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The Qingdao Branch of Bank of China Introduces New Payment Option for Metro Transit System
The Qingdao branch of the Bank of China (BOC) has launched a innovative payment option for Qingdao’s metro transit system through digital yuan hardware wallets. This initiative introduces a “deferred payment” system that allows travelers to use the public transit service first and pay later with the hardware wallet feature enabled on users’ smartphones.
Collaboration and Technology
Developed under the guidance of the BOC Currency Research Institute and in partnership with China Telecom, China Unicom, and Digital Finance Public Service, users can complete payments without access to internet or even power via BOC’s, Telecom’s, or Unicom’s digital yuan apps. The system, complying with national transportation and financial security guidelines, pioneered the use of central bank digital currency (CBDC) in China’s metro sector, adopting Near Field Communication (NFC).
Enhancing Digital Yuan Wallets with NFC
The Chinese smartphone manufacturer Oppo has recently upgraded its wallet app, linking e-CNY accounts while providing users more means of payment other than official digital yuan apps. To further enhance NFC payments, China Mobile, China Telecom, and China Unicom have introduced Super SIM cards that store digital yuan account information.
- Users can upgrade their SIM cards to Super SIM without changing their numbers.
- When launching the e-CNY app with the Super SIM inserted, they can seamlessly link their SIM-stored accounts to the app.
- At the current stage, only Android phones support the Super SIM function.
Guangzhou’s Initiative for International Tourists
The Government of Guangzhou Municipality aims to enhance the accessibility of digital currency for international tourists. Banks are urged to expand digital yuan application scenarios and enrich the usage scenarios for international travelers. They are encouraged to deploy digital yuan hardware wallet foreign currency exchange machines in key areas to enhance the convenience of digital yuan usage for inbound travelers.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
