China digital currency: Beijing forum promotes SIM-based ‘e-CNY hard wallet’ as an alternative for mobile payments

The SIM card was launched in July by Bank of China, China Telecom and China Unicom. Bank of China says the ‘e-CNY hard wallet’ has several advantages as a payment mechanism, including safety, reliability and convenience. — SCMP

Chinese mobile carriers China Telecom and China Unicom, and the Bank of China, are promoting a hardware version of the country’s digital currency – a SIM-based e-CNY payment service – as an alternative to existing mobile payment apps.

With China’s central bank digital currency research arm struggling to persuade consumers to use the official e-CNY app or digital currency wallet embedded in mobile apps, the SIM card-based payment was promoted at a conference in Beijing on Thursday as a good alternative.