Bank of China trials offline payments for digital yuan via SIM cards
The bank plans to enable users to make phone payments by integrating its e-CNY app with specialized "super SIM cards" that have near-field communication capabilities. Bank of China, one of the largest state-owned banks in China, is currently conducting trials for a novel offline payment system that connects to SIM cards. This payment method is designed specifically for the digital yuan, also known as the e-CNY, which is China's central bank digital currency (CBDC) currently being tested. This announcement was made by the bank on Monday in a social media post, revealing their partnership with telecommunication operators China Telecom and China Unicom and their intention to commence testing on Tuesday. The bank plans to enable users to make phone payment s by integrating its e-CNY app with specialized "super SIM cards " that have near-field communication capabilities. Users simply need to bring their mobile phones near the point of sale terminals for payment , el...