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China’s Digital Yuan Wallet - Most Downloaded App in the Region
Last Updated: January 10, 2022
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After being released as a test version, China’s CBDC wallet has topped the charts and became the most popular mobile application across the country.
Earlier this month, the People’s Bank of China announced that it has released the pilot version of the anticipated e-CNY wallet. Even though it’s still in the development stage, the app gained a lot of traction in just a matter of days.
While it is only available to authorized users, according to Forkast.news, the digital wallet was downloaded 16 million times. It ranked second in the free application category and grabbed the top spot in China’s financial app section.
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The growing popularity of the digital yuan wallet may be linked to its integration into a widely used Chinese multi-app WeChat which lets users, apart from using social platforms, pay their bills and order products.
With other countries still falling behind in the race of deploying CBDCs, the deputy governor of the People’s Bank of China stated that their digital wallet is in a "sprint stage", and is expected to be fully released just before the 2022 Winter Olympics.
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