Chinese Company UnionPay Releases Digital Yuan Payment Platform

UnionPay plans to launch a website for self-registration of digital yuan (e-CNY), according to Chinese National Radio. This feature will allow sellers or retailers to be able to get access to China’s electronic national currency.

UnionPay is working together with the Digital Currency Research Institute in the digital yuan initiative.

UnionPay’s new initiative also aims to support the growing trend among Chinese organizations to make a greater use of the digital yuan. With UnionPay, merchants will be able to accept payments in the country’s digital currency in addition to their own applications.

While it is true that businesses in China are ready to use digital the yuan for mutual (B2B) payments, the focus of the pilot project is actually on micropayments, which include payments between consumers and businesses, including payments for transportation, money transfers to individuals and government agencies.