The People’s Bank of China (PBoC) has released a major update to its digital yuan mobile app, adding new features and expanding adoption. The upgraded app now lets users in the CBDC pilot zone pay their utility bills using the digital yuan.
Citizens can utilize the app to pay their electricity, water, gas, and heating bills in the digital currency. They can also pay landline, mobile, internet, and cable TV bills via the app. Topping up pay-as-you-go mobile plans is also enabled.
The PBoC has partnered with state-owned telecom, energy, and internet providers to allow real-time bill payments in the CBDC. The app update also added a “Services” menu and connected 140 merchant platforms for digital yuan transactions.
Major e-commerce players like JD.com, Taobao, Meituan, Didi Chuxing, and Vipshop have integrated digital yuan payment options for customers. This expands the CBDC’s reach tremendously.
According to reports, PBoC partners are expanding digital yuan application scenarios this year. CBDC-enabled product innovation and penetration rates have also risen. The foundations for the next pilot phases are being laid.
Analysts predict a relatively complete digital yuan ecosystem will emerge in China by the end of 2025. They expect the PBoC to make significant progress in driving CBDC adoption for the rest of 2023.
The app upgrade highlights the PBoC’s efforts to boost real-world utility for the digital yuan. By enabling everyday use cases, China aims to push mass adoption of its CBDC going forward.
