What's New in Payments

Beijing offers public transport users discounts to encourage digital yuan fare payments

The Ruubypay app running on a phone

Passengers on bus, subway and suburban rail services in the Chinese capital Beijing can now receive a discount and pay as little as 0.01 yuan for their journey if they use the country’s central bank digital currency (CBDC) to pay their fares from a digital yuan mobile wallet issued by the Industrial and Commercial Bank of China... More







What's New in Payments

PBOC: Chinese consumers will be able to store their digital currency in both physical and digital wallets

Front of the PBOC building, Beijing

Chinese consumers can now open digital yuan wallets using different levels of customer identification depending on the transaction and balance limits they require and can activate wallets “with the lowest authority” with just their mobile phone number in line with the “principle of controllable anonymity”, the People’s Bank of China (PBOC) has revealed... More














NFC World

Xiaomi to ship $29 fitness tracker with support for Mi Pay NFC payments

Xiaomi Mi Band 3 NFC version to go on sale on September 19; Total wearable sales exceed 50m — Gizmochina — “The company has officially confirmed that it will begin the sales of the Mi Band 3 NFC edition starting from Sept 19 with a price tag of 199 Yuan (US$29 approx)… Apart from supporting contactless payment POS terminals enabled with NFC, the Mi Band 3 NFC version will support city bus card payments in [as] many as 167 cities such as Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan, Tianjin, Shijiazhuang, Suzhou, Hefei, Xi’an, and Jilin among others in China.”