How To Use the Digital Yuan, Not Just For Tourists!

The most complete guide yet for how to use the digital yuan!

Tourist Digital Yuan

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The PBOC just published the best guide yet on how to use the digital yuan or e-CNY and there are so many types of wallets it’s mindblowing!

This guide outlines how the e-CNY works and can be connected to foreign Visa and Mastercard. American Express need not apply!

While the e-CNY software wallet on the phone works much like Alipay or WeChat Pay, the e-CNY has a trick up its sleeve.

E-CNY doesn’t just have one wallet but many different types with hardware wallets and wearable devices to ensure no one is left behind!

👉TAKEAWAYS (Wallet of your Choice)

🔹 Software Wallets

➣Top up as you pay: Wallet transactions flow through your credit card. No wallet balance is required

➣Traveler Wallet: The wallet is topped up with funds and refilled by manually taking additional funds from a credit card. Extra funds can be refunded to the card.

🔹Hardware Wallets

➣Mobile Pay: Huawei phones have a built-in hardware wallet! This is in addition to the software wallet you may have on your phone.

➣Card Hardware Wallet: Simple NFC-enabled credit card-style cards

➣Card Wallet with e-ink Screen: E-ink can show balance or, in more advanced versions, show a QR code to make customer-presented payment and have password protection.

➣Wearables! Kids and seniors can feel included with IDs and wearables for everyone!

➣Sim Card! Don’t have a smart phone? No problem, buy a new SIM card wallet!

🔹 Out of battery? No problem! Software wallets have an “out of power” payment function that can be enabled.

👊STRAIGHT TALK👊

The PBOC's collection of wallets is impressive and shows an impressive degree of planning.

They show that if you want to make digital payment ubiquitous, you need to put it into every form factor imaginable!

Smartphones aren’t enough! Financial inclusion means the elderly, youth, and those without smartphones. The PBOC is carefully ensuring that the entire society has access to digital yuan—if it wants to!

Even those not enamored with technology should be able to read this document and come away with the sense that the digital yuan is a monumental project. It is and is likely the model for other CBDC launches.

Critics of the e-CNY who claim “nothing is happening” and that it is failing, couldn’t be more wrong and have no clue as to the scale of bringing a national digital currency to 1.4 billion people.

This is what the European Central Bank must match or beat!

Congratulations to the PBOC, great work!

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