Chinese consumers in the 23 cities and regions piloting the country’s central bank digital currency (CBDC) can now automatically transfer funds to their digital yuan wallet app whenever their balance runs low, removing the need to manually top up the balance in their e-yuan app.
The People’s Bank of China has added the functionality to the app in a newly released update, according to local media.
“The new feature ensures that funds in the e-yuan wallet never run dry,” Yicai Global reports.
“The app can automatically draw amounts from a linked account at a commercial bank when the e-yuan wallet’s balance is not enough,” the sources said. Users also have the option not to link the app to a bank account.”
China launched a pilot version of the digital yuan wallet app for both Android and iOS devices in January and research showing that nearly one in five Chinese consumers had downloaded the app was released in June.
China lets consumers link their bank account to their central bank digital currency app for contactless payments was written by Tom Phillips and published by NFCW.