Data from the app stores operated by Huawei, Xiaomi, OPPO, Vivo and other major Chinese smartphone makers show that the cumulative downloads of a recently released digital yuan mobile application have exceeded 20 million, according to a Monday report by Cailian Press.
China’s central bank digital currency, also known as the digital RMB or e-CNY, is available in two forms: software wallet and hardware wallet. The software wallet version exists in the form of mobile app, whereas the hardware wallet refers to physical smart cards. During the upcoming Beijing Winter Olympics, domestic and foreign consumers will be able to choose either the app or smart cards, according to their own habits and preferences. The digital yuan pilot app can also connect the software and hardware wallets to achieve a better user experience.
At present, the digital yuan is only being piloted in a series of Chinese cities, including Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan Province, Changsha, Xi’an, Qingdao, Dalian, Beijing and Zhangjiakou.
At present, the pilot app has seen the launch of 49 merchants on its “sub-wallet page,” covering shopping, travel, lifestyle, tourism and other categories. Chinese internet giants such as JD.com, Meituan, Didi Chuxing, Bilibili, Kuaishou and iQiyi were also included.