China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses
Authorities in two Chinese cities are promoting the digital yuan as a payment method in the public transportation system. Commuters on the subway of Ningbo and those taking the bus in Guangzhou will be able to purchase their tickets using the state-issued digital currency. Residents and Visitors of Another 2 Chinese Cities to Pay Transit Fares With Digital Yuan
Ningbo Rail Transit, the operator of the subway system in the city of Ningbo in the eastern Chinese province of Zhejiang, has launched payments in digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. The company announced that 125 stations will accept the coin.
The city’s 9.5 million citizens and visitors can now pay their subway fares through the Ningbo Rail Transit app. To do that, they will have to link an e-CNY wallet — opened with any of the six large Chinese banks participating in efforts to popularize the digital incarnation of the national fiat — to the application.
Commuters will be required to scan a QR code with their smartphones at the turnstiles to make a payment. Some of those who choose the digital yuan option will be stimulated with a bonus and their ride will cost them just a penny in a promotion running until Sept. 4, a report revealed.
China is constantly expanding the pilot zone for the digital yuan project with nine subway systems in various parts of the country now accepting the digital currency. These include subway stations in the capital Beijing, where e-CNY payments were implemented last year.
Meanwhile, the authorities in Guangzhou have allowed bus passengers to buy tickets with digital yuan. They will be able to use their e-CNY wallets on 10 bus lines, including some that offer sightseeing tours for the city’s visitors.
Officials quoted by local media noted that the selected bus routes pass through some of Guangzhou’s most scenic spots and popular locations. They also promised to expand the scope of the pilot project in the future.
To take advantage of the newly introduced payment method, commuters and tourists will need to, again, download and install the digital yuan app and set up a wallet on their mobile phones. When they get on a bus they can use the on-board electronic toll terminal to pay for the fare. Tags in this story buses, CBDC, China, Chine, chinese, Digital Currency, Digital Yuan, e-CNY, payment method, payment option, Payments, renminbi, Subway, transit, Transportation, Yuan
Do you expect a large number of Chinese passengers to use the digital yuan payment option in the public transit system? Let us know in the comments section below. Lubomir Tassev
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. World"s Largest Crypto ATM Company Bitcoin Depot to Go Public via SPAC Deal NEWS | 13 hours ago Coinbase Launches Wrapped Ethereum Liquid Staking Token Ahead of The Merge NEWS | 18 hours ago
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