A new physical card designed for digital yuan was unveiled at the Shenzhen International Financial Expo.
Launch of the New Card
The digital yuan card, unveiled on November 7 at the 18th Shenzhen International Financial Expo, is 1mm-thin with a small display showing transaction details and balance, along with dynamic QR codes for payments.
Integration and Usage
The card provides both 'tap-to-pay' and 'scan-to-pay' capabilities, enabling users to transact both online and offline. It is integrated with Huawei’s HarmonyOS, removing the need for a separate app.
Challenges in Adoption
Despite advancements, the digital yuan faces challenges in wide adoption. Some users and officials express concerns about storing funds in a state-controlled digital currency, citing the lack of interest accrual and its limited practical use.
The launch of the digital yuan card highlights China's push to integrate digital currencies into the daily financial ecosystem, despite adoption challenges.
