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Prof. Huang Zhuo: e-CNY Logs Growing Usage

Jun 05-2023   



Trials of e-CNY have been rolled out across regions and industries, giving rise to an array of replicable application modes spanning online and offline spheres, said Prof. Huang Zhuo of the NSD in a media interview. Overall, he believed that through experimental use, the digital currency issued by China’s central bank has won widespread recognition by demonstrating its value in revitalizing consumption and serving the real economy.

 

He enumerated a number of concrete examples that show the remarkable headway made by e-RMB. Positioned as retail-oriented currency, e-RMB works nicely in retail and daily life scenarios and embraced by major e-commerce platforms such as JD.com, PDD and Taobao. JD.com, based on its technological prowess, has enabled its users to pay in digital yuan for its own-labeled goods and those of third-party sellers. With regard to brick-and-mortar shopping, many cities have been partnering with banks to build Smart Shopping Areas where businesses are docked with e-CNY payment system.

 

In catering and travels, Prof. Huang commended Ningbo City, Zhejiang Province, on its trail-blazing, fruitful efforts in mapping out digital vacationing scenarios in which e-RMB is now used to buy tickets, book hotels, and pay at restaurants and shops.

 

In healthcare, many cities have promoted e-CNY to meet the public’s new demand for settlement. In Guangdong Province, a click on the e-CNY APP suffices to put down a deposit or pay fees. Prof. Huang noted that the off-line feature (no need to connect to the internet) of e-CNY not only expands payment channels and enhances payment security, but also bridges the digital gap to some extent.

 

In public services, abundant experiences have been accumulated concerning the use of the central bank digital currency. In April 2022, Fujian became the first province in the country to implement an e-CNY highway whole-scenario application, enabling drivers to pay for tolls, at the pumps, and other expenditures along the highway. In August of the same year, Guangzhou City took the lead in allowing passengers to pay for fares on public transport with e-CNY. In Suzhou City, Jiangsu Province, electricity bills can be automatically paid with a e-CNY sub-wallet that is intelligently matched with the user’s utility account, thus simplifying payment procedures and facilitating corporate financial management.

Prof. Huang Zhuo: e-CNY Logs Growing Usage

Jun 05-2023   



Trials of e-CNY have been rolled out across regions and industries, giving rise to an array of replicable application modes spanning online and offline spheres, said Prof. Huang Zhuo of the NSD in a media interview. Overall, he believed that through experimental use, the digital currency issued by China’s central bank has won widespread recognition by demonstrating its value in revitalizing consumption and serving the real economy.

 

He enumerated a number of concrete examples that show the remarkable headway made by e-RMB. Positioned as retail-oriented currency, e-RMB works nicely in retail and daily life scenarios and embraced by major e-commerce platforms such as JD.com, PDD and Taobao. JD.com, based on its technological prowess, has enabled its users to pay in digital yuan for its own-labeled goods and those of third-party sellers. With regard to brick-and-mortar shopping, many cities have been partnering with banks to build Smart Shopping Areas where businesses are docked with e-CNY payment system.

 

In catering and travels, Prof. Huang commended Ningbo City, Zhejiang Province, on its trail-blazing, fruitful efforts in mapping out digital vacationing scenarios in which e-RMB is now used to buy tickets, book hotels, and pay at restaurants and shops.

 

In healthcare, many cities have promoted e-CNY to meet the public’s new demand for settlement. In Guangdong Province, a click on the e-CNY APP suffices to put down a deposit or pay fees. Prof. Huang noted that the off-line feature (no need to connect to the internet) of e-CNY not only expands payment channels and enhances payment security, but also bridges the digital gap to some extent.

 

In public services, abundant experiences have been accumulated concerning the use of the central bank digital currency. In April 2022, Fujian became the first province in the country to implement an e-CNY highway whole-scenario application, enabling drivers to pay for tolls, at the pumps, and other expenditures along the highway. In August of the same year, Guangzhou City took the lead in allowing passengers to pay for fares on public transport with e-CNY. In Suzhou City, Jiangsu Province, electricity bills can be automatically paid with a e-CNY sub-wallet that is intelligently matched with the user’s utility account, thus simplifying payment procedures and facilitating corporate financial management.