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The digital Chinese yuan pilot program has experienced significant growth in Hong Kong since its scope was expanded less than two years ago, according to recent official statistics. Approximately 80,000 e-yuan wallets linked to Hong Kong phone numbers have been registered. Additionally, around 5,200 local merchants now accept digital yuan payments, covering sectors such as retail, dining, and jewelry.
Major retailers in Hong Kong that support digital yuan transactions include 7-Eleven, Circle K, FreshUP, Watsons Telecom, Broadway Electronics, Chow Tai Fook, and Bee Cheng Hiang. Residents can also use the e-yuan for cross-border e-commerce purchases from mainland Chinese merchants.
The central bank and the Hong Kong Monetary Authority are considering plans to upgrade digital yuan wallets, aiming to increase payment limits, broaden usage scenarios, and improve the user experience. These discussions are ongoing, with detailed policies, technical considerations, and specific timelines yet to be finalized.
The e-yuan provides residents of Hong Kong and mainland China with a safe, convenient, and innovative payment method. It enhances the efficiency of cross-border payments, improves user experience, and strengthens financial and economic infrastructure connectivity between the two regions.
In May 2024, the Hong Kong Monetary Authority announced an expansion of the pilot program, allowing local residents to open and use personal e-yuan wallets with Hong Kong mobile numbers. This development facilitates payments within mainland China and offline transactions at local merchants accepting digital yuan.
Under the new regulations, Hong Kong residents can top up their e-yuan wallets via the Fast Payment System through 17 local banks, 11 of which offer real-time currency exchange services from Hong Kong dollars to Chinese yuan. This setup allows users to load their wallets using either currency and make online or offline payments through tap-and-go, barcode, or quick wallet methods.
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