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Central Bank Sets Guidelines for Digital RMB Payments in China!

Key Points:

The People’s Bank of China unveils “Digital RMB Payment Guide for Overseas People in China”!
Overseas residents can register and open digital RMB wallets, supported in 210+ countries.
Convenient payment methods include Visa/MasterCard integration and FPS top-ups.

The People’s Bank of China’s official public account has unveiled the “Digital RMB Payment Guide for Overseas People in China,” facilitating seamless transactions for foreigners in the country.

Overseas individuals residing in China now have access to the overseas version of the Digital RMB Payment App (e-CNY App), allowing them to register accounts and open wallets for digital renminbi transactions.

Reportedly, the overseas version of the Digital RMB Payment App supports registration with mobile phone numbers from over 210 countries or regions. Notably, foreigners visiting China no longer require a bank account with a local institution to open a digital RMB wallet. Additionally, the app features a convenient “recharge as you go” function, enabling users to link their Visa or MasterCard bank cards for direct payments without prior wallet recharge.

Overseas Residents Gain Access to Digital RMB Wallets in China!

Furthermore, users from Hong Kong SAR can conveniently top up their wallets through local bank accounts using the Faster Payment System (FPS). The digital renminbi payment methods encompass various options, including scanning QR codes, tapping merchant POS terminals with mobile phones, utilizing wearable device hard wallets via “sticky one sticker,” and accessing digital renminbi payment choices on online merchant platforms.

This initiative represents a significant stride towards enhancing the accessibility and utility of digital renminbi for both residents and visitors in China. By leveraging modern payment technologies and international banking networks, the People’s Bank of China aims to streamline financial transactions and promote the adoption of digital currencies in the global landscape. With simplified registration processes and versatile payment methods, the digital renminbi ecosystem continues to evolve, offering greater convenience and efficiency to users across borders.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.