Summary • Download record for the digital yuan wallet • The CBDC is almost ready • The digital Yuan is already a success Download record for the digital yuan wallet
This was reported by the Chinese newspaper South China Morning Post which revealed that the app was by far the most downloaded after its launch last week, although it is still limited to certain cities only. The digital yuan can already be used on other mobile payment apps, such as Alipay and WeChat Pay, but the dedicated app is a real official wallet that also grants some benefits including discounts and promotions. The surprising thing is above all that it only climbed to the top of the charts in a week, so much so that the SCMP defines this: "A development that could disrupt the consumer payments market dominated by Alipay and WeChat Pay". The e-CNY wallet is available for download to anyone, but can currently only be used in select areas, such as Shanghai, Shenzhen, Xiongan, Chengdu, Suzhou and Beijing. Download record for the digital yuan wallet app
The CBDC is almost ready
The operational tests of the digital Yuan even began in December 2019, but the final market launch scheduled for 2020 has been postponed several times. Last week's launch is part of a government initiative to promote the central bank's new Chinese digital currency ahead of the Chinese New Year on February 1. During these holidays, the Chinese typically exchange gifts, and the idea is that now they can also exchange them in the form of digital Yuan. Furthermore, as announced some time ago, China would like the e-CNY to be used during the Beijing 2022 Winter Olympics which will start on February 4. The fact is that e-CNY can also be used freely by foreigners without having to open a bank account in China. The digital Yuan is already a success According to a report by China.org.cn, payments in e-CNY have seen a "staggering rise" since the new digital currency was made available on China's leading mobile payment apps. For example, the local service company Meituan reported an almost 43% increase in digital payments in yuan following the integration between its app and the e-CNY wallet. In light of this information, it is possible to imagine that the digital Yuan could be enormously successful, also because electronic payments have been widely used in China for some time.