New application scenarios for digital yuan keep emerging
Mobile payment now can still work when cellphone batteries are out-of-juice.
Earlier this year, the application of China’s digital fiat currency, or the e-CNY app, launched a new tap-and-go payment service enabling users to pay without limitations of phone batteries and internet connection.
Over the recent years, technological innovation, particularly in the sector of digital economy, has become an important force driving new development impetus.
The expanding influence of digital economy is constantly optimizing the ecosystem and diversifying application scenarios for digital yuan.
According to a white paper issued by the People’s Bank of China, China’s central bank, the rapid development of the electronic payment, especially the mobile payment in China, while assisting the digital economy, has made digital payment a habit of the public and expanded people’s demand for technological and service innovations.
The development and application of digital yuan are conducive to meeting people’s demand for legal tender in the era of digital economy, and help improve the convenience, safety, and anti-counterfeiting performance of retail payments, t