Tencent-backed WeBank and Ant-backed MyBank are conducting “preliminary work under the guidance of the People’s Bank of China (PBOC)” in order to integrate the digital yuan wallet into their payment and banking services, according to a China Securities report... More
General Motors (GM) may be looking to bring the biometric technology integrated into its Cadillac X4 vehicles in China to North America, enabling drivers to access their car using just face recognition... More
Chinese consumers taking part in the large-scale testing of the country’s central bank digital currency (CBDC) in Beijing over the Chinese New Year period are trialling a biometric ‘hard wallet’ card developed by the Postal Savings Bank of China... More
The People’s Bank of China has launched the first large-scale giveaway of the country’s central bank digital currency (CBDC) to be held in Beijing and has distributed 10m digital yuan (US$1.55m) to 50,000 participants in a ‘red envelope’ lottery... More
Chinese consumers made an average of three mobile payments a day during 2020, while 98% of the Chinese population consider mobile payments to be their most frequently used transaction method, an increase of five percentage points on last year, a new survey reveals... More
At least eight major banks, including Hong Kong-based China CITIC Bank, have now introduced or are in the process of introducing digital wallets that support China’s central bank digital currency (CBDC), according to local media reports... More
The People’s Bank of China (PBOC) is to follow its pilots of NFC-based contactless digital currency payments with the distribution of a further 20m digital yuan (US$3.1m) in a third ‘red envelope’ lottery to be held in the city of Shenzhen... More
China’s Blockchain-based Service Network (BSN) has revealed plans to develop a universal digital payments network (UDPN) based on standardised procedures for international transfers and payments with and between central bank digital currencies (CBDCs)... More
The Agricultural Bank of China has launched pilot ATMs that enable customers in Shenzhen to deposit and withdraw money in the form of digital yuan, the country’s central bank digital currency (CBDC)... More
The People’s Bank of China (PBOC) has expanded its central bank digital currency (CBDC) pilot to include a contactless ‘hard wallet’ and NFC wearables that enable consumers to make in-store and transit fare payments with their digital yuan... More
The People’s Bank of China (PBOC) is to enable participants in the next phase of its central bank digital currency (CBDC) pilot to test for the first time the use of digital yuan for making both online purchases and touch-based in-store offline payments... More
The number of outlets worldwide accepting card payments will reach nearly 100m by the end of 2025, an increase driven by government initiatives to promote cashless payments and by an acceleration in the move to contactless payments during the Covid-19 pandemic, research from RBR predicts... More
The number of contactless transactions made by some 140 million JCB cardholders across 24 markets increased by more than 30% between July 2019 and July this year, the Tokyo-based payments network reports in a new white paper... More
The People’s Bank of China (PBOC) will keep a database of all transactions made using the digital yuan, China’s central bank digital currency (CBDC), according to China Daily... More
Owners of Huawei’s Mate 40 in China will be able to make transactions in digital yuan from a central bank digital currency (CBDC) hardware wallet built into the soon-to-be-released smartphone... More
Owners of Xiaomi smart home devices can now configure, link, control and monitor their lighting, security, entertainment systems and other domestic appliances simply by tapping an NFC sticker with their NFC-enabled smartphone... More
Seven in ten consumers are confident with the security contactless cards/mobile wallets provide and 88% report a consistently positive user experience with NFC contactless technologies, a survey of consumers in nine countries around the world has found... More
The People’s Bank of China (PBOC) has “found counterfeit digital yuan wallets on the market,” the head of the bank’s digital currency research institute Mu Changchun has revealed... More
China’s ‘red envelope’ lottery giveaway of digital yuan to 50,000 residents of Shenzhen resulted in 62,788 transactions with a total value of 8.764m yuan (US$1.32m) during the week-long central bank digital currency (CBDC) test in the city... More
Nearly two million Shenzhen residents, representing 15% of the city’s population, signed up for a chance to win 200 digital yuan (US$29.65) in the ‘red envelope’ lottery held as part of China’s central bank digital currency (CBDC) pilot... More
