Bank of China Trials Contactless E-Yuan Payments in Shenzhen
Du Chuan
DATE:  Apr 08 2024
/ SOURCE:  Yicai
Bank of China Trials Contactless E-Yuan Payments in Shenzhen Bank of China Trials Contactless E-Yuan Payments in Shenzhen

(Yicai) April 8 -- Bank of China has worked out a solution for using digital yuan wallets to make near-field communication payments and has started trialing it in Shenzhen, under guidance from the country's central bank.

Testing of the two-step contactless payment solution on Bank of China's e-yuan app began in Shenzhen taxis last month, Yicai learned. Drivers can select the function on the app’s homepage and input the fare, while passengers can pay using their e-yuan hardware wallet.

Getting and opening an e-yuan hardware wallet is easy and can be made anonymously. These wallets have been popular among foreigners in China since the Winter Olympic Games in Beijing in 2022 because they are an efficient payment option for those staying in the country for a short period.

The solution can significantly widen the use of e-yuan wallets, making it quick and easy for foreigners and the elderly in China to make payments, Dong Ximiao, chief researcher at China Merchants Bank-China Unicom Consumption Finance, told Yicai. These devices are easy to carry and convenient to use, Dong added.

Shenzhen has more than 20 automated machines that have issued nearly 30,000 e-yuan hardware wallets, according to official figures. However, most devices receiving payments from these wallets are upgraded point-of-sale devices, with coverage still needing improvement. NFC offers a new and convenient payment method for e-yuan wallets.

Editors: Tang Shihua, Martin Kadiev

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Keywords:   New Payment Channel,Mobile Wallet,Digital RMB Wallet,Bank of China,Shenzhen