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September 8, 2023
On the web
China's Digital Yuan Head Urges Unification of Alipay, WeChat Pay QR Codes as PBOC Pushes e-CNY Adoption
Yahoo Finance
"China's head of digital yuan is urging mobile payment providers such as WeChat Pay and Alipay to improve their interoperability and unify QR codes for e-CNY payments, as the People's Bank of China (PBOC) aims to promote the country's central bank digital currency (CBDC) across all retail use cases."
September 6, 2023
On the web
WeChat Pay Introduces Palm-Scanning Payment Tech in 7-Eleven Stores in Guangdong [China]
TechNode
On September 5, WeChat Pay announced that its palm payment service is now available at over 1,500 7-Eleven convenience stores in Guangdong province...Its introduction into 7-Eleven stores marks its initial launch in the retail industry in China.
August 11, 2023
On the web
Rise in Chinese Citizens, Firms Using Digital Yuan to Pay Taxes
Crypto News
"More Chinese citizens and firms are using the digital yuan, China’s central bank digital currency (CBDC), to pay their taxes, state organs, and government-owned banks have claimed. Per Xinhuanet, the claims were made by Hunan Province’s Tax Bureau, as well as the Changsha Central branch of the People’s Bank of China (PBoC)."
August 10, 2023
On the web
Microsoft Exploring CBDC Option, As Bank of England Recruits Advisory Group
Tekedia
"Microsoft, the tech giant behind the popular Windows operating system and the Azure cloud platform, has announced that it is exploring the possibility of developing a central bank digital currency (CBDC) solution. Microsoft has partnered with the Digital Currency Institute of the People’s Bank of China, the central bank of China, to conduct research and development on CBDC technology."
August 9, 2023
On the wires
UnionPay International Partners with Malaysian Payment Network PayNet to Promote Cross-Border QR Interoperability
PR Newswire
"Today, UnionPay International (UPI) and Payments Network Malaysia Sdn Bhd, or PayNet, Malaysia's national payments network jointly signed an agreement in Shanghai to promote the cross-border QR code linkage and enable the full acceptance of the UnionPay App (Chinese-mainland, Hong Kong and Macao versions) and Chinese-mainland bank apps connected to the UnionPay App Network Payment Platform at the QR merchants in Malaysia."
July 25, 2023
On the web
Visa and Mastercard Can Now be Used on China’s Biggest Payment Apps
CNN
"Visiting China just got a whole lot easier for international travelers. Starting Friday, visitors are able to link their Visa and Mastercard accounts to China’s most popular mobile payment platforms, allowing them to book taxis, ride the subway and pay for goods and services at millions of outlets across the near-cashless country."
July 24, 2023
On the web
China’s Digital Yuan Nears $250B Transaction Volume — Central Bank Governor
Cointelegraph
"While the adoption and use cases of China’s central bank digital currency are expanding, the digital yuan still only represents 0.16% of China’s monetary supply."
July 21, 2023
On the web
Digital Yuan Integration Revolutionizes Chinese Business and Air Travel
Coinnounce - Bitcoin & Cryptocurrency News
"China's digital yuan integration into business and air travel promises a seamless and secure payment experience, fostering financial inclusivity and setting a precedent for other countries exploring central bank digital currencies."
July 12, 2023
On the wires
SoftBank Considering US Listing for its PayPay Business
Reuters
"SoftBank is considering a U.S. listing for its PayPay payments business, three sources familiar with the matter said, in what could mark another American listing for Masayoshi Son's sprawling tech conglomerate along with chip designer Arm. New York is seen as a more attractive destination than Tokyo for listings given the higher valuations tech companies generally achieve there, one of the sources said."
July 11, 2023
On the web
Digital Yuan Ushers in New Payment Method with Rollout of SIM Card Integration
Global Times
"Chinese banks and mobile carriers are teaming up to roll out a SIM card purse product embedded in the payment platform of digital yuan, or e-CNY, further expanding the application scenarios of the digital currency."
July 7, 2023
On the web
China Hits Alibaba Affiliate Ant Group with $985 Million Fine for Violating Various Regulations
CNBC
"China’s central bank hit Alibaba affiliate Ant Group with a 7.12 billion yuan fine ($985 million) on Friday. The People’s Bank of China, which issued the fine, said that the penalty was in response to violations of various laws and regulations, including around corporate governance, consumer protection and anti-money laundering requirements."
June 28, 2023
On the web
Chinese Payment Giants Revive Effort to Accept Foreign Credit Cards
Reuters
"Chinese tech giants Tencent Holdings and Ant Group said that they would allow users to link international credit cards to their platforms, an issue that has long plagued foreign visitors as the country’s payment system has kept credit cards out for years."
June 20, 2023
On the web
China Launches Palm-Scan Payment System, Amazes Netizens Though Some Raise Security, Privacy Concerns
TODAY
"Chinese tech giant Tencent Holdings has introduced a palm-recognition payment method in Beijing, allowing commuters using the metro to simply wave their palms over a scanner to pay for rides. Instead of using cards or phones to pay for rides, commuters in the capital city can wave their palms over a scanner which detects the user’s unique palm print and triggers an automatic payment from their WeChat account."
China Pilots Power and Network-Free CBDC Metro Payments
Cryptonews
"The Chinese city of Quingdao will pilot an electricity- and network-free digital yuan public transport payments solution, marking another national first for the central bank digital currency (CBDC)."
June 2, 2023
On the web
China Is Doubling Down on its Digital Currency
Foreign Policy Research Institute
"China’s central bank continues to take aggressive steps toward assimilating the digital yuan within its domestic financial system. Despite these efforts, less than a fifth of the Chinese population have utilized it."
June 1, 2023
On the wires
UnionPay International Partners with Pecunpay to Issue UnionPay Card, Empowering Spanish Tourists and companies with a Fast, Safe, and Smooth Payment Experience Traveling in China
PR Newswire
"UnionPay International (UPI) and Pecunpay recently announced the launch of the UnionPay card that empowers cardholders with a fully accepted payment method when travelling in China."
May 31, 2023
On the web
China's UnionPay Surpasses Visa with Largest Market Share of Debit Card Transactions: Nilson Report
Global Times
"China's UnionPay surpassed Visa for the first time in 2022, securing 40.03 percent of global debit card transactions, China Media Group (CMG) reported on Sunday, citing latest statistics compiled by industry platform Nilson Report."
May 24, 2023
On the web
Chinese CBDC Digital Yuan Drive SME Loans to Outspread Its Use
The Coin Republic
"According to Changsha Evening News, small and medium enterprises (SMEs) can apply for loans using the digital Yuan. The first transaction was done in the city of Changsha in Hunan province. Three SMEs successfully obtained loans. The three firms received loans of 583,000 yuan which is around $83,300, after the Hunan Provincial Department of Science and Technology acknowledgment. The funds were processed through the Bank of Communication. It is a commercial bank assisting the PBoC with the digital yuan pilot program."
May 9, 2023
On the web
East China's Jiangsu to Expand Digital Yuan Usage in Education Sector
Global Times
"East China's Jiangsu Province recently released a plan for a pilot program to promote usage of the digital yuan in the local education sector, aiming to boost application scenarios such as fee payment and campus consumption.The plan will focus on various aspects to deepen the use of digital yuan in the education sector, chinanews.com reported on Tuesday."
April 27, 2023
On the web
China’s WeChat to Allow More In-app CBDC Payments – Digital Yuan Pilot “Accelerates”
Cryptodaily
"The Chinese tech giant Tencent has stated that its WeChat ecosystem will let users make digital yuan payments on applets and video channels. The move will allow WeChat users to pay via in-app applets using the Chinese central bank digital currency (CBDC). They will also be able to use the CBDC to shop on e-commerce platforms such as JD.com without leaving the WeChat ecosystem."
April 25, 2023
On the web
China Digital Currency: Jiangsu City Leverages Logistics Hub Status to Promote e-CNY in Belt and Road Trade
Yahoo Finance
"A city in eastern China's Jiangsu province plans to use the mainland's sovereign digital currency in cross-border trade with Belt and Road countries, as local governments warm up to the electronic money known as the e-CNY. Xuzhou, the starting point of many Europe-bound freight trains from China, has published a plan that promotes the e-CNY, including its usage in cross-border trade. The city has 18 regular cross-border railway lines to 21 countries in Europe and Asia."
April 24, 2023
On the web
China’s Digital Yuan to be for Government Wages
Ledger Insights
"China is to start paying the salaries of some civil servants and public officials using its central bank digital currency (CBDC), it was reported today. The current take up of the digital yuan is unclear as statistics have not been published for more than six months. One effect of the staff payment initiative will be to boost the Chinese CBDC adoption figures."
March 2, 2023
On the wires
China CITIC Bank Credit Card Center Partners with Ascenda to Grow Payments Business
PR Newswire
"Ascenda, the global rewards infrastructure company, and China CITIC Bank Credit Card Center have launched the next generation of the China CITIC Bank Point Program to accelerate premium customer acquisition and its new retail development strategy."
Alibaba and Ant Venture to Launch RISC-V Chips for Payments
Reuters
"Alibaba Group Holding's chip unit T-Head and Alipay, the payment service under Alibaba's financial affiliate Ant Group, will release computing chips for secure payments based on the RISC-V instruction set architecture, the two entities said. The development comes as Chinese companies continue to invest heavily in chips, in the wake of U.S. export restrictions targeting China's semiconductor sector."
February 6, 2023
On the web
China Gives Away Digital Yuan (e-CNY) Worth Million to Boost Adoption
AMB Crypto
According to a recent Global Times report, Chinese cities have launched digital yuan (e-CNY) activities worth over $26.6 million (180 million yuan) to promote its adoption during the Spring Festival holidays, including subsidies, consumption coupons, and other programs.
January 30, 2023
On the wires
Alipay and AlipayHK Cross-Border Transactions Rebound During Chinese New Year as Travels Resume
Businesswire
China’s outbound and inbound travels showed fast and resilient rebounds during the recent long holiday to commence the year of the Rabbit, as witnessed by strong growth of popular cross-border digital payments. Between January 21 and 26, the year-on-year growth of outbound transaction volumes by Alipay users has surged by 150%, with the Hong Kong and Macao S.A.R.s being the most popular destinations for mainland consumers, based on the number of transactions during this Chinese New Year period.
January 16, 2023
On the web
China’s Digital Yuan Needs WeChat, Alipay to Boost Adoption, Experts Say
Forkast News
China’s central bank will have to work closely with payment giants WeChat Pay and Alipay to achieve wider adoption for the e-CNY, the country’s central bank digital currency (CBDC), as it continues struggling to get consumers to use it, experts said.
January 12, 2023
On the web
China Recognizes Digital Yuan in Cash Circulation Data
Coinspeaker
"Rite Aid Corp. is launching a new financial service for customers at its stores. The drugstore retailer is enabling consumers with access to the Kubra EZ-Pay Retail Cash Payments Network through their biller to pay their bills in cash at over 2,000 of its brick-and-mortar locations. Rite Aid is the 19th retailer to join Kubra's Retail Cash Payments (RCP) Network, adding 2,257 new retail locations in 17 states across the country. Kubra offers its RCP Network in partnership with payments technology company InComm Payments...Walgreens, one of Rite Aid’s chief rivals in the drugstore space, partnered with the PayNearMe retail network in March 2022 to enable customers to facilitate cash payments at nearly 9,000 Walgreens stores across the country."
January 11, 2023
On the web
Philippines to Collaborate with Belgium, China on Digital ID
Biometric Update
"The Philippines’ Department of Information and Communication Technology (DICT) is separately partnering with Belgium and China to share expertise on diverse digital technology domains, including digital identity and infrastructure. The deal with China was signed recently during the Philippines President Ferdinand R. Marcos Jr.’s state visit to the country, according to a news advisory from the DICT."
On the wires
E-Yuan App Adds Payment Function for When Mobiles Are Offline, Out of Power
Yicai Global
"China has added a new function to its digital yuan payment app so that mobile phone can be still be used to make payments without internet connection or power. The Tap to Pay function can be used to complete payments even when mobile phones are powered off, Yicai Global learned. Users need to activate the function in the e-yuan app, and can choose how many times it can be used and how much can be paid after their phone shuts down. The system is available with Android-based mobile phones, and will be available on other handsets in the future. Users can find the payment-without-internet-or-power function in the payment settings of the e-yuan app. The convenient function has sparked security concerns, particularly about whether other people could spend money using a lost or stolen mobile phone."
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