The Chinese Central Bank Upgrades Digital Yuan App with New Features and Utilities Bill Payment Functions
The People’s Bank of China (PBoC) has released an update for its digital yuan app, introducing new features and utilities bill payment functions. The mobile app was initially launched in early 2022, followed by a major update at the end of last year. According to Shanghai Securities News, the latest update allows citizens in the digital yuan pilot zone to pay various bills such as water, electricity, gas, heating, landline phone, mobile, broadband internet, and cable TV bills. Additionally, users can now top up their pay-as-you-go mobile plans through the app.
The PBoC has also introduced a new “services” menu in the app, partnering with state-owned telecoms firms, internet providers, state-run energy providers, and more to enable real-time CBDC payments. Furthermore, the app now connects to 140 “merchant platforms,” including retail giants and travel operators. Popular online shopping platforms like Meituan, JD.com, and Alibaba’s Taobao are already integrated into the app. Other major partners include Didi Chuxing and Vipshop.
China’s Digital Yuan App: Expect More Progress in 2023
According to reports from some of the PBoC’s biggest CBDC partners in H1, there has been significant progress in expanding digital yuan application scenarios this year. These reports also highlight increased product innovation related to CBDC and a higher penetration rate. The partners are said to be laying the foundation for future CBDC pilot phases. A recent study by China International Capital Corporation predicts that a “relatively complete digital yuan ecosystem” will be established in China by the end of 2025. The study also expects more significant progress in CBDC adoption drives throughout the remainder of 2023.
Hot Take: China’s Digital Yuan App Expands Services and Payment Options
The latest update to the digital yuan app by the People’s Bank of China demonstrates the continuous development and expansion of its features. Citizens in the digital yuan pilot zone now have the convenience of paying various utility bills and topping up their mobile plans through the app. Additionally, the app’s partnership with numerous merchant platforms allows users to make real-time CBDC payments for a wide range of services. This progress is indicative of China’s commitment to establishing a comprehensive digital yuan ecosystem. With further advancements expected in 2023, the digital yuan is poised to play an increasingly significant role in China’s financial landscape.
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