The new wallet of China’s digital yuan has become one of the most downloaded applications in the country within days of its launch.
The new wallet of China’s state-issued digital currency has quickly become one of the most downloaded applications in the country, within days of its launch. Its use and integration with other apps have contributed to an increase of digital yuan payments, media reports unveil.In the week after it was offered to the public, the digital yuan wallet has placed among China’s most downloaded apps.
The e-CNY app is widely available for download but at the moment it can be used only in select areas.
The digital yuan can be spent through other payment apps as well such as Alipay and Wechat Pay, which account for 90% of China’s mobile payments market. The CBDC is also available in the applications of seven Chinese banks – Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of China, Bank of Communications, Postal Savings Bank of China, and China Merchants Bank.
According to a report by China.org.cn, e-CNY payments have seen a “stratospheric rise” in the past week since the currency became available across Chinese mobile apps. The state-run news portal quotes the local services company Meituan which registered an increase of almost 43% in digital yuan-denominated payments, following an integration between its app and the e-CNY wallet. The value of transactions also spiked, by more than 64% over the week before the launch.