{"id":16646,"date":"2023-02-12T23:43:10","date_gmt":"2023-02-12T23:43:10","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/02\/12\/new-application-scenarios-for-digital-yuan-keep-emerging\/"},"modified":"2023-02-12T23:43:10","modified_gmt":"2023-02-12T23:43:10","slug":"new-application-scenarios-for-digital-yuan-keep-emerging","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/02\/12\/new-application-scenarios-for-digital-yuan-keep-emerging\/","title":{"rendered":"New application scenarios for digital yuan keep emerging"},"content":{"rendered":"

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A consumer pays with digital yuan in a shopping mall in Xihu district, Hangzhou, east China\u2019s Zhejiang province. (Photo by Long Wei\/People\u2019s Daily Online)<\/p>\n

By Wu Qiuyu, People\u2019s Daily<\/p>\n

Mobile payment now\u00a0can\u00a0still work\u00a0when\u00a0cellphone batteries\u00a0is out-of-juice.<\/p>\n

Earlier this year, the application of China\u2019s digital fiat currency, or the e-CNY app, launched a new tap-and-go payment service\u00a0enabling\u00a0users to pay without\u00a0limitations of\u00a0phone batteries\u00a0and\u00a0internet connection.<\/p>\n

Over the recent years, technological innovation, particularly in the sector of digital economy, has\u00a0become\u00a0an important force driving new development impetus.<\/p>\n

The expanding influence of digital economy is\u00a0constantly optimizing the\u00a0ecosystem and diversifying application scenarios for digital yuan.<\/p>\n

An employee of the Postal Savings Bank of China instructs a citizen to get red packets on the application of China\u2019s digital fiat currency in southwest China\u2019s Chongqing municipality. (Photo by Li Hongbo\/People\u2019s Daily Online)<\/p>\n

According to a white paper issued by the People\u2019s Bank of China, China\u2019s central bank, the rapid development of\u00a0the\u00a0electronic payment, especially\u00a0the\u00a0mobile payment in China, while assisting\u00a0the\u00a0digital economy, has made digital payment a habit of the public and expanded people\u2019s demand for technological and service innovations.<\/p>\n

The development and application of digital yuan are conducive to meeting people\u2019s demand for legal tender in the era of digital economy, and help improve the convenience, safety,\u00a0and anti-counterfeiting performance of retail payments, thus promoting the development of China\u2019s digital economy, said Pan Helin,\u00a0co-director of the Digital Economy and Financial Innovation Research Center at Zhejiang University\u2019s International Business School.<\/p>\n

During the just-ended Chinese New Year holiday, digital yuan brought consumers not only convenience, but also benefits.<\/p>\n

Many local governments in cities where digital yuan programs are piloted issued digital yuan vouchers during the holiday, which further expanded the application of the digital currency.<\/p>\n

A citizen pays with digital yuan in a supermarket in Shapingba district, southwest China\u2019s Chongqing municipality. (Photo by Sun Kaifang\/People\u2019s Daily Online)<\/p>\n

According to statistics released by Meituan, a Chinese shopping platform for locally found consumer products and retail services,\u00a0during the Chinese New Year holiday,\u00a0the number of digital yuan transactions on the platform increased nearly fourfold from a year ago, and the number of digital yuan users expanded five times. The total digital yuan transaction volume surged 6.2 times year on year.<\/p>\n

Local authorities issued digital yuan vouchers because of the smart contract function of digital yuan. This function\u00a0uses a computer program to write contracts\u00a0and automatically fulfills the contractual obligations by making digital yuan payments according to the agreed-upon conditions. This function could help with the targeted issuance of financial subsidies.<\/p>\n

Zhou Maohua,\u00a0an analyst with the China Everbright Bank, told People\u2019s Daily that the combination of digital yuan and such scenarios as vouchers and e-commerce platforms could better promote the digital currency and boost the recovery of the consumption market.<\/p>\n

So far, the People\u2019s Bank of China has piloted digital yuan programs in 17 provinces, autonomous regions,\u00a0and municipalities across the country.<\/p>\n

According to incomplete statistics, local governments in\u00a0those\u00a0places have launched nearly 50 digital yuan promotion activities since 2022, forcefully boosting consumption recovery and releasing consumption potential.<\/p>\n

As of the end of 2022, the amount of digital yuan in circulation reached 13.61 billion yuan ($2.01 billion).<\/p>\n

Experts believe that as a public good provided by the People\u2019s Bank of China to the domestic retail payment market, digital yuan will further lower the access to financial services and make these services more inclusive.<\/p>\n

Via the wallet in the e-CNY app,\u00a0digital yuan can bring convenient financial services to residents in rural and remote areas who have no bank account, which is conducive to the development of inclusive finance, said Dong Ximiao, chief researcher with Merchants Union Consumer Finance Company Limited, adding that foreign tourists\u00a0without any\u00a0Chinese bank account can also finish small-ue transfers via the wallet.<\/p>\n

Digital yuan is a quasi-account-based payment instrument with loosely coupled account linkage, which means users can open digital yuan wallets and pay with digital currency with their mobile phone numbers or other sole identities, even if they don\u2019t have a bank account, Dong said.<\/p>\n

\u201cThe goal of digital yuan development and pilot programs is to serve the real economy and facilitate people\u2019s life,\u201d Dong told People\u2019s Daily, adding that the digital currency will play a bigger role in improving payment efficiency and expanding the inclusiveness of financial services as it is further promoted and used.<\/p>\n

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A consumer pays with digital yuan in a shopping mall in Xihu district, Hangzhou, east China\u2019s Zhejiang province. (Photo by Long Wei\/People\u2019s Daily Online) By Wu Qiuyu, People\u2019s Daily Mobile payment now\u00a0can\u00a0still work\u00a0when\u00a0cellphone batteries\u00a0is out-of-juice. Earlier this year, the application of China\u2019s digital fiat currency, or the e-CNY app, launched a new tap-and-go payment service\u00a0enabling\u00a0users […]<\/p>\n","protected":false},"author":1,"featured_media":16647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-16646","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"\nNew application scenarios for digital yuan keep emerging - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/02\/12\/new-application-scenarios-for-digital-yuan-keep-emerging\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New application scenarios for digital yuan keep emerging - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"A consumer pays with digital yuan in a shopping mall in Xihu district, Hangzhou, east China\u2019s Zhejiang province. 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