Mainland, Hong Kong open to e-CNY application in oil, gas
The application of the digital yuan, or e-CNY, in cross-border payments for oil and gas between the Chinese mainland and Hong Kong can be mulled, according to Di Gang, deputy director-general of the Digital Currency Institute of the People's Bank of China.
Under the cooperation framework between the Chinese mainland and Hong Kong, there is scope to explore the application of the digital yuan in cross-border payments for the trade of services and commodities, including oil and gas, Di said on Friday during the Hong Kong FinTech Week.
Di said that it was found in surveys that many enterprises face difficulties due to a single cross-border payment channel, high cost and low efficiency, expressing strong willingness to use the digital yuan to ease cross-border payment costs.
He added that digital yuan pilot applications between the Chinese mainland and Hong Kong could be considered based on expanding personal application scenarios and improving user experience as related projects have made substantial progress.
Shanghai rolls out enhanced payment services for expats ahead of CIIE
In the lead-up to the 6th China International Import Expo, Shanghai has implemented a comprehensive set of regulations and initiatives to upgrade payment options available for expatriates.
A priority lies in increasing the acceptance of overseas bank cards across key consumption scenarios. Over 36,000 point-of-sale devices have been installed across shopping centers, tourist destinations, restaurants, hotels, airports, and train stations. This has enabled easy transactions for international visitors. A sign marking acceptance of types of bank cards is shown on the site.
Among them, more than 35,000 POS machines now serve high-traffic commercial complexes, convenience stores, and tax refund shops. Another 500 terminals serve three-star and above hotels as well as scenic sites. Rail hubs and airports together have nearly 700 machines.
The complete foreign card payment processing has been made available to all retailers within the National Exhibition and Convention Center (Shanghai), the venue of CIIE. A green channel is offered for international cards that have trouble making payments.
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