Digital yuan News: Beijing rail transportation services announced that they have started accepting the digital yuan for subway journeys through integration with the Industrial and Commercial Bank of China.
China continues to expand the scope of its central bank digital currency (CBDC) by launching digital yuan payments in transportation services.
Train stations start accepting digital yuan in pilot implementation
Beijing subway has launched a pilot application that allows passengers to access 24 subway lines and four commuter train stations using the digital yuan, also known as the e-CNY, according to an official announcement Wednesday.
The new service is only available to customers who have an account with the China Industrial and Commercial Bank, a major bank that took part in China’s CBDC tests. A spokesperson for the Beijing rail transport network said, “To access the service, you need to download a mobile app linked to your bank account.” said.
The announcement states that Beijing rail transport service providers will continue to introduce various applications of the digital yuan to optimize the “new digital travel experience.”
Also valid in Suzhou
The news comes shortly after Suzhou, a city in eastern China’s Jiangsu province, launched a similar digital yuan integration on Tuesday. According to a report by Sina Finance, Suzhou became the first city in China to start accepting e-CNY payments for subway rides.
Beijing has become a hotspot for China’s digital yuan trials, with numerous e-CNY integrations and similar initiatives.
As of mid-June, Beijing hosted more than 3,000 digital yuan-enabled ATMs, allowing the public to deposit and withdraw digital currency. Earlier, Beijing Local Financial Supervision and Administration announced an initiative to distribute $6.2 million digital yuan to Beijing residents.