Meituan integrated Central Bank Digital Currency (CBDCs) into its services to accept payments in digital Yuan.
China is a blockchain technology lover country. To make the launch of Digital Yuan successful, Chinese government authorities imposed a ban on the crypto industry. However, China claimed that bad actors and power outages were a big issue in the country because of crypto but recent reports claimed that bad actors are still active in Crypto use. Around 1,000 people were found to be involved in crypto-related illegal activities after China’s crypto ban announcement.
Meituan is a popular food delivery company in China. It added digital Yuan ( Chinese CBDCs) to its app platform to allow the users to pay in digital Yuan for its services.
Here the role of Meituan is not only in giving food delivery services but also involved in providing booking hotels, cabs, and paying at restaurants services daily to its users. So from this point of view, it will help its retail users to do efficient and real-time payments with the help of Digital Yuan.
Last year, Meituan facilitated around 600 million transactions for its services to the users. And now integration of Digital Yuan in its service will help the Beijing government to figure out the actual potential & traction of people to use it in practical life.
In the past few months, social media giants WeChat and JD.com also announced the integration of digital Yuan-based payment options for users.
At the present time, the majority of the population In China has addicted to Wechat based payment. So WeChat’s support for Chinese CBDCs is aimed to give a better push to the use of digital Yuan in retail use cases.
According to the report of financial data by PBoC, around $13.68 billion worth of transactions has been processed between October to December of 2021 only in Digital Yuan.