The digital e-CNY app has been made more user-friendly for foreigners. The “recharge before use” feature allows foreigners to replenish the wallet of the app using Visa and Mastercard. Foreigners can also go to banks to recharge the digital RMB wallet with cash. If there is a balance left in the digital wallet after the China trip, it can be returned to the foreign bank card or account that was used for topping up. Previously, foreigners in China could not top up their e-CNY wallets in advance. They could only do so on the spot when making payments. The new function allows foreigners to use more convenient online payments, such as “quick pay”, just like domestic users. Also, it shortens the transaction time, simplifies the operation simpler and smoother, improves payment efficiency, reduces waiting time due to foreign card verification and enhances the overall payment experience.
With the upgrade, foreigners can use their e-CNY wallets both at brick-and-mortar merchants capable of accepting the digital currency under trial programs and on online platforms such as ride-hailing app Didi, takeaway service provider Meituan, travel portal Ctrip and e-commerce platform JD. Dong Ximiao, Chief Researcher at Merchants Union Consumer Finance, said that mobile payment services are not as widely used in most foreign countries and regions as in China. The upgrade will not only create a more convenient payment environment for foreigners in China, but will also help test the e-CNY platform and promote the digital currency internationally, Dong added. Zhou Maohua, Analyst at China Everbright Bank, said the upgrade will benefit foreigners and increase the use of the e-CNY in cross-border transactions. China has been developing the digital version of the currency since 2014 under trial programs. As of May 31, around 264 million e-CNY transactions were made in trial regions, totaling CNY83 billion, according to the People’s Bank of China (PBOC).
In another development, Chinese financial technology company Ant Group introduced seven new leading digital wallets and payment apps from Asia to the Chinese mainland, bringing the total number of overseas digital wallets accepted on the mainland to 10. The company said that users of overseas digital wallets, such as HiPay of Mongolia and Changi Pay of Singapore, will be able to use their domestic mobile e-wallets to enjoy a seamless payment experience on the mainland across Alipay’s vast merchant network, the China Daily reports.
