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China Began to Utilize Digital Currency for Public Transportation Payment

China is preparing to take new steps to adapt digital currency to the daily life of its citizens. The government officials has announced that digital payment implementations were begun for public transportation by utilizing digital yuan.

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China is preparing to take new steps to adapt digital currency to the daily life of its citizens. The government officials has announced that digital payment implementations were begun for public transportation by utilizing digital yuan. Now, the commuters can pay the fees for subway rides by using the digital yuan; interestingly enough even when their phones are ran out of battery or has no service activated on their operator.

Payment for Commuting Fees Began to be Simplified with Digital Yuan Trials

In the city of Quingdao, where almost 1.3 million people use subway rider on daily basis, the government started testing a new method to make it easier and diversify the fee payments. In a collaboration withthe Digital Currency Research Institute, the People’s Bank of China (PBOC) and the city’s transportation directorate, digital yuan has began to be utilized; as much as the strong initiators, China Telecom, China Unicom, and Digital Finance Public Services are helping fund the adoption of digital payment.

It is already an interesting discussion to come alive; nevertheless, the outcome of the project will be solidified as the passengers can use the digital yuan or e-CNY to pay for your subway ride. All the payment can be done by scanning the phone on the card reader, thus the payment will be deducted from the digital balance of the user. The most imporant aspect of this initiation could be given to the abilitiy of deducing the ride fee from the balance even when the user’s phone are ran out of battery or even when they do not have a stable connection to their service operator.

China Strives For Revolutionizing Public Transportation with Digital Currency Adoption

To use this astonishing feature which could be imprinted as the harbinger of the digital currency adoption in the next couple of years around the world, the passengers need to enter their SIM card information from China Unicom or China Telecom into the app which was developed for digital yuan payments. Once the passengers finalizes their account matching, they will be able to pay the payment fee with their digital currencies in the accounts. Say goodbye to the hassle of carrying cash or searching for change or looking for public transportation cards; now Chinese citizens in the city of Quingdao will be able to take subway and pay with ease.

This is an absolute game-changer for transportation payments and for the future of digital currency adoption in daily life. One again, after their initiation for blockchain and crypto technology, China leads the way in CBDC experiments, and they are conciously and continously pushing boundaries further to make it easier for daily life adoption. It could be well argued whether the adoption of digital currencies will be much faster in China; nevertheless, we could easily assume that with the digital yuan, life becomes a whole lot easier for commuters.

 

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