Chinese business travelers are set to benefit from the integration of the digital yuan as the nation’s central bank digital currency (CBDC) pilot program takes flight. According to the China Civil Aviation Network, China Merchants Bank, a prominent commercial banking firm, has partnered with the Civil Aviation Administration Clearing Center to launch an e-CNY platform.
The newly introduced platform enables companies and entrepreneurs to utilize the digital yuan for convenient payment of business air tickets. Additionally, passengers will have the opportunity to utilize the digital currency to access new services via this platform. Suzhou China Travel Service, a travel firm, has already utilized the platform to purchase tickets on behalf of its clients.
A grand launching ceremony for the platform was held recently, and both the Civil Aviation Administration and China Merchants Bank expressed their commitment to providing efficient and high-quality services to a larger number of business travelers. Furthermore, they pledged to jointly explore the application of the digital yuan in various sectors of the civil aviation industry.
The People’s Bank of China (PBoC), the central bank, has been actively promoting the adoption of the digital yuan within the country’s transportation network. Beijing Daxing International Airport and Beijing Capital International Airport, for example, announced their collaboration on a cargo-related digital yuan initiative in 2022. Moreover, some airports in the pilot zone have already started accepting digital yuan for goods and services, allowing transit passengers to conveniently make payments.
In a similar vein, railway networks, light rail connections, and metro systems across the pilot zone have undergone upgrades to enable seamless digital yuan payments without relying on power or network connections. Even bus routes in the zone now accept digital yuan payments from passengers. Earlier this year, several highway toll booths within the pilot zone began accepting the digital yuan as well.
Notably, the city of Shenzhen reported that its residents have opened nearly 36 million digital yuan wallets, with over 7 million new wallets created since the beginning of this year. In a bid to drive further adoption, the city of Changzhou has announced a significant giveaway of CBDC tokens and coupons worth $700,000.
With the integration of the digital yuan into the realm of business air travel, Chinese business travelers can look forward to enhanced convenience, efficiency, and security in their ticket purchases. The continuous expansion of the CBDC pilot program across various sectors demonstrates China’s commitment to revolutionizing its economy through the digital yuan’s widespread adoption.