Digital Yuan is now accepted by Beijing’s rail transit services for subway rides through integration with the Industrial and Commercial Bank of China.
China is expanding the scope of its digital currency (CBDC) by debuting digital Yuan for transport services.
As per and official announcement made on Wednesday, Beijing subway initiated a pilot program which enables passengers to access 24 subway lines along with four suburban railway stations using the digital Yuan, also known as e-CNY.
Customers holding an account with the Industrial and Commercial Bank of China can access this service. A spokesperson for the Beijing rail transit network reportedly said
“You need to download a mobile app that is linked with your bank account to access the service”
The announcement also notes that Beijing rail transit service providers will continue promoting diverse applications of the digital Yuan in order to optimize the “new digital travel experience.”
Sina Finance has reported that Suzhou, a city in East China was the first to launch a similar digital integration on Tuesday which was followed by Beijing.
Beijing has become a major spot for China’s digital Yuan trials, and covering a large number of e-CNY integrations and related initiatives. As of mid-June, Beijing has hosted more than 3,000 digital Yuan-enabled ATMs, allowing the public to deposit and withdraw the digital currency.
