Dozens of companies launch e-CNY products and services in China
China (Symbolbild)China (Symbolbild)

More than 20 listed companies have announced they will start marketing products and services with the digital yuan. These include a mobile phone SIM card for bicycle rentals. Other projects include a digital yuan payment system for schools and hardware wallets. This was reported by China Securities Daily.

Most popular products

The hardware products are POS devices and ATMs for the Chinese central bank’s digital currency. E-CNY hardwallets offer the ability to receive and pay for RMBs. They include IoT devices, IC cards, wearables and mobile terminals.

Software products also include payment systems for international payments, schools and public transportation. In October last year, a company introduced a bus fare system using e-CNY. In March, the first e-CNY payment system was launched for a middle school in China.

Four banks launch hardware wallets

Four out of a total of six banks using e-CNY have released hardware wallets in various forms. They include ski gloves, watches, cards, mascots or badges. In this regard, the gloves and mascots were developed with the Winter Olympics in mind.

Government promotes digital currencies with $50 million

The Chinese government has distributed 17 rounds of e-CNY packages totaling 321.2 million yuan in eight cities. That’s equivalent to about $50 million. Trade fairs in the country have since designated areas to promote these products. For example, at the ongoing China International Fair for Trade in Services and the World Artificial Intelligence Conference in July.

Tens of billions on credit platforms

According to the e-CNY data in the reports of several major state-owned banks, tens of billions of yuan are circulating on credit platforms. This comes against the backdrop of testing the digital yuan.

Construction bank opens 1.2 million e-CNY accounts for enterprises

By the end of June, China Construction Bank had nearly 1.2 million e-CNY accounts set up for enterprises and 7.23 million for individuals. In its semi-annual report, the Industrial and Commercial Bank of China said it opened 3.56 million personal and 700,000 corporate digital yuan accounts in the same period. Bank of Communications also set up 1.16 million personal accounts and 130,000 corporate accounts. The bank’s vice president Qian Bin told the media that e-CNY transactions totaled 2.5 billion yuan.