Breaking News


China’s Central Bank Introduces User Guide for e-CNY, Enhancing Mobile Payment Access for Foreigners

Beijing, March 18, 2024, The Europe Today: China’s central bank unveiled a significant milestone on Monday with the issuance of an e-CNY (digital yuan) user guide, marking a pivotal step towards streamlining mobile payment services for foreigners within the country.

In a bid to simplify access to digital currency transactions, the People’s Bank of China (PBOC) released a bilingual statement outlining the user-friendly process for mobile phone users. Individuals can now conveniently download and install the digital yuan application by searching for “e-CNY” on the App Store or Google Play. Subsequently, users can initiate the registration process by selecting the “Sign up” option within the app.

The statement elucidated that users can proceed to “Open/Add e-CNY Wallets” and select any authorized operator supporting international services to complete the registration seamlessly. Notably, the e-CNY wallet registration process accepts mobile phone numbers from over 210 countries and regions, as highlighted by the central bank.

In a concerted effort to enhance payment accessibility for foreigners residing in China, the renowned payment service provider Alipay has expanded its service languages from two to sixteen. This strategic enhancement aims to cater to a diverse global audience, fostering greater inclusivity and convenience in digital payment transactions.

Moreover, in a recent announcement earlier this month, both Alipay and WeChat Pay, China’s leading payment platforms, unveiled a groundbreaking initiative allowing foreign users to link their international credit cards, including Visa and Mastercard, to their respective platforms. This groundbreaking development underscores a concerted effort to bridge the gap and provide seamless payment solutions for international users within the Chinese market.

The introduction of the e-CNY user guide and the subsequent initiatives by leading payment platforms signify China’s steadfast commitment to embracing digital innovation and promoting financial inclusivity on a global scale. As the nation continues to pioneer advancements in digital currency and payment technologies, it is poised to redefine the landscape of mobile payment services, fostering greater efficiency, accessibility, and connectivity for individuals worldwide.