Chinese Officials Report Increasing Adoption of Digital Yuan Among Overseas Visitors
Chinese officials have announced that the uptake of the digital yuan is growing among overseas visitors, while more citizens are receiving their salaries in CBDC wallets. State-run banks in the Hangzhou Asian Games Village welcomed delegations from across Asia to demonstrate how to use the digital yuan for purchases at various stores. The event marked the first major international showcase for the coin, and China released new CBDC features for foreign visitors, including an English-language version of the digital yuan app and a link to Hong Kong’s FPS payment platform.
Promoting the Digital Yuan to International Students and Simplifying Cross-Border Payments
State-run banks are also promoting the digital yuan to international students at Chinese universities. Visitors to China can now register and open a digital yuan wallet with an overseas mobile phone number, as well as top up their wallets with overseas Visa and MasterCard bank cards. Non-Chinese residents can use QR codes from Alipay and UnionPay to make payments in Mainland China through some overseas wallets. These new functions aim to make the payment process shorter, simpler, and more friction-free.
Increase in Alipay Payments by Inbound Tourists and Potential Retail Market Growth
Alipay data shows that since the start of the Asian Games, the average number of daily payments made by inbound tourists on Alipay has increased by 69%. Dong Ximiao, Chief Researcher at the China Merchants Union, believes that convenient cross-border payment methods will optimize the payment experience for overseas tourists coming to China and further drive the Chinese retail market.
Rise in Chinese State-Operated Firms Paying Staff in Digital Yuan
More Chinese state-operated firms are now paying their staff using digital yuan tokens. The Zhongkai High-tech Industrial Development Zone in Huizhou, Guangdong Province, recently announced that it would pay its staff using the CBDC. The Huizhou Daily reported that the bureau successfully carried out its plan by paying digital yuan wages to 1,211 officials and employees in 25 district-level agencies and public institutions. This marks the first time workers in the province have received their salaries entirely in CBDC tokens. Huizhou has seen the opening of 649,000 personal digital yuan wallets and 55,000 corporate wallets.
Hot Take: Digital Yuan Gaining Momentum with Overseas Visitors and Local Workers
The digital yuan continues to gain traction among overseas visitors, with demonstrations at the Hangzhou Asian Games Village showcasing its safety and convenience for making purchases. The Chinese government’s efforts to promote the digital yuan to international students and simplify cross-border payments further enhance its adoption. Additionally, more Chinese state-operated firms are embracing the CBDC by paying their staff in digital yuan tokens. The successful implementation of these initiatives demonstrates the increasing acceptance and integration of the digital yuan within China’s economy. As the use of the digital yuan expands, it has the potential to drive growth in the retail market and revolutionize payment experiences for both domestic and international users.
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