China Reports Tremendous Growth in Yuan Digital Wallet Downloads

China is again teasing the introduction of its digital yuan, fueling a surge of adoption just weeks before the Beijing Winter Olympics. This is the event the government hopes will eventually allow the People’s Bank of China (PBoC) to showcase its coin to the world.

China reports tremendous growth in downloads from Yuan digital wallets

Per Caijing, the experimental PBoC app first launched in the cities dubbed “10 + 1” by the government, is starting to cause a sensation. (+1 refers to areas in Beijing and the surrounding area that will host Olympic events in the next month.) The media company noted that app downloads from the Huawei AppGallery were slowing down after a slow start with “fewer than 10,000 downloads” in the app The start date with “over 5.8 million downloads” was on January 9th.

It also notes that on several other platforms, daily downloads have increased tenfold.

Grocery delivery and e-commerce network operator Meituan announced late last week that the number of users opening Yuan digital wallets on the Meituan platform is now “increasing almost 20 times a day” and “transactions are increasing.” “In digital yuan are up about 25%. per day.

The platform is the first major Chinese company to begin “fully integrating digital currency payments,” the media office noted.

Another e-commerce heavyweight and early digital yuan provider is JD.com (also known as Jindong and Jindong Mall), cited as saying that the number of users who started using the app after the app started using the digital yuan -Wallet “increased more than 10 times” per day “.

Many China banks already offer digital yuan wallets

So far, nine commercial banks – including the WeChat Pay bank branch operated by Tencent, WeBank and an Alibaba subsidiary, as well as the country’s largest state commercial banks – have partnered with the PBoC to offer wallet services.

China News (via Science and Technology Daily) reports that at least 49 major merchants have integrated some form of digital yuan payment options, including the transportation rental app DiDi Chuxing, which is listed on the New York Stock Exchange. Other notable utility companies include oil and gas giant Sinopec and Online State Grid (literal translation), the branch of the state utility that enables citizens to pay their utility bills online or through mobile applications.

Several video streaming platforms operated by Tencent, search engine giant Baidu, and video sharing platforms Bilibili and Kuaishou have also added digital yuan payment capabilities.

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