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CIFTIS provides showcase for multiple companies' e-CNY products

By Jiang Xueqing | | Updated: 2022-09-02 20:52
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Bank of China and Meituan jointly launches an e-CNY hard wallet product at the 2022 China International Fair for Trade in Services in Beijing on Thursday. [Photo provided to]

Commercial banks and internet companies showcased various types of e-CNY hard wallets at the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing to promote the use of the e-CNY, or digital yuan, amid the rapid development of the country's digital economy.

Bank of China, a large State-owned commercial lender, joined hands with Meituan, a leading Chinese tech and online retail company, in launching an e-CNY hard wallet product at the fair on Thursday, allowing consumers to participate in a lottery for the product via the Meituan app.

Those who win the product can use it to make payments in offline consumption scenarios where e-CNY hard wallets are accepted and make password-free payments for services offered on the Meituan platform, including bicycle sharing, grocery shopping and ordering at a restaurant.

Bank of China said it is more convenient for the elderly and children to pay by e-CNY hard wallets than by soft wallets on smartphones. Therefore, the launch of the hard wallet product will allow more people to enjoy the benefits of the digital economy.

Apart from bridging the digital gap, Meituan has also integrated the concept of green consumption into the new product by incentivizing the users to use Meituan's bike-sharing service or choose not to use disposable dinnerware when they order takeaways.

Industrial and Commercial Bank of China, another large State-owned commercial lender, also showed its progress with the country's digital yuan trial at the CIFTIS, displaying more than 10 e-CNY hard wallets in different forms, including integrated circuit cards, smart watches, smart wristbands, smart employee ID badges and electronic senior citizen certificates.

Smart watches and wristbands are loaded with an e-CNY hard wallet app and also maintain features that monitor the health of the users and track a range of sports with detailed information. Smart employee ID badges integrate a number of functions, including those of employee ID badges, e-CNY hard wallets, health code apps and public transport cards.

At the CIFTIS this year, ICBC offered e-CNY hard wallet products in forms of IC cards and smart wristbands to the public in Beijing for the first time.

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