China Introduces Digital Yuan Payments in Ningbo Metro, Guangzhou Buses
Authorities in two Chinese cities are promoting the digital yuan as a means of payment in the public transport system. Ningbo subway commuters and those taking the bus in Guangzhou will be able to purchase their tickets using the state-issued digital currency.
Residents and visitors of 2 other Chinese cities will pay public transport fares with digital yuan
Ningbo Rail Transit, the operator of the subway system in the city of Ningbo, in the eastern province of Zhejiang, has launched payments in digital yuan, the central bank’s digital currency (CBDC) issued by the People’s Bank of China. The company announced that 125 stations would accept the coin.
The city’s 9.5 million citizens and visitors can now pay for their subway tickets through the Ningbo Rail Transit app. To do so, they will need to link an e-CNY wallet – opened with one of China’s six major banks participating in efforts to popularize the digital embodiment of national fiat – to the app.
Commuters will need 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 boosted with a bonus and their ride will cost them just a penny in a promotion running until September 4, according to a report. revealed.
China is steadily expanding the pilot area of the digital yuan project with nine subway systems in various parts of the country now accepting digital currency. These include subway stations in the capital Beijing, where e-CNY payments were introduced last year.
Meanwhile, Guangzhou authorities have allowed bus passengers to purchase tickets with digital yuan. They will be able to use their e-CNY wallet on 10 bus lines, some of which offer sightseeing tours for visitors to the city.
Officials cited by local media noted that the selected bus lines pass through some of the most scenic spots and popular spots in Guangzhou. 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 again need to 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 toll terminal to pay for the journey.
Do you expect a large number of Chinese passengers to use the digital yuan payment option in the public transport system? Let us know in the comments section below.
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