Chinese Ride Sharing Giant Didi Chuxing Rolls out Digital Yuan Services

Watch Icon
Chinese Ride Sharing Giant Didi Chuxing Rolls out Digital Yuan Services
Source: THINK b/Adobe

China’s ride-sharing giant Didi Chuxing has unveiled a new digital yuan service that will let citizens in 250 parts of the nation use their CBDC coins to rent motorcycles.

Per the Xi’an Business News Network, the move involves the Didi Chuxing affiliate Didi Qingjue, which operates an app-powered motorcycle-sharing service.

Previous developments have seen Didi Chuxing affiliates offer digital yuan-holding customers CBDC payment options for bicycles and Uber-like ride-hailing services.

Users in the pilot zone will now be able to choose the e-CNY as a payment option in the Didi Chuxing app, as well as launching quick CBDC payment options on mobile widgets when hiring motorbikes.

A selection of bikes, electric cycles, and motorbikes from the ride-sharing operator Didi. (Source: yangli20067/Weibo)

Didi was one of the first private sector transport operators to join the e-CNY project, launching a bicycle-sharing pilot back in June 2020.

The firm formed a “strategic cooperation agreement” with the Digital Currency Research Institute, the central People’s Bank of China’s CBDC arm.

At the time, the parties agreed to “jointly study and explore the application of the digital yuan in the field of smart travel.”

China’s Didi Exploring Digital Yuan Pay Options

Didi said its latest move would help boost adoption and provide more payment options for its customers, adding that it would “continue to promote the application of the digital yuan in the travel sector.”

Source: N509FZ (CC BY-SA 4.0)

Chinese state-run public transport operators have been among the country’s most active CBDC adopters: Some of the very first “real-world” e-CNY transactions were made by civil servants on public bus routes.

In recent years, adoption has expanded to city metro systems, rail networks, and highway toll booths. In the city of Jinan, the entire bus network now accepts digital yuan payments.

Some inter-city rail networks have also been adapted to accept e-CNY pay, particularly in the parts of the nation that hosted the Asian Games earlier this month.

In the B2B world, meanwhile, Chinese banks have been creating digital yuan-powered supply chain financing solutions that make use of e-CNY smart contract technology.

The post Chinese Ride Sharing Giant Didi Chuxing Rolls out Digital Yuan Services appeared first on Cryptonews.

More News

SEC Could Approve FTX Reboot by Former NYS...

Watch Icon
Last updated

The SEC may approve the revival of the bankrupt crypto exchange FTX if it operates within the law, according to SEC Chair Gary Gensler. Former NYSE president Tom Farley is among the potential bidders. The post SEC Could Approve FTX Reboot by Former NYSE President appeared first on BeInCrypto.

Nexo Exchange Rolls Out Simplified Futures...

Watch Icon
Last updated

Nexo exchange has launched a user-friendly Futures trading service that aims to educate and empower crypto enthusiasts who are new to derivatives trading. The service offers a seamless and cost-effective trading experience with perpetual contracts, settlement in USDT, and up to 50x leverage. To ensure that users are well prepared for Futures trading, Nexo provides interactive stories and quizzes that test their knowledge and skills. Nexo's Futures trading service is a unique and innovative way to introduce newcomers to the lucrative and exciting world of crypto derivatives.

Back to Top