• The People’s Bank of China has released an update to their digital yuan app, which now allows users to pay with their cell phone even if their device has no battery or signal.
• This feature uses smartphone hardware such as near-field communication (NFC) technology, and also includes security features such as password protection and adjustable limits.
• Hard wallets, such as plastic cards and wristbands, have already been distributed in China in order to facilitate micropayments.
The People’s Bank of China (PBoC) has released an update to their digital yuan app that allows users to pay with their cell phone even if their device has no battery or no signal. This new feature, which is currently available in pilot zones, utilizes near-field communication (NFC) technology found in most modern smartphones. This technology has been designed to take the place of regular mobile apps by providing a secure way to make payments even when the device is not connected to the internet.
In addition to this new feature, the app also includes security features such as password protection and adjustable limits. This allows users to protect their data and ensure that their payments are secure. Moreover, the app can be used to turn off the power-free payment feature if a user loses their phone or it is stolen.
The PBoC has also been pushing the use of hard wallets as an alternative to smartphone app-based digital yuan wallets. These wallets, which come in the form of plastic cards and wristbands, are designed to facilitate micropayments offline and with no or minimal power. They can then be updated when connected to the internet. For example, hard wallets were distributed at last year’s Winter Olympic Games in Beijing, and similar offerings have already been unveiled ahead of this year’s Asian Games.
The new update to the digital yuan app is a significant step forward in China’s effort to facilitate digital payments. With its security features and ability to make payments even in the absence of a phone battery, the app is sure to be a hit with consumers.