Chinese Digital Yuan is taking on Visa at the Beijing 2022 Olympics with their signage being displayed alongside each other in what could pose a conflict in sponsorship rights.
Source: The Wall Street Journal
V: NYSE is down 0.35% on pre-market, USDCNY is up +0.09%
Beijing has been moving to digitize payments, getting support from its largest mobile networks, Alipay and WeChat.
China has opened all points of sales to support e-CNY, including ATMs that allow people to exchange foreign bank currencies for e-CNY.
The digital Yuan can be stored in electronic cards, and users can get rewards when they transact large sums of money.
More transactions were made last Friday using the e-CNY compared to Visa at the Bird’s Nest Stadium stores.
Visa has been the exclusive electronic payments provider for over ten years at the Olympics sporting event and the only top-tier sponsor in the Olympics payment category.
Cash and Visa cards have been the acceptable forms of payment at the event’s venue, with Visa gaining popularity lately.