Bank of China (Bank of China), one of China’s largest state-owned banks. It is testing a new offline payment method linked to a SIM card for money. “Digital Yuan” or e-CNY, a central bank digital currency (CBDC) that is currently undergoing trials in the country.
Bank of China has partnered with telecom operators China Telecom and China Unicom to begin testing the new feature on Tuesday. As stated by the bank in the postsocial mediaon monday
The bank is preparing to allow users to pay with their phones by connecting the e-CNY app to what it calls a “Super SIM card” which is equipped with NFC function, the user must touch the mobile phone to pay. This means that payments can be processed even when the phone is switched off.
However, the SIM card payment feature will only work with select Android phones in some pilot areas in China.
The People’s Bank of China (PBOC), a central bank, tested so-called CBDCs and launched a pilot e-CNY app in January last year. and expanding the digital yuan pilot program to at least 26 locations in 17 cities and provincial-level regions. including Beijing, Shanghai, Shenzhen and Suzhou.
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