The Lu Xun High School in China’s Hainan province has provided students with a new campus smart card device with digital yuan payment functionalities, further expanding use of the e-currency at education institutions, China’s largest state-owned broadcaster China Central Television (CCTV) reported Tuesday.
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Fast facts
- The digital yuan, also known as the e-CNY, is China’s central bank digital currency (CBDC), which is being trialed in 23 regions and cities.
- The device uses near-field communication, or NFC, which allows for contactless payments.
- The device comes with a SIM card to enable digital yuan payments and phone call services, which serves as an alternative for the mobile phone prohibition on students, CCTV reported.
- Industrial and Commercial Bank of China and China Mobile jointly developed the card, the TV report said.
- Currently, there are at least 19 universities and colleges, and four middle and high schools, that have started accepting digital yuan payments, according to statistics compiled by Forkast.
- The use of the digital yuan has recently been expanded to include a variety of public transport and municipal services, including metro, buses, trains, highway toll gates, taxation, and social insurance.
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