Jinan Embraces Digital Transformation with Digital Yuan in Public Transit
Jinan, the capital of China’s Shandong province, has recently introduced digital yuan payments for its public transportation system.
Starting from July 1, all city buses in Jinan now accept digital yuan payments, following a successful trial on two bus lines. This move aims to accelerate the digital transformation of the city’s transportation system, allowing nearly 7 million citizens to utilize their digital yuan wallets provided by the People’s Bank of China (PBOC) to pay for bus fares.
To further promote digital yuan adoption, Jinan has partnered with the local PBOC branch to offer discounts as part of the “Digital Spring City Low-Carbon Travel” program. This initiative will remain active until September 30. In a broader context, the PBOC has been working on enhancing compatibility and integration of the digital yuan with widely accepted digital wallets like WeChat and Alipay. This includes integrating digital yuan payments within these platforms, making it more accessible to their billions of users.
Additionally, the PBOC has been expanding the use of the digital yuan in state institutions, such as employees receiving salaries in digital currency and its support for payments and settlements of commodities by institutions like the Shanghai Clearing House.
Clever Robot News Desk 6th July 2023
