China’s food delivery giant Meituan has become the latest technology firm to integrate central bank digital currency (CBDC) payments for its offerings.
Meituan down -0.67%, BTC USD down -1.71%
Meituan users can connect their digital yuan wallet to their service app and use it for various daily services, including booking hotels, cabs, and payments at restaurants.
The food delivery and daily services app posted 660 million active customers last year, and the integration of e-CNY payments would assist the government in testing its digital currency more widely.
In the last few months, major tech giants in the nation, including WeChat and JD.com, ventured into the mass retail testing of e-CNY.
Chinese government finalized the development of its CBDC in 2019, and in the last two years, the authorities have expansively tested its use in the retail market.
The CBDC pilot started as a travel subsidy for government employees and later expanded to incorporate millions of people and thousands of businesses.