China’s Central Bank Publishes Guide for Foreign Visitors to Use Digital Yuan
China’s central bank, the People’s Bank of China (PBOC), has released a digital yuan service guide specifically tailored for foreign visitors. The guide aims to assist international tourists in making contactless payments using the e-CNY, the country’s central bank digital currency (CBDC).
Downloading the e-CNY App and Opening a Digital Yuan Wallet
The e-CNY app, which is available on both the App Store and Google Play, allows users to register for a CBDC account through authorized local banks. While foreign visitors may not have accounts with Chinese banks like ICBC or BOC, they can still open a wallet without one. The wallet registration process accepts phone numbers from over 210 countries and regions.
- If opting for an anonymous wallet, there is no need to visit a physical bank or provide personal information such as a passport. Anonymous users have a payment cap of 2,000 yuan per transaction and a daily accumulated cap of 5,000 yuan.
- To link their wallets, users only need to connect their Visa or Mastercard cards. The PBOC is also working on incorporating more international card schemes.
Topping Up and Making Payments with Linked Accounts
In order to make payments with the digital wallet, users must first top up their accounts using their linked accounts. The funds can be used for online shopping and at local vendors that accept digital yuan payments. Unused funds can be easily deposited back into the linked accounts.
- International users also have the option to visit authorized bank counters to top up their wallets with RMB banknotes or foreign currency banknotes. Any remaining balance in the wallet can be exchanged for banknotes at the counter.
- For users in Hong Kong SAR, the “Faster Payment System” feature allows fee-free wallet top-ups using Hong Kong banking accounts, including HSBC, Hang Seng Bank, and Standard Chartered Bank.
Payment Options and Features
The guide states that users can request a conventional card or a card-shaped e-ink wallet for making payments. They can also utilize mobile payment methods such as scanning or presenting QR codes and tapping, similar to Apple Pay.
Hot Take: Enhancing Digital Yuan Adoption Among Foreign Visitors
The release of the digital yuan service guide for foreign visitors by China’s central bank showcases the country’s commitment to promoting the use of its CBDC among international tourists. By providing a user-friendly app and simplified registration process, the People’s Bank of China aims to make it easier for visitors to experience the benefits of digital yuan payments during their stay in China.
This move not only enhances convenience for foreign tourists but also supports China’s broader goal of expanding the reach and adoption of its digital currency. With more international visitors using the e-CNY, it can further establish itself as a global digital payment solution and potentially pave the way for cross-border transactions in the future.
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