(Yicai Global) April 1 -- Shenzhen and Bank of China have completed a cross-border pilot testing the use of digital yuan amongst Hong Kong residents who are visiting the mainland.
The southeastern tech hub, the local branch of People's Bank of China, and BOC, along with its Hong Kong branch, collaborated on the pilot that was finished on March 30, Shenzhen Special Zone Daily reported today.
In the program, Hong Kong residents could apply to use five types of digital wallets to pay for small purchases in Shenzhen.
“This is my first time experiencing digital Chinese yuan consumption," said Mrs. Leung who had used the currency on March 30. She added that currency exchange was convenient and payments were smooth. Leung, who had linked her BOC debit card to the wallet, said her daily upper limit for consumption was CNY50,000 (USD7,611).
The currency has already entered Hong Kong. The Hong Kong Monetary Authority said on March 26 that it is testing e-yuan mobile payments via the central bank-backed Faster Payment System in the special administrative region. The second phase of testing will be expanded to more banks after the first phase was concluded.
Editor: Emmi Laine, Xiao Yi