Six banks to develop wallets to test digital yuan

The digital yuan will be tested using six e-wallets as part of the Suzhou red envelope lottery. In particular, the Industrial and Commercial Bank of China, the People’s Construction Bank, the Agricultural Bank, the Central Bank, and the Postal Savings Bank of China will take part in the work. Users of these lending institutions will be able to access the JD application. In addition, lottery winners who choose the Industrial and Commercial Bank wallet can use their RMB red envelopes at Meituan Bike and Didi Travel, while the central bank app will allow digital cash out on Chinese video hosting Bilibili.

Note that as part of testing in Suzhou, the authorities are exploring the possibility of the “tap” function on mobile phones, which they will conduct to transfer funds to each other through touch without the presence of the Internet.