Exploring the Benefits of Digital Yuan Integration for Chinese Business Air Travel

Digital Yuan Platform for Business Travelers

As part of a pilot program, the digital yuan, China’s central bank digital currency (CBDC), is now available for business travelers to use to purchase flight tickets. China Merchants Bank, a commercial banking firm, and the Civil Aviation Administration have collaborated to create an e-CNY platform to facilitate transactions in the aviation network.

The platform allows companies and entrepreneurs to use the digital yuan to pay for business air tickets. Additionally, passengers can use the digital currency to access new services through the platform. China Travel Service, a Suzhou-based travel firm, has already utilized the platform to buy tickets for their clients.

The introduction of the digital yuan is part of China’s efforts to stay ahead of the curve in terms of AI, web 3.0 applications, and cryptocurrency. With the launch of the digital yuan, China is leading the way in terms of digital currency adoption.

Digital Yuan in China’s Transportation Network

At the official launch of the platform, both the Civil Aviation Administration and China Merchants Bank expressed a need for more use cases for the digital yuan and expressed their willingness to collaborate in exploring its application in various aspects of the civil aviation industry.

The People’s Bank of China (PBoC) has been actively encouraging the use of the digital yuan in China. Notably, Beijing Daxing International Airport and Beijing Capital International Airport announced their partnership to implement a cargo-related digital yuan initiative in 2022.

Furthermore, the digital yuan’s integration efforts have been extended to railway networks, light rail connections and metro systems in the pilot zone, which have been upgraded to facilitate digital yuan payments, independent of power or network connections. Additionally, bus routes within the zone now also accept digital yuan payments from passengers. Moreover, several highway toll booths within the pilot zone started accepting the digital yuan as a payment method earlier this year.

Remarkably, the city of Shenzhen disclosed that nearly 36 million digital yuan wallets have been opened by its residents and more than seven million new wallets have been created since the start of this year. This remarkable growth of the Chinese AI Anchor-backed CBDC pilot program across various sectors reflects China’s determination to transform its economy by encouraging the widespread adoption of the digital yuan.