Bank of China is testing a new offline payment method linked to SIM cards for digital yuan, or the e-CNY. The bank has partnered with China Telecom and China Unicom to start testing the feature, which allows users to make payments with their phones by connecting the e-CNY app with “super SIM cards” equipped with near-field communication. Payments can be processed even with a phone turned off. However, this feature will only be available on certain Android phones in pilot areas in China. The People’s Bank of China has expanded its digital yuan pilot to 26 locations in 17 cities and regions. Hong Kong has also launched an e-HKD pilot program and is exploring cross-border payments linking e-CNY and e-HKD.
Key Points:
– Bank of China is testing offline payment using SIM cards for digital yuan.
– Users can make payments by connecting the e-CNY app with “super SIM cards”.
– Payments can be processed even with a phone turned off.
– The feature is only available on certain Android phones in pilot areas.
– The People’s Bank of China has expanded its digital yuan pilot to 26 locations.
– Hong Kong has launched an e-HKD pilot program and is exploring cross-border payments.
Hot Take:
The Bank of China’s testing of offline payment using SIM cards for digital yuan is an innovative step towards making digital currency more accessible and convenient for users. The partnership with telecommunication operators and the use of “super SIM cards” show the potential for seamless and flexible payment options. While limited to certain Android phones and pilot areas for now, the expansion of the digital yuan pilot and the exploration of cross-border payments in Hong Kong indicate a growing interest in central bank digital currencies and their potential for transforming the future of payments.
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