Another major Chinese tech firm expands use of the country's digital currency

3 months ago

Meituan volition let users to wage for offline services specified arsenic hotels and movie tickets with China's integer yuan. It is the latest exertion institution to assistance the People's Bank of China propulsion the country's integer currency.

Qilai Shen | Bloomberg | Getty Images

Chinese nutrient transportation and section services elephantine Meituan has expanded the mode that China's integer yuan tin beryllium utilized connected its level to marque purchases.

It is different motion of exertion companies helping to beforehand China's integer fiat currency arsenic the country's cardinal slope looks to summation the fig of radical utilizing it.

Users tin download the digital yuan, oregon e-CNY app, and nexus it to their Meituan app. From past on, they tin usage the integer currency to wage for everything from movie tickets to taxis and hotels.

Meituan had much than 660 cardinal transacting users who utilized its services successful the 12 months that ended Sept. 30. It's 1 of China's nutrient transportation giants but besides allows consumers to entree tons of antithetic offline services specified arsenic booking hotels.

The Beijing-headquartered institution is the latest successful a enactment of tech companies to assistance beforehand the integer yuan, which is besides known by its authoritative sanction Digital Currency Electronic Payment (DCEP).

The People's Bank of China began moving connected the integer currency successful 2014 and it's designed to regenerate currency and coins successful circulation. It is not a cryptocurrency specified arsenic bitcoin and works precise differently.

Earlier this month, Chinese net elephantine Tencent began supporting the integer yuan successful its massively fashionable WeChat messaging and payments app. And online retailer said this period it would statesman facilitating third-party merchants that merchantability connected its level to commencement accepting the e-CNY.