Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
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China’s CBDC: Offline Digital Yuan Payments via Super SIM Cards
News | July 12, 2023
Image: Unsplash/Rodion Kutsaiev
The Bank of China is collaborating with China Telecom and China Unicom to integrate its digital yuan app with specialized "super SIM cards" that have near-field communication capabilities.
The Bank of China is pioneering an offline payment system for the digital yuan, China's central bank digital currency (CBDC), using specialized "super SIM cards". This innovative approach, being tested in partnership with China Telecom and China Unicom, allows transactions to be processed even when the phone is powered off, expanding the use and accessibility of the digital yuan.
See: Beijing’s Digital Ambitions: A Deep Dive into the Web3 Innovation and Development White Paper
- The Bank of China is working with telecommunication operators China Telecom and China Unicom to test this novel offline payment system.
- The system utilizes "super SIM cards" with near-field communication capabilities, allowing transactions to be processed even when the phone is off.
- The offline payment system is part of China's broader initiative to expand the use cases for its CBDC, which includes plans to extend digital yuan usage for tax and utility payments.
- The digital yuan is already being used for public bus rides on 10 transit routes in the Chinese city of Guanzhou.
- Hong Kong is also exploring the possibility of cross-border payments linking the digital yuan and the e-HKD, its potential retail CBDC.
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