Shenzhen gas stations start accepting the digital yuan

Eleven gas stations in the Chinese city of Shenzhen have started accepting the digital yuan as part of a pilot project using the payment system built on it (DCEP). Deсrypt reports, citing local media.

Payments for fuel and related goods at state-owned Guangdong Petroleum’s gas stations can be made through a government-supported mobile app. To do so, scan a unique QR code.

Consumers have given positive feedback, saying transactions take only a few seconds.

Unlike other payment systems that require internet access and charge transaction fees, the digital yuan–based app carries none of these drawbacks.

The solution uses the dual offline technology. It implies that as long as the smartphone battery remains charged, users can make any payments (without needing a network signal).

Guangdong Petroleum plans to extend DCEP support to 110 automated gas stations by the end of October.

Earlier, the authorities of the Chinese city Shenzhen held the first distribution of the digital yuan among the population.

Dovi Van, managing partner of Primitive Ventures, stated that DCEP built on the digital yuan is merely another payment app.

In September, ForkLog reported that NBK would require the acceptance of the digital yuan across China.

Earlier, the People's Bank of China clarified that during the pilot DCEP conducted 3.13 million transactions totaling 1.1 billion yuan (~$162 million).

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