China Implements Digital Yuan Payments in Public Transportation System

The Central Bank Digital Currency (CBDC) issued by the People’s Bank of China, known as the digital yuan, has been made available for use by Ningbo Rail Transit, the company in charge of running the subway system in the city of Ningbo in the province of Zhejiang in eastern China. The corporation said that the currency would be accepted at 125 locations. e-CNY Wallet For Subway Fares The Ningbo Rail Transit app allows the city’s 9.5 million residents and tourists to pay their subway fares. To do so, consumers must connect an e-CNY wallet to the application, which may be opened by any of the six prominent Chinese banks engaged in efforts to promote the digital version of the national currency. Commuters need to use their phones to scan the QR code to pay at the turnstiles. According to a source, some users of the digital yuan option will receive bonuses, and their rides will be free as part of a promotion that runs until September 4. Nine subway systems in different regions of the nation are now accepting digital yuan as part of China’s ongoing effort to expand the pilot zone for the initiative. These include Beijing’s subway stations, where e-CNY transactions were introduced last year. Digital Yuan For Bus Fares Guangzhou officials have approved the use of digital yuan for bus ticket purchases. They will be permitted to use their e-CNY wallets on ten bus routes, some of which include sightseeing tours for tourists in the city. ...