Shenzhen's digital yuan adoption booms in 2024: Wallet numbers surge, cross-border payments land

Shenzhen's digital yuan adoption booms in 2024: Wallet numbers surge, cross-border payments landShenzhen has witnessed remarkable progress in digital yuan adoption in 2024, with a significant increase in wallet numbers, a substantial rise in cumulative transaction volume, and the successful launch of cross-border payment services. According to data released by the People's Bank of China Shenzhen branch on January 17th, the number of digital yuan wallets opened by operating institutions in Shenzhen increased by over 8 million, and the cumulative transaction volume grew by nearly 70% year-on-year

Shenzhen's digital yuan adoption booms in 2024: Wallet numbers surge, cross-border payments land

Shenzhen has witnessed remarkable progress in digital yuan adoption in 2024, with a significant increase in wallet numbers, a substantial rise in cumulative transaction volume, and the successful launch of cross-border payment services. According to data released by the People's Bank of China Shenzhen branch on January 17th, the number of digital yuan wallets opened by operating institutions in Shenzhen increased by over 8 million, and the cumulative transaction volume grew by nearly 70% year-on-year. This data strongly demonstrates the rapid popularization and widespread use of the digital yuan in Shenzhen.

Shenzhen has actively explored innovative models in promoting digital yuan applications, achieving a series of significant results. For example, to address the issue of prepaid fund management, Shenzhen has established 22 pilot demonstration zones for prepaid businesses citywide, signing contracts with over 3,000 merchants. This covers 80% of campus catering companies and manages over 650 million yuan in prepaid funds from education and training institutions. Notably, this initiative achieved zero disputes and zero complaints, effectively protecting consumers' rights and providing a successful model for other cities.

To further enhance the usability of the digital yuan, Shenzhen actively built a digital yuan hard wallet application ecosystem. As a nationwide first, the launch of the "touchable, visible, and scannable" digital yuan hard wallet significantly improved the payment experience for elderly people, students, and foreign nationals. This innovative hard wallet design breaks the limitations of traditional payment methods, making the use of the digital yuan more convenient and widespread. Shenzhen also pioneered the nationwide implementation of the "tap-to-pay" hard wallet collection function on the digital yuan app, opening up acceptance channels for hard wallets in sectors such as taxis and small and micro businesses, providing innovative and practical solutions. This technological breakthrough not only improves merchant collection efficiency but also offers consumers more diverse payment options.

To further expand the application coverage of the digital yuan, Shenzhen has installed 36 hard wallet self-service card dispensers in key areas such as airports and ports, and actively promotes merchants and terminal devices to support the "tap-to-pay" function. Currently, over 23,000 merchants, 36,000 terminal devices, and over 100 bus routes support this function. This indicates that Shenzhen is actively building a convenient and efficient digital yuan payment ecosystem, providing citizens with a more intelligent payment experience. Through these measures, Shenzhen is gradually achieving in-depth application of the digital yuan in various fields, improving the convenience of life and promoting economic development.

It is worth mentioning that Shenzhen has also made breakthrough progress in the cross-border application of the digital yuan. Shenzhen successfully implemented multiple cross-border payments using the multilateral central bank digital currency bridge, providing faster, cheaper, and more secure cross-border payment and settlement services for businesses and individuals. This marks a significant step in Shenzhen's internationalization process and sets a benchmark for promoting the application of the digital yuan on the international stage. The successful launch of this cross-border payment system not only significantly improves the efficiency of cross-border transactions and reduces transaction costs but also effectively safeguards transaction security, further promoting economic ties between Shenzhen and the global community.

In summary, Shenzhen has achieved remarkable results in the application of the digital yuan in 2024. The surge in wallet numbers, the rapid growth in transaction volume, and the successful launch of cross-border payment services all fully demonstrate Shenzhen's proactive and innovative approach to promoting digital yuan adoption. These measures not only enhance the payment experience for citizens but also provide valuable experience for other cities, laying a solid foundation for the nationwide promotion and application of the digital yuan. Shenzhen's practical experience shows that the promotion and application of the digital yuan require the joint efforts of the government, enterprises, and citizens. Through continuous innovation and active exploration, the advantages of the digital yuan can be better leveraged to promote the vigorous development of the digital economy. Shenzhen's success in digital yuan applications deserves to be learned and emulated by other cities nationwide, jointly promoting the application of the digital yuan in a wider range of fields, ultimately achieving a comprehensive upgrade and transformation of the digital economy. By continuously improving infrastructure construction, optimizing application scenarios, and continuously improving user experience, the digital yuan will play an even more important role in the future, becoming an important engine driving socio-economic development. Shenzhen's exploration and practice in the field of digital yuan undoubtedly provide valuable experience and reference for other cities nationwide, and also provide a broader imagination space for the future development of digital yuan. This also indicates that the digital yuan will play an increasingly important role in future life and will drive the transformation and upgrading of China's digital economy. Shenzhen's successful experience is worthy of learning and promotion, providing strong support for the popularization and application of China's digital yuan.

The continuous innovation and rapid development of digital yuan applications in Shenzhen provide an excellent case study for other cities in China and point the way for the future development of the digital yuan. In the future, with the continuous expansion of digital yuan application scenarios and the continuous improvement of technological levels, the digital yuan will be better integrated into people's daily lives and become an important force in promoting economic development and social progress. Continued attention to the progress of digital yuan applications in Shenzhen will help us better understand the development trends of the digital yuan and the future development direction of the digital economy. Shenzhen's exploration and practice in the field of digital yuan undoubtedly provide valuable experience and reference for other cities nationwide, and also provide a broader imagination space for the future development of digital yuan.