Digital Yuan Wallet Ranks Among Most Downloaded Apps in China – Bitcoin News

China’s new state-issued digital currency wallet quickly became one of the most downloaded apps in the country, within days of its launch. Media reports revealed that its use and integration with other applications has contributed to the increase in digital yuan payments.

Wallet launch boosts digital yuan ahead of Lunar New Year and Winter Olympics

In the week following its release to the public, it placed the digital yuan (e-CNY) wallet among the most downloaded apps in China. The South China Morning Post, citing market researchers, reported on Wednesday, a day after the premiere, that downloads had overtaken Tencent’s Wechat, becoming Apple’s most popular iOS app. By Monday, it was also the second most downloaded financial app on the Xiaomi App Store.

The e-CNY app is widely available for download but at the moment it can only be used in select regions. The Digital Currency Research Institute of the People’s Bank of China (PBOC), the developer of the program, is collaborating with authorities in 10 pilot cities including Shanghai, Shenzhen, Xiongan, Chengdu, Suzhou and Beijing, to distribute digital yuan sums as part of red envelope campaigns.

The launch of the app is part of efforts to promote China’s central bank digital currency (CBDC) ahead of the Lunar New Year that begins on February 1, a common time for gifting red packets, according to the publication. During the week-long holiday, the Beijing 2022 Winter Olympics will begin on February 4. Visitors at places in the capital will be able to use e-CNY without having to open a local bank account.

The digital yuan can be spent through other payment applications such as Alipay and Wechat Pay, which account for 90% of the mobile payments market in China. CBDC is also available on 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, China Postal Savings Bank, and China Merchants Bank.

According to a report by China.org.cn, electronic Chinese yuan payments have seen a “tremendous soar” in the past week since the currency became available via Chinese mobile apps. The state-run news portal cited local service company Meituan, which reported a nearly 43% increase in yuan-denominated digital payments, following the integration of its app and e-CNY wallet. Transaction value has also risen significantly, by more than 64% in the week leading up to its launch.

The Chinese digital yuan is arguably the most advanced digital currency in the world, ahead of similar projects in the United States, the European Union and Russia. An official at the People’s Bank of China (PBOC) revealed in November that the digital currency was used in transactions estimated at $10 billion. As of October, about 140 million Chinese citizens have opened a digital account in yuan. While promoting e-CNY, the government in Beijing launched a nationwide crackdown last year on cryptocurrency and related activities.

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app, app, apps, apps, CBDC, china, chinese, digital currency, digital yuan, e-CNY, launch, lunar new year, mobile app, mobile apps, payment app, payment apps, payments, PBOC, promotion, Wallet, Winter Olympics, yuan

Do you expect another increase in the use of the digital yuan and currency wallet app? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tasev is an Eastern European technologist who likes to quote Hitchens: “Being a writer is what I am, not what I do.” Besides crypto, blockchain and fintech, international politics and economics are other sources of inspiration.

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