Chinese digital yuan captures $8.3 billion in payments


China’s digital yuan trials have captured $8.3 billion of the country’s payments market in the past six months and $13.68 billion in the past two years, just a fraction of the trillions of payments processed each year in the country, CNBC reported, citing data from the People’s Bank of China (PBOC) on Tuesday, January 18.

The number of Chinese digital yuan users has grown at a faster rate than transaction volume, with 261 million users at the end of last year, an increase of 240.13 million from the end of June. , according to data from the PBOC.

See also: The five things that will determine the success – or failure – of the Chinese yuan digital wallet

A limited number of businesses accept digital yuan – or e-CNY – and there is no clear benefit that people should use the currency instead of Alipay or WeChat Pay. About 10 million businesses had yuan-denominated digital wallets as of October 2021, according to state media. Comparatively, Alipay reported in June 2020 that it had over 80 million monthly active merchants.

China is testing the digital yuan at the Beijing Winter Olympics, which begin Feb. 4, to gauge the currency’s appeal to foreigners, PYMNTS reported. The digital yuan will be made available to athletes, coaches and spectators.

Read more: China will use the Olympics to test the digital yuan

In 2020, China launched a digital yuan trial in cities including Suzhou, Shenzhen, Chengdu, and Xiong’an. Earlier this month, the central bank began allowing the general public in 10 Chinese cities to download a pilot version of the digital yuan app.

Before allowing the general public to download the digital yuan app, the central bank’s first pilots were open to users selected by lottery in certain cities for set periods of time.

You can also take advantage of: Chinese payments giant WeChat will accept digital yuan

Earlier this month, WeChat announced that it would soon start accepting digital payments in yuan through WeChat Pay, its digital wallet. An estimated 1.4 billion people use WeChat Pay or rival Alipay for mobile payments, PYMNTS reported.

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NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

On:More than half of US consumers believe biometric authentication methods are faster, more convenient and more reliable than passwords or PINs. So why do less than 10% use them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception in relation to the usage gap and identify ways companies can increase usage.

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