China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses – Bitcoin News

Officials in two Chinese cities promote the use of digital currencies as payment methods in public transportation systems. The state-issued cryptocurrency will allow commuters to use the Ningbo subway and Guangzhou bus stations to pay for their tickets.

Additional 2 Chinese Cities offer Transit Fares with Digital Yuan for Residents and Visitors

Ningbo Rail Transit, the operator of the subway system in the city of Ningbo in the eastern Chinese province of Zhejiang, has launched payments in digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. It was announced by the company that the currency will be accepted at 125 stations.

The city’s 9.5 million citizens and visitors can now pay their subway fares through the Ningbo Rail Transit app. To do that, they will have to link an e-CNY wallet — opened with any of the six large Chinese banks participating in efforts to popularize the digital incarnation of the national fiat — to the application.

For payment at turnstiles, passengers will have to scan a QR code using their smartphones. According to a report, some people will choose digital yuan. This will allow them to get a bonus as well as a ride for just one penny.

China continues to expand the pilot zone of digital yuan projects with nine subway stations in different parts accepting digital currency. They include the subway stations located in Beijing capital where e-CNY payment were introduced last year.

The authorities of Guangzhou allow bus passengers to purchase tickets using digital yuan. They will be able to use their e-CNY wallets on 10 bus lines, including some that offer sightseeing tours for the city’s visitors.

Officials quoted by local media noted that the selected bus routes pass through some of Guangzhou’s most scenic spots and popular locations. They promised that they would expand the project’s scope in the future.

Tourists, commuters, and others will be able to use the new payment method by downloading and installing the digital Yuan app. They can also set up a wallet via their phones. They can pay their fare using the electronic toll-terminal onboard a bus.

This story contains tags
Buses, CBDC China, Chine. chinese. Digital Currency. Digital Yuan. eCNY. payment method. payment option. Payments. Subway. Transportation. Yuan.

Is it realistic to expect that a significant number of Chinese travelers will use the digital payment option when using public transit. We’d love to hear from you in the comment section.

Lubomir Tassav

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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