Chinese Central Bank Updates Digital Yuan App
The Chinese central bank has updated its digital yuan app, adding new CBDC-powered features, “service” options, and utilities bill payment functions....
- The Chinese central bank has updated its digital yuan app, adding new features and utility bill payment functions.
- Citizens in the digital yuan pilot zone can now pay their water, electricity, gas, heating, landline phone, mobile, broadband internet, and cable TV bills using the app.
- The app has a new "services" menu and partnerships with state-owned telecoms firms, internet providers, and energy providers for real-time CBDC payments.
- 140 merchant platforms have been connected to the app, including retail giants, travel, lifestyle, and tourism operators.
- Major partners include online shopping platforms Meituan, JD.com, and Alibaba's Taobao, as well as Didi Chuxing and Vipshop.
- CBDC partners are expanding digital yuan application scenarios and preparing for further pilot phases.
- A study predicts a complete digital yuan ecosystem in China by the end of 2025, with significant progress in CBDC adoption drives in 2023.
The article provides positive news about the Chinese central bank's digital yuan app update, highlighting new features, utility bill payment options, and partnerships with various sectors. The expansion of the digital yuan ecosystem and progress in CBDC adoption are also mentioned, indicating a positive outlook for the future.