New Merchant Collection Solution Enables Businesses to Collect Payments in e-CNY
DBS, a Singapore bank, has recently introduced a merchant collection solution that allows businesses to receive payments in e-CNY, China’s central bank digital currency. This platform enables automated settlement of e-CNY into the businesses’ bank deposit accounts. One client has already utilized this solution for a transaction, highlighting its practicality and effectiveness.
Key Points:
– DBS now offers a merchant collection platform for businesses to collect payments in e-CNY.
– The solution allows for automated settlement of e-CNY into the businesses’ bank deposit accounts.
– At least one client has already utilized this platform for a transaction.
– DBS is involved in Project Guardian, an initiative by the Monetary Authority of Singapore to explore asset tokenization and decentralized finance for traditional banks.
– DBS is also participating in experiments to develop the necessary infrastructure for a programmable digital Singapore dollar.
Overall, DBS’s new merchant collection solution provides businesses with a convenient and efficient way to collect payments in e-CNY. As China’s central bank digital currency gains more prominence, it is essential for businesses to adapt and embrace this digital payment method. With DBS’s platform, businesses can seamlessly integrate e-CNY into their existing banking operations, enhancing efficiency and expanding their customer base.
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