China’s digital yuan notches $8.3 billion transactions in half a year
[ad_1]
An advertisement for China’s digital currency, the electronic Chinese Yuan (eCNY), was displayed in a Shanghai shopping centre on March 8, 2021.
AFP | AFP | Getty Images
BEIJING — In a country where consumer payments are measured in the trillions, China’s digital yuan has made little headway, according to 2021 figures released by the central bank on Tuesday.
It People’s Bank of ChinaThe digital Yuan trial was launched in two years ago. Zou Lan from the PBOC’s financial markets division told reporters that cumulative currency transactions have reached 87.57 trillion yuan ($13.68 Billion) since then.
Based on CNBC’s calculations of previous figures, that means that digital yuan transactions amounted to 53.1 billion Yuan during the second half 2021.
Ant Group’s Alipay reported in 2020 that the average monthly payment volume was 10 trillion Yuan. It is an affiliate company of AlibabaThis company operates one of China’s most important apps for mobile payments, and is now the preferred method of payment to consumers on the mainland.
Alipay reported that there were approximately 711,000,000 monthly active users at the end of June 2020.
The number of new users is rising
The number of digital yuan holders in China has increased more quickly than the volume of transactions.
According to the PBOC the total number of individuals using digital yuan rose to 261 million at the end 2021. That’s an increase by 240.13million from the June end.
However, greater access to the digital Yuan and government promotion could be a motivating factor for increased use.
In April, the bank allowed the general public to access its files. a pilot version of the digital yuan app from the Android and Apple app stores,Users in 10 Chinese Cities
The initial testing of the digital Yuan was only available to lottery winners. Digital yuan vouchers could be used by residents in certain cities to purchase products from certain shops within a certain time frame.
— CNBC’s Arjun KharpalContributed to the report.
[ad_2]