In anticipation of the upcoming Asian Games, China is witnessing a surge in the adoption of digital yuan payments for transportation. Venue cities, including Hangzhou in Zhejiang Province, are implementing various options to facilitate the use of the central bank digital currency (CBDC).
As Per Shanghai Securities News, Hangzhou, the host city, is making significant progress in its preparations for the games, which were postponed by a year due to the COVID-19 pandemic.
The Central People’s Bank of China (PBoC) has recently updated its official digital yuan app to include a new “ride code” feature. This function enables smartphone users to conveniently scan their devices when using the Hangzhou Metro.
As a result, the metro system automatically deducts transportation fees from the users’ e-CNY wallets.
Notably, five Asian Games events, including baseball and volleyball, will take place in the nearby city of Shaoxing. The PBoC has announced that the Shaoxing Metro will also accept digital yuan ride code payments, expanding the convenience of CBDC adoption.
Furthermore, the Hangzhou-Hai Intercity Railway, which connects major cities in Zhejiang Province, will introduce the ride code system as well. This move enhances accessibility and provides passengers with a seamless payment experience.
China aims to showcase the capabilities of its digital yuan at the Asian Games, following a scaled-down demonstration at the 2022 Winter Olympics due to the pandemic.
Athletes and coaches were encouraged to use the CBDC during the event and received free commemorative e-CNY hard wallets to promote its adoption.
The Asian Games will be China’s first major international sporting event since the pandemic and coincides with the advanced stage of the CBDC pilot program. Previously, Ningbo, another city in Zhejiang Province, announced that all 125 of its metro stations accept digital yuan payments at ticket barriers.
Moreover, the PBoC introduced an update to the digital yuan app earlier this year, allowing citizens in the pilot zone to make electricity-free payments and conduct transactions even when their smartphones are powered off or have no network coverage.
Also Read: Jiangsu Province Expands Digital Yuan in Education
With the integration of digital yuan payments in transportation and other sectors, China aims to dazzle the world with its innovative CBDC at the Asian Games, highlighting the progress and widespread adoption of its digital currency initiative.
