Yesterday it was announced that UnionPay, China’s answer to Visa and Mastercard, will be working on China’s central bank digital currency (CBDC) trials. A deal was struck between the Digital Currency Research Institute, part of the People’s Bank of China, and UnionPay Business, which operates the merchant services aspect for retailers. The report is reliable as it comes from state newswires.
Together the organizations will work on pilot tests in online and offline payment scenarios and expand the digital yuan ecosystem. The announcement states that it will use existing UnionPay business scenarios and combine them with the digital renminbi and wallet ecosystem.
Potentially this could mark an acceleration in the digital currency trials. To date, tests involved signing up retailers to accept the digital yuan.