China on Wednesday started a digital yuan payments system for railway services. China continues to roll out its Central Bank Digital Currency (CBDC) project by introducing digital payment systems for transport services. This is in partnership with the Industrial and Commercial Bank of China. The digital yuan, also known as e-CNY, can be used on all 24 of Beijing’s subway lines and four suburban railway stations reveals the Beijing Municipal Commission of Public Transport. The service is currently only available to those who bank with the Industrial and Commercial Bank of China.
“You need to download Yitongxing APP (亿通行APP) that is linked with your bank account to access to the service,” said a representative for the Beijing rail transit network.
The news follows Tuesday’s announcement that the city of Suzhou in Eastern China that the CBDC could be used for payment in the latest addition to the city’s subway system. Rhianmade it the first Chinese city to accept the digital yuan as payment for subway services.
Most of these pilot programs are taking place in Beijing. By mid-June, the city had over 3,000 digital yuan-enabled ATMs facilitating deposits and withdraws of the CBDC.
The Beijing Local Financial Supervision and Administration has also announced a plan to distribute $6.2M worth of digital currency to city dwellers.