Meituan allows users to pay for offline services such as hotel and movie tickets with Chinese digital yuan. It is a state-of-the-art technology company that helps the People’s Bank of China promote the country’s digital currency.
Qilai Shen | Bloomberg | Getty Images
Chinese food delivery and local service giant Meituan Expanded the way to buy using Chinese digital yuan on the platform.
This is another sign that tech companies are helping promote China’s digital fiat currencies as China’s central bank aims to increase the number of people using it.
Users can download Digital RMB, or e-CNY app, Then link it to their Meituan app. From then on, they can use digital currencies to pay for everything from movie tickets to taxis and hotels.
Meituan was used by more than 660 million trading users in the 12 months leading up to September 30th. It is one of the leading food delivery companies in China, but it also has access to various offline services such as hotel reservations.
Headquartered in Beijing, the company is the latest in a range of technology companies to help promote digital yuan, also known as Digital Currency Electronic Payments (DCEP).
People’s Bank of China launched digital currency initiatives in 2014 It is designed to replace the cash and coins in circulation. This is not a cryptocurrency like Bitcoin, it behaves very differently.
Earlier this month, China’s Internet giant Tencent I started Supporting digital sources with the popular WeChat Messaging and payment app.And online retailers JD.com This month, it said it would begin encouraging third-party merchants selling on its platform to begin accepting e-CNY.
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