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China set to launch e-CNY payments for public transport

china blockchain
china blockchain

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China is making significant progress with its plans for a central bank digital currency (CBDC). The e-CNY is currently available in several Chinese cities. It can be accessed easily by citizens looking for an alternative way of paying for local buses and subways.

China launches e-CNY payments for public transport

Several local sources have confirmed that China has commenced the next phase of its CBDC pilot program. In Guangzhou city, it will be possible for people to pay for bus rises using the e-CNY on ten different transit routes. It is the first time that the country is doing this.

To make these payments, passengers must download the e-CNT application, deposit funds, and scan the QR code on the bus payment section to make payments for the ride. Guangzhou is not the only city that is doing this. Ningbo also allows passengers to pay for bus rides at 125 stations using the CBDC.

Ningbo is the ninth city in China that is rolling out pilot tests for the e-CNY. The Chinese government has been actively expanding the utility of the digital yuan. Last week, it unveiled people’s possibility of paying for employee housing funds in Guangzhou using the CBDC.

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Amid the COVID lockdowns, the government has been expanding spending through a partnership with Meituan, a food delivery company, and JD.com, an e-commerce platform. The companies would support e-CNY airdrops that can be used at specific locations.

Growing adoption of the digital yuan

China is among the countries that have made significant progress in launching their CBDCs. The digital yuan has been tested across many cities in China, and the efforts being made by the government are paying off, as evidenced by the rising number of e-CNY transactions.

The latest data on e-CNY usage on June 20 showed that more than 6 million unique users had paid for services using the e-CNY funds on the Meituan platform. On the other hand, since July, the e-commerce platform JD.com has processed over 4 million e-commerce transactions worth around 900 million e-CNY since the company started accepting payments in e-CNY.

During the first five months of 2021, around 830 billion worth of e-CNY transactions, valued at $121.4 billion, were recorded. The growing number of transactions shows that the Chinese government is closer to announcing the official roll-out of the e-CNY.

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