(Yicai) March 27 -- The digital Chinese yuan pilot program has seen strong adoption in Hong Kong since the expansion of its scope less than two years ago, according to the latest official data.

About 80,000 e-yuan wallets registered with Hong Kong phone numbers have been opened, with the number of local merchants accepting digital yuan payments reaching 5,200, covering daily consumption sectors, including retail, catering, and jewelry, Christopher Hui, secretary of Hong Kong's Financial Services and the Treasury Bureau, said in reply to questions raised by the Legislative Council.

Well-known merchants in Hong Kong accepting digital yuan payments include 7-Eleven, Circle K, FreshUP, Watsons Telecom, Broadway Electronics, Chow Tai Fook, and Bee Cheng Hiang. Local residents can also use the e-yuan on cross-border e-commerce platforms to purchase goods sold by mainland merchants.

The People's Bank of China and the Hong Kong Monetary Authority are exploring plans and the feasibility of upgrading digital yuan wallets, aiming to raise payment limits, expand application scenarios, and optimize user experience, Hui noted. In-depth discussions are still needed on relevant policy and technical details, with specific implementation plans and timetables yet to be finalized, he added.

The e-yuan offers Hong Kong and Chinese mainland residents a secure, convenient, and innovative payment option. It helps improve the efficiency of cross-border payment services and user experience, and promotes the connectivity of economic and financial infrastructure between the two regions.

In May 2024, the HKMA announced an expansion of the digital yuan pilot program. Local residents were permitted to open and use personal e-yuan wallets with Hong Kong mobile phone numbers, facilitating their consumption payments in the Chinese mainland and offline transactions at local merchants that accept the digital yuan.

Based on regulations released at the time, Hong Kong residents can top up their e-yuan wallets via the Fast Payment System through 17 local banks, 11 of which provide real-time Hong Kong dollar to Chinese yuan exchange services. This allows users to top up their digital yuan wallets from both yuan and Hong Kong dollar accounts, as well as complete online and offline payments through tap-and-go transactions, barcode payments, and quick wallet payments.

Editors: Tang Shihua, Futura Costaglione