China has enhanced its digital renminbi services to further elevate its digital currency’s stature and simplify transactions for foreign visitors.
Given the prevalence of mobile payments in China, these advancements are set to provide foreign users with a more seamless experience during their stay, experts suggest. They anticipate additional initiatives to push forward the digital national currency.
A significant introduction to the e-CNY app is the “pre-load” function, allowing international users to top up their wallets using global payment giants like Visa and Mastercard.
Besides, foreigners have the option to refill their digital RMB wallets with physical cash at banking facilities. Any leftover balance can be reverted to the original foreign bank card or account.
Historically, foreigners could only recharge their e-CNY wallets spontaneously during transactions. This upgrade grants them access to expedient online payments, mirroring the facilities enjoyed by local users. This enhancement streamlines transactions, boosts payment efficiency, trims verification wait times, and augments the entire payment procedure.
The updated system permits foreigners to use their e-CNY wallets across physical stores participating in the trial and digital platforms, including Didi, Meituan, Ctrip, and JD.
Dong Ximiao, from Merchants Union Consumer Finance, highlighted that mobile payment systems aren’t as ubiquitous abroad as in China. He believes the modifications will not only provide foreigners with superior payment conveniences but also further the global aspirations of the e-CNY platform.
Zhou Maohua of China Everbright Bank sees these changes benefiting foreign visitors and bolstering e-CNY’s prominence in international transactions, thus propelling the digital RMB’s worldwide adoption.
China initiated its digital currency endeavors in 2014, engaging in experimental programs. As of the end of May, 264 million e-CNY transactions have been recorded, amounting to 83 billion yuan ($11.4 billion), as per the People’s Bank of China.