The e-CNY (Digital Yuan) wallet tops the download charts in the Apple and Xiaomi app stores.
Record downloads for digital yuan wallet
The digital yuan can already be used on other mobile payment apps, such as Alipay and WeChat Pay, but the dedicated app is a real official wallet that also grants certain advantages including discounts and promotions.
What’s especially surprising is that it has risen to the top of the charts in just one week, so much so that the SCMP calls this:
“a development that could disrupt a consumer payment market dominated by Alipay and WeChat Pay”.
The e-CNY wallet is available for download to anyone, but can currently only be used in selected areas, such as Shanghai, Shenzhen, Xiongan, Chengdu, Suzhou and Beijing.
The CBDC is almost ready
Operational testing of Digital Yuan began as early as December 2019, but the final market launch scheduled for 2020 has been postponed several times.
Last week’s launch is part of a government initiative to promote the central bank’s new Chinese digital currency ahead of the Chinese New Year on 1 February. During these holidays Chinese people typically exchange gifts, and the idea is that they can now also exchange them in the form of digital yuan.
In addition, as announced some time ago, China would like the e-CNY to be used during the 2022 Winter Olympics in Beijing, which begin on 4 February. The fact is that e-CNY can also be used freely by foreigners without having to open a bank account in China.
The digital yuan is already a success
According to a report by China.org.cn, payments in e-CNY have seen a “stratospheric rise” since the new digital currency was made available on China’s leading mobile payment apps.
For example, local service company Meituan is reported to have seen a nearly 43% increase in digital payments in yuan following the integration of its app with the e-CNY wallet.
In light of this information, it is possible to imagine that the digital Yuan could be a huge success, especially as electronic payments have been widely used in China for some time now.