Food Delivery for Digital Yuan Customers

Endy Callahan

China is an intensively developing country. The rest of the Asian continent is also doing all possible to adopt the newest technologies and implement the most advanced innovations to make the economies of their countries even more progressive and effective.

Many news sources announce that China is fully prepared to test the digital Yuan and this time researchers are going to do an experiment and offer a new approach that would allow more than four hundred million customers to carry out their daily purchases and order food through a delivery platform developed for this very purpose.

Experts report that the central bank of the country may soon try and test the digital currency on the food delivery platform known as Meituan Dianping that caters to four hundred and thirty-five million users across China.

The PBoC is willing to add the food delivery service backed by Tencent – the giant will be also included in the list of service providers who have to test the scheme and see how efficient and useful it is for people who hold the digital currency.

Meituan Dianping is based in the capital city. In Beijing, this brand is widely known as a platform specializing in food delivery. Currently, the team boasts to cater to over four hundred million active customers. Also, they mention that their daily transactions make up billions of dollars.

All these factors provide a fantastic opportunity for the mass adoption of the digital money. In many regions and industries, this novelty is known as the DCEP, which stands for the Digital Currency Electronic Payment.

Productive Discussion and Planning Ahead

Several news agencies told that the mentioned platform had been conducting a series of talks with the research institute that tightly collaborates with the central bank. All parties discussed various options linked to the use-cases for the digital money.

Nevertheless, both partners should spend more time before they specify the exact details and nuances about their partnership. To test the currency, the team invited Bilibili, a famous video streaming platform. Besides the mentioned parties, there are representatives of DiDi who decided to join the project.

The country is making great progress, but the authorities do not reveal the launch date yet. Luckily, all participants are ready to increase their efforts and explore the use-cases of the e-money. Around four months ago the market was full of rumors about the wallet app launch in four cities for the very first testing of the digital Yuan.

The pandemic boosted the progress toward the launch. Last month officials said that the country had finalized the development of the currency. Finally, the government began to draft regulations for this innovation in spring.