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- Ningbo Rail Transit has launched payments in digital yuan.
- The company revealed that 125 stations will be accepting the coin, as of now.
Ningbo Rail Transit, a rapid transit system serving the Ningbo, Zhejiang and its provinces has introduced payments in digital yuan. It is a central bank digital currency which is issued by the People’s Bank of China. The firm publicized that 125 stations will acknowledge the coin.
The 9.5 million residents and visitors of the province will now be able to make payment for their subway fares by the Ningbo Rail Transit app. For this, they just need to link an e-CNY wallet – opened by the help of any of six large Chinese banks joining in attempts to publicize the digital embodiment of the national fiat – to the appeal.
Travellers will have to scan a QR code by the help of their smartphones at the exit to pay. The number of people who opt for the digital yuan option will be encouraged with a bonus. Also, their trip will cost them just a coin in a promotion which will continue till Sept. 4.
China is continuously growing the pilot zone for the digital yuan project. This is with nine subway systems in different regions of the country now acknowledging the digital currency. These also include the subway stations in Bejing, the capital state of China. Here, the e-CNY payments were executed in the last year.
e-CNY wallets can be used on 10 bus lines
The authorities in Guangzhou have also permitted the travellers who use bus, to purchase tickets with digital yuan. They can now utilise their e-CNY wallets on 10 bus lines along with that who offer sightseeing tours for the tourer of the city.
Officials cited by local media highlighted that a certain number of bus route passes by few Guangzhou’s most attractive places and breathtaking locations.
They also guaranteed to increase the scope of the pilot project in the coming days.
To get benefited with this payment method, commuters and travellers will require to download and install the digital yuan app once again. After the app is installed, the user needs to set up a wallet in their smart phones. When they take a bus then they will be able to use the on-board electronic toll terminal to make a payment for the ride.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
