Wednesday, July 12, 2023

Attention Jemima Kelly: "Digital yuan ushers in new payment method with rollout of SIM card integration"

This might have come in handy.

From China's outward facing state media, ECNS, July 12:

Chinese banks and mobile carriers are teaming up to roll out a SIM card purse product embedded in the payment platform of digital yuan, or e-CNY, further expanding the application scenarios of the digital currency.

Jointly developed by the Bank of China (BOC), China Telecom and China Unicom, the SIM card purse will provide a more convenient payment method for users as they only need to bring their cellphones closer to the point of sale machine to complete the payment process, the BOC said on its official WeChat account on Monday.

The payment can be made even if the user's cellphone is powered off or disconnected with the internet.

Yet users need to first change their current SIM cards with new super ones if they want to experience the new purse, and currently only invited users can have access to the function. It will later be promoted to other trial regions, the BOC said.

The launch of the SIM card purse for digital yuan reflected the organic integration between the financial infrastructure and IT infrastructure, it added....


I don't know if it is a positive or a negative that the container is referred to as a purse.