China’s digital Yuan wallet tops app store download numbers

The wallet, which launched last week, achieved 16 million downloads in its debut week

In just its first week of availability, China’s e-CNY wallet app exceeded downloads of the likes of WeChat as it became one of the country’s most downloaded apps.

The pilot wallet app was available in a dozen major cities including Beijing, Shanghai and Shenzhen.

Data provider Qimai showed that two million people downloaded the app through China’s Apple store, while Kuchuan – another data provider service – showed a further 14 million Android downloads.

The e-CNY wallet topped Apple’s App Store from Wednesday – a day after the app was launched – through to Saturday, after it was usurped by video-sharing mobile app Kuaishou.

The app also topped the list on Xiaomi’s app store last Wednesday, according to market researcher Qimai.

Talking to the South China Morning Post, Beijing resident Lily Zhang spoke of her experience using the app last September at the China International Fair for Trade in Services.

“It was very convenient, as one can use it even without an internet connection,” Zhang said.

China’s CBDC plan

The digital Yuan app, created for CBDC adoption, had 140 million wallets opened through private channels provided by banks participating in the app trials, according to China’s central bank.

The e-CNY, having been in development for seven years, will be released during the Beijing Winter Olympics in February.

According to the People’s Bank of China, the e-CNY can be used to purchase goods online and offline, as well as pay electricity bills, tolls, and transport fares.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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