Part 1 – Digital Payments System in China – A Catalyst for Development of Digital Yuan 

Part 1 – Digital Payments System in China – A Catalyst for Development of Digital Yuan 

Part 1 – Digital Payments System in China – A Catalyst for Development of Digital Yuan 

By — Omkar Bhole;

This is the first in a new series on Digital Yuan.

In the past one decade, China has been rapidly transforming into a cashless economy Owing to China’s growing domestic consumption, digital payment systems like mobile payments and card transactions have made payment settlements more convenient for Chinese citizens. Moreover, the COVID-19 pandemic extensively stimulated digital payments, driven by social distancing policies adopted by governments across the world over the last two years.