Countries across the globe have taken many initiatives to advocate their CBDCs (central-bank-digital-currencies). China, in this matter, appears to be atop the others by a significant margin. A recent report has mentioned that more than 20 publicly registered firms have revealed, in several filings, their progress in the development and research of the services and products using the e-CNY. A new report brought out some partial statistics from the firms’ semi-annual reports. Generally, the focus of these organizations was on two prominent directions known as application and hardware-based development.
While considering hardware, the key products comprise of the smart devices related to bank branches and POS (point-of-sale) machines along with the others all concentrating on the hardware to be the central focus point. Hard wallets of e-CNY are counted as the devices that are involved in implementing the capability for payment and reception of RMBs. The respective devices can include fingerprint cards, touch tags, video cards, and other wearable devices.
In this respect, a firm named ‘Chu Tianlong’ unveiled that it figured out a short-volume delivery of the hard wallets of the digital renminbi and described the technical services and products to several banks. Various other firms in the country are correspondingly making investments in technology development, research as well as product design regarding the hard wallets. In the field of software, the companies are searching for the circumstances to utilize e-CNY in cross-border payments, transportation, and campuses. A firm named “XinKaipu” is concentrated on the scenario of smart campus for effectively initiating Shanghai-University-One-School-Link for making payments utilizing e-CNY.
Likewise, another firm named “Xiongdi Technology” initiated a fee payment system for e-CNY regarding bus lines across Suzhou last October. Applications are turning from the decreased-recurrence end to the others having large volumes as well as a high-frequency. Mietuan (a Chinese tech firm) is an example in this matter. It has introduced a service for bicycle share accepting e-CNY as payment. The users can unlock the bike by touching it with an e-CNY payment-enabled mobile phone. The charges are subtracted from the digital wallets of the clients automatically following the completion of the ride. Moreover, an expert cited in a report that the continued and upcoming pilot projects will acquire advanced innovations in retail and online usage scenarios like e-commerce and travel.