Expo
Compared with the widely used WeChat Pay and Alipay, China’s digital yuan is issued by the People’s Bank of China, the central bank, and allows the government to have greater visibility in real-time transactions.
© Image | CGTN
The trial has for the first time included a privately owned bank – Zhejiang E-Commerce Bank, where the Ant Group, e-commerce giant Alibaba’s financial technology arm, has the largest share.
According to some media reports, Alipay is now available in China’s digital RMB sub-wallet, allowing the transaction of the digital RMB as a payment solution.
△ Alipay users can pay with digital wallet
Currently, the new feature is not accessible to all users on Alipay since the company is performing alpha test. Those who are able to use it can create a wallet linked to Zhejiang E-Commerce Bank. The wallet can be used anonymously.
△ A screenshot of the sign-up page shows that users can use the digital wallet anonymously.
China’s six largest State-owned commercial banks have all opened digital wallets on the app, including:
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Industrial and Commercial Bank of China
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Agricultural Bank of China
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Bank of China
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Bank of Communications
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China Construction Bank
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Postal Savings Bank of China
Recently, the digital wallets offered by these six banks have added applications to pay digital currency to e-commerce platforms such as food delivery service Ele.me.
At the annual conference in April of the Boao Forum for Asia, Li Bo, vice-governor of the People’s Bank of China, the central bank, said the authorities are planning to expand trials of the digital yuan, or e-CNY, in more cities and for various scenarios.
△ A visitor bought a cup of coffee with digital currency at China’s Consumer Products Expo.
“For example, in the pilot program for the 2022 Beijing Winter Olympics, the digital yuan will not only be offered to domestic users, but also to international users,” Li said.
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SOURCE | China Daily / CGTN / Yahoo
