BEIJING (China Daily/Asia News Network): China has upgraded its digital renminbi (RMB) payment services as part of the country’s efforts to improve the profile of its digital currency and make the payment process more user-friendly for foreigners.
As mobile payment has become the dominant means of payment in China, such steps will offer foreigners a better experience during their visit to or stay in the country, experts said, adding that more measures are expected to further promote the digital fiat currency.
Previously, foreigners in China could not top up their e-CNY wallets in advance. They could only do so on the spot when making payments. With the upgrade, foreigners can use their e-CNY wallets both at brick-and-mortar merchants capable of accepting the digital currency under trial programs and on online platforms such as ride-hailing app Didi, takeaway service provider Meituan, travel portal Ctrip and e-commerce platform JD.
Analyst Zhou Maohua, who is from China Everbright Bank, said the upgrade will benefit foreigners and increase the presence of e-CNY in cross-border transaction scenarios, which will ultimately help promote the digital RMB and facilitate the internationalization of the currency.As of May 31, around 264 million e-CNY transactions were made in trial regions, totaling 83 billion yuan , according to the People’s Bank of China, the country’s central bank.
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