Digital yuan surpassed Visa in number of transactions at Olympics

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However, most of the e-CNY transactions were outside the “Olympic” zone

Digital yuan surpassed Visa in number of transactions at Olympics

12.02.2022 - 10:55

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What’s new? The Wall Street Journal reports that more transactions using China’s central bank digital currency (CBDC) were made on the opening day of the 2022 Winter Olympics in Beijing than through Visa. However, most of the transactions took place outside the “Olympic” zone, where the main rollout of the digital yuan was planned.

Wall Street Journal’s material

How does the government support the digital yuan? As it became known, the most popular payment methods in China such as Alipay, WePayChat, and others are unavailable on the territory of the Olympic Village. The country has signed an exclusive contract with Visa that allows the bank’s cardholders to pay with e-CNY.

The Beijing Olympic Organizing Committee stated:

“Replacing cash with digital yuan for payment can effectively reduce direct contact between people and the risk of the spread of COVID-19.”

Despite the measures taken by the government, the digital yuan has failed to overtake Alipay and WePayChat in the number of transactions.

Author:

Editorial GetBlock Magazine

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