Another Chinese Tech Firm Adds China’s CBDC as Payment Option

·2 min read

China is pushing the adoption of her national digital currency, the digital yuan, to new heights as a number of tech firms have integrated the option into their services.

Meituan Embraces China’s CBDC

The latest Chinese firm to adopt the central bank digital currency (CBDC) as a payment option for its services is one of the leading food tech companies in the country, Meituan.

According to available information, the giant food vendor would allow its customers to pay for services such as cabs, hotel bookings, and restaurants with the e-CNY wallet connected with their Meituan service app

This move would allow the authorities to be able to properly test the efficacy of the digital yuan as a payment option with a firm that recorded over 600 million customers last year.

This integration would add the firm into an exalted list of entities like WeChat and JD.com who have enabled support for the e-CNY on their platforms.

China’s CBDC Project Leads the Pack

China was one of the first countries to begin the development of a central bank digital currency. The Asian country has been able to make several inroads and trials with the currency in order to boost its usage.

Available data from one of the top executives of the country’s apex bank shows that over $13 billion worth of the digital yuan has been involved in a transaction. Not only that, around 10 million merchants support digital yuan wallets on their platform.

While the country is yet to officially declare the launch date for the coin, there are reports indicating that it could be planning to unveil the currency at the upcoming winter Olympics. According to one report, China is employing the services of several influencers to help it market its digital yuan for the season.

It is important to note that several central banks around the world have become increasingly interested in how to develop a national digital coin. Already, countries like China, Nigeria, and the Bahamas have made substantial progress in their CBDC development.

Others like the United States, Russia, and South Korea have also made inroads into the space.

This article was originally posted on FX Empire

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