Photo:Li Hao/GT

Along the "digital yuan 3.0 avenue" at Shougang Park, one of the venues of the 2023 China International Fair for Trade in Services (CIFTIS), audiences excitedly experience some future application scenarios for China's digital yuan.

Financial institutions jointly displayed their latest digital yuan-related products - the "digital yuan hardware wallet," such as smart IC card, smart wristband, digital employee card and smart student card.

The integrated application of "digital yuan +" across transportation, catering and accommodation, smart government affairs, rural revitalization, green finance, lifestyle services, cultural tourism, cross-border settlement and other scenarios are on display during the 2023 CIFTIS, from Saturday to Wednesday.

"Even in extreme cases where there is no internet or no electricity, using a mobile phone with a SIM card that is equipped with digital yuan hardware wallet, you can still pay a deposit to a power bank rental device and charge your phone," a representative from food delivery giant Meituan told the Global Times on Saturday.

Meituan, Bank of China and China Unicom are jointly showcasing payment scenarios that combine SIM cards and a digital yuan hardware wallet at the services fair.

JD Technology, a subsidiary of e-commerce giant JD.com, released the industry's first solution that combines digital yuan smart contracts with supply chain finance to provide full-link supply chain finance solutions for small and medium-sized enterprises in the industrial chain, the company said.

"This enables the use of digital yuan to expand from consumer to industrial sectors," a representative from JD Technology told the Global Times.

According to the employee, the solution addresses the problem of identity verification, risk identification, credit guarantee and other problems of micro, small and medium-sized enterprises during the financing process, which will greatly improve the financing efficiency and security, as well as enhance the multi-party trust of the industrial chain and financial institutions.

Tencent also unveiled new products that makes using digital yuan available with its WeChat Pay.

The first publically available digital yuan hardware wallet was unveiled in 2022 at the CIFTIS.

Global Times