China’s CBDC grows stronger as Beijing fully integrates it into its subway payment ecosystem
The Beijing subway system has fully integrated China’s central bank digital currency, aka the digital Yuan, into its payment system after successful trials.
The e-CNY, which is another name for China’s digital Yuan, has now become a fully supported payment or balance top-up option across 428 subways on 24 lines.
Trials for the CBDC were initially rolled out in June, but it supported only the Yitongxing mobile app then. As reported by BTC PEERS, the Chinese government released $6.2 million (40 million digital Yuan) to Beijing residents in June as part of its CBDC trials.
With the new upgrade, the e-CNY will be available to over 10 million daily users of the Beijing subway. It will be available to users who need to top up their physical transport cards, buy single strip tickets, or scan their mobile apps.
Video footage emerged showing ticket vending terminals in a Beijing subway station carrying the e-CNY payment option. Users will need to open their e-CNY wallets to scan the QR code when they choose to use the e-CNY payment method. Additionally, all staffed service counters will allow commuters to top up their cards or buy tickets with their e-CNY wallets.