Authorities in two Chinese cities are promoting digital renminbi as a payment method for their public transportation systems. People using Ningbo’s subway and Guangzhou’s buses will be able to purchase tickets using the state-issued digital currency.
Residents and tourists in two other Chinese cities will pay for transportation in digital yuan
Ningbo Rail Transit, which operates a subway system in Ningbo, east China’s Zhejiang Province, has begun accepting payments in digital yuan, the central bank digital currency (CBDCissued by the People’s Bank of China. The company announced that 125 stations will accept the coin.
The city’s 9.5 million citizens and tourists can now pay subway fares via the Ningbo Rail Transit app. To do so, they need to link their e-money wallets, opened at six major banks participating in an initiative to promote e-money, China’s currency, to the application.
Commuters would pay by scanning QR codes on their smartphones at ticket gates. In a campaign running through September 4, they will also receive a bonus and a one yen ride fare if they choose to pay in digital renminbi……..
China is constantly expanding its pilot zones for the digital renminbi project, with nine subways around the country now accepting the digital currency. These include subway stations in the capital city of Beijing, where e-CNY payments were implemented last year.
Meanwhile, Guangzhou authorities have allowed bus passengers to purchase tickets in digital renminbi. The e-CNY wallet will be available on 10 routes, including Guangzhou’s sightseeing buses.
Officialsquoted by local medianoted that the selected bus routes pass through some of Guangzhou’s most scenic and popular locations. They also promised to expand the scope of the pilot project in the future.
To use this new payment method, commuters and tourists will again need to download and install the Digital Yuan app and set up a wallet on their phones. Once on the bus, they can pay their fare at the electronic fare terminal on board.
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