Digital Yuan Hard Wallet "Tap-to-Pay" Pilot Program Enhances Payment Experience and Expands Acceptance Scope

Digital Yuan Hard Wallet "Tap-to-Pay" Pilot Program Enhances Payment Experience and Expands Acceptance ScopeTo effectively address the pain point of limited acceptance scenarios for digital yuan hard wallets, enhance the payment experience for overseas visitors, seniors, and other hard wallet users, and further expand acceptance coverage, the Bank of China, under the guidance of relevant departments of the People's Bank of China, has developed a digital yuan App "Tap-to-Pay" hard wallet collection solution and has piloted it in the Shenzhen taxi industry.Digital yuan hard wallets are characterized by anonymous acquisition, convenient opening, and a variety of styles, making them an effective measure to enrich payment methods for short-term foreign visitors to China

Digital Yuan Hard Wallet "Tap-to-Pay" Pilot Program Enhances Payment Experience and Expands Acceptance Scope

To effectively address the pain point of limited acceptance scenarios for digital yuan hard wallets, enhance the payment experience for overseas visitors, seniors, and other hard wallet users, and further expand acceptance coverage, the Bank of China, under the guidance of relevant departments of the People's Bank of China, has developed a digital yuan App "Tap-to-Pay" hard wallet collection solution and has piloted it in the Shenzhen taxi industry.

Digital yuan hard wallets are characterized by anonymous acquisition, convenient opening, and a variety of styles, making them an effective measure to enrich payment methods for short-term foreign visitors to China. Shenzhen, as a major entry point for overseas visitors to China, currently relies mainly on merchant POS terminals for accepting digital yuan hard wallets. Accepting service institutions need to invest manpower and capital to deploy or upgrade terminals, and the acceptance coverage still has room for improvement.

To address this pain point, the Bank of China has innovatively launched the digital yuan App "Tap-to-Pay" hard wallet collection solution. This solution utilizes the "Tap-to-Pay" functionality of the digital yuan App, eliminating the need for merchants to purchase additional hardware equipment and enabling hard wallet payments. The specific process is simple and convenient, requiring only two steps:

1. The driver clicks "Tap-to-Pay" on the home page of the digital yuan App and enters the amount to be collected;

2. The paying passenger uses the hard wallet to "Tap-to-Pay" to complete the payment.

This solution has the following advantages:

• Low transformation cost for the accepting side: Compared to traditional POS terminal deployment, this solution eliminates the need for merchants to purchase additional hardware equipment, significantly reducing the transformation cost for the accepting side.

• Convenience of collection: Collection using the "Tap-to-Pay" function is simple and convenient, enhancing collection efficiency.

The successful pilot of digital yuan App acceptance of hard wallets signifies a significant expansion of the acceptance scope for digital yuan hard wallets, laying the foundation for the promotion of universal hard wallet acceptance and worry-free payment. In the future, as this function is promoted and applied, the usage scenarios for digital yuan hard wallets will continue to enrich, the payment experience will further improve, bringing convenient and secure payment experience to more users.