Digital yuan App adds prepaid Visa and Mastercard top-ups for tourists
China has extensively experimented with using the digital yuan as a payment method for foreigners visiting China. Inbound tourists can use overseas mobile phone numbers to register and open e-CNY wallets, and use the wallet recharge function. Visa and Mastercard payments are currently supported.
In this article, we will introduce the development of digital Yuan, the significance of this action for foreign tourists and the inspirations for European and American merchants.
The development of digital Yuan
China’s digital yuan is a central bank digital currency (CBDC) issued by the People’s Bank of China (PBOC) and has the same value as the standard yuan (RMB). It is legal tender because it is a digital version of the physical RMB. CBDC transactions are “faster, cheaper, and more secure” than traditional methods.
In 2019, China began piloting a digital currency, the electronic renminbi. The adoption has quickly accelerated, with 26 cities across the country serving as testing grounds as of last year, and 5.6 million merchants signed up to use the currency. Until the end of June this year, the transaction volume using China's digital yuan reached 1.8 trillion yuan ($249.33 billion), a jump from more than 100 billion yuan in August last year.
At the same time, China is taking steps to ensure that the digital yuan can be used as a payment option in all retail payment scenarios, which will make the digital yuan a widespread payment method among users and merchants. With 120 million wallets opened, the digital yuan is expected to gain greater popularity in the coming years.
What are the benefits of allowing Mastercard and Visa top-ups?
China’s digital yuan app has been updated to make it easier for tourists to use the digital currency. International tourists can now top up their digital yuan wallets using Mastercard or VISA cards before arriving in China. If they leave China with funds remaining in their wallet, they can request a refund, after which the funds will be automatically transferred back to their credit card account.
Increased convenience and acceptance
Foreign tourists may hold Visa or MasterCard as a method of international payment. Through the top-up service provided by the Digital RMB App, tourists can use the payment methods they are familiar with and trust. Because they can directly use the Visa or Mastercard they hold to recharge digital renminbi and make purchases in mainland China, without the need for immediate foreign currency exchange.
Promote tourism consumption and experience
Foreign tourists can more conveniently use digital RMB for shopping, dining or other tourism consumption in China. The convenience of this payment method helps improve tourists’ consumption experience in China, provides more payment options for China’s tourism industry, and promotes the growth of tourism.
Demonstrate the openness of the digital renminbi
This change demonstrates the openness and flexibility of the digital renminbi system to the world, encouraging merchants in other countries to also consider accepting similar convenient payment methods to better serve international customers, and promote the development of international tourism.
Silkpay offers Visa and Mastercard prepaid cards to individuals
We provide you with virtual Visa, MasterCard and UnionPay prepaid card services with a 100% digital process. The benefits of prepaid cards are within your reach：
Safe and secure
Prepaid cards do not require connection to personal bank account or credit card information, and your financial data is not exposed to potential cyber risks. Therefore, financial information will be protected to the greatest extent and easily escape the risk of theft.
Easily control your budget
Users can flexibly manage the balance on the card, which helps to effectively control spending, avoid overspending, and better plan personal or family budgets. Because you can only spend the amount preloaded on the card, there's no risk of unexpected expenses or going over your budget, making it easier to stay on top of your finances.
No credit history required
Virtual prepaid cards also have no impact on credit history because there is no credit check or credit history required. This means that no matter what your current credit situation is, you can easily get a prepaid card and start using them to shop or pay.
Convenience and flexibility
When you shop online, as long as the merchant accepts prepaid card payment, you can easily complete the transaction. The convenience of this payment method allows you to complete the payment anytime and anywhere without carrying cash or credit cards, which greatly improves the consumption experience.
For your financial freedom and security, join Silkpay and enjoy the unlimited possibilities of future payments together!
Conclusion
Integrating Visa and Mastercard top-ups into China’s digital yuan app enhances convenience for global tourists. This move not only simplifies transactions but also expands the digital payment’s influence. At the same time, Silkpay's virtual Visa, Mastercard, and UnionPay prepaid cards offer secure transactions, shielding personal financial data from cyber risks. They empower users with budget control, preventing overspending and aiding in financial planning.
Source
https://cointelegraph.com/news/digital-yuan-app-adds-prepaid-mastercard-visa-payments-tourists
>Image by Drazen Zigic</a> on Freepik
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.