On Friday China released the latest update to the digital-yuan mobile wallet app. After 23 versions of the first release, version 1.1.0 represents a significant expansion to the functionalities of the pilot central bank digital currency (CBDC) app.
China’s central bank Digital Currency Research Institute is responsible for the app. Consumers access the digital yuan functionality via their banks. In the screenshot, the state-owned ICBC, China’s largest bank provides the eCNY services. However, the central bank only engages directly with the largest state-owned banks and Tencent-backed WeBank and Ant-backed MyBank. So other banks are reliant on the big banks for eCNY access.
The latest app update includes support for mobile payment top ups and utility bill payments tailored to each city.
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