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The People’s Bank of China, the nation’s central bank, has released a service guide for the digital yuan aimed at foreign visitors to facilitate contactless payments using e-CNY.
According to a local news article titled “Explore the Splendors of China with e-CNY Service Guide for Visitors in China,” issued by the central bank, international travelers can now utilize digital yuan through accounts linked to their cards via the official mobile application.
Download e-CNY App and Open Digital Yuan Wallet
The “e-CNY” app, available on the App Store and Google Play, provides a registration service for China’s central bank digital currency (CBDC) accounts through local banks designated as authorized operators.
While visitors may not possess accounts with Chinese banks such as the Industrial and Commercial Bank of China (ICBC) or the Bank of China (BOC), they are not required to have one to create a wallet. The wallet registration process accommodates phone numbers from more than 210 countries and regions.
For those opting for an anonymous wallet, there is no need to visit a bank in person or provide a passport or other personal details. For users maintaining anonymity, the transaction limit is set at 2,000 yuan (~$282), with a daily cumulative limit of 5,000 (~$705).
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In addition to the phone number needed for registration, users simply need to link their Visa or MasterCard to the wallet for deposits. The central bank has also indicated that they are developing additional international card schemes.
Top Up and Pay with Linked Account
To utilize the digital wallet for payments, users must first top up their linked account. The funds can be employed for online purchases and at local merchants that accept digital yuan. Any unused balance can easily be returned to the linked accounts.
“International users can also visit the authorized operator’s bank counters to replenish their wallets with RMB banknotes or foreign currency notes,” the article states. “Any remaining wallet balance can be exchanged for banknotes at the counter.”
For users in the Hong Kong SAR, the “Faster Payment System” feature allows for fee-free wallet top-ups using Hong Kong banking accounts, including options like HSBC, Hang Seng Bank (HSB), and Standard Chartered Bank.
The guide mentions that users can request a traditional card, a card-shaped e-ink wallet, or conduct mobile payments by scanning or displaying QR codes, similar to Apple Pay.
The post China’s Central Bank Publishes Digital Yuan Guide for Foreign Visitors appeared first on Cryptonews.
