Yuan Virtual Currency To Takeover As Means of Payment By Transport Companies In China

A new mode of payment in Yuan virtual money is about to be adopted by China’s travel agents, Ningbo Subway and Guangzhou Buses. These corporations made it clear that it was a decision to upgrade their previous medium of transportation cost settlement to a modern model. 

Passengers can purchase the tickets to ride with either of these travel agents with the new state-introduced currency. 

About the Virtual Yuan Currency

Popularly called the e-CNY, the Yuan digital money is mainly an online version of fiat money standardized by the People’s Bank of China, meaning it will be centrally overseen. A distinguishing feature it has over a cryptocurrency. 

However, it can be spent or used wherever it has been approved, like the Ningbo and Guangzhou Commuters. Seeing the uptick in crypto adoption in 2017,  the authorities of China decided to make a move on tokenizing her fiat currency to a digital upgrade. So, ever since, the asset has been in development. 

It is worth knowing that its valuation does not change compared to its counterpart.

Ningbo Subways Accept Digital Yuan

A compromise was reached by the facilitator of subway transportation in Ningbo, located in Zhejiang, in the Eastern region of China, that e-CNY will now be accepted as a new means of purchasing transit tickets. A total of 125 stations in Ningbo are following the decision. 

To aid easy access to the service, the transit company has created an app called Ningbo Rail Transit App. With the help of the app connected to a wallet that is e-CNY registered by anyone of the big banks working hand in hand to foster the reachability of the token, a user can now enjoy the service.

Before a passenger can purchase a ticket, they will have to run a QR scan at the electronic terminal with their smartphones. Bonus rewards will be shared among individuals who opt for the e-CNY choice and will enjoy discounts on their payments. This promotional attempt is aimed at familiarizing the people with the upgrade and will run until the 4th of September.

Subway stations in Beijing have begun to consistently use this method, along with eight others within the state. China continues working earnestly to expand the jurisdictions where the e-CNY gets used. 

Guangzhou Bus Line Adopts Digital Yuan

As Ningbo makes progress with spreading the acceptance of the virtual Yuan among commuters, Guangzhou, on the other hand, also makes similar progress in promoting the adoption of fiat money among its bus transit companies. Bus travelers can now utilize their e-CNY wallet app to make payments with ten different bus travel agents, together with those offering tourists tours around the state.

A local news post declares that the authorities are going full-throttle toward advancing the project in the nearest posterity.