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Of the e-CNY’s perceived advantages, geopolitical benefits come in dead last This makes sense in light of the incentives offered under the pilot schemes, which have included discounts from online merchants and on public transit. Of those who said they downloaded the e-CNY app (n=186), the largest shares use it for online shopping (72%) and paying for public services, such as public transportation (67%). The e-CNY is mostly being used for online shopping And although more than a third had not heard of or had no opinion about the e-CNY, the share holding an unfavorable view of it was on par with the shares holding the same view of WeChat Pay and Alipay. But 60% of Chinese consumers also regard the e-CNY favorably. They are also well-liked, with 83% of Chinese adults having at least a somewhat favorable opinion of them.
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Private digital payment apps WeChat Pay and Alipay are ubiquitous in China, together accounting for around 94% of the digital payments marketplace. Our May survey found that 19% of Chinese respondents said they had downloaded the e-CNY app, in line with the official number. WeChat Pay and Alipay are well-liked, but the e-CNY is catching upĪt the beginning of this year, a People’s Bank of China official said that about one-fifth of the Chinese population had set up e-CNY wallets. In our latest representative survey on e-CNY uptake, Morning Consult finds that there are both challenges and opportunities ahead for widespread adoption of the world’s most advanced CBDC project. dollar dominance as the e-CNY participates in pilot programs for cross-border transactions.
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There is also much discussion taking place in policy circles over e-CNY adoption as a future challenge to U.S. If the world’s largest banking system can roll out a CBDC without falling prey to these risks, it will be an instructive example.įor their part, other countries’ governments - 79 of which are in the process of researching, developing or deploying their own CBDCs - are observing the e-CNY pilot to see how quickly government-sponsored digital money might replace both cash and private forms of digital money. Digital legal tender may pose a risk of disintermediation of the financial system or increased instability in the event of bank runs. The financial sector, both in China and abroad, is interested in how quickly consumers in a large economy will adopt a central bank digital currency, or CBDC. The reported number of e-CNY users - 261 million - is more than the combined populations of Germany, France, Italy and Spain. The speed and magnitude of the digital yuan rollout means retailers, financiers and governments can’t ignore itĬhina’s digital yuan, also called the e-CNY, is the world’s first truly large-scale central bank digital currency. To adapt, they should seek to integrate with the e-CNY in ways that avoid making it an either-or choice for consumers.įinancial institutions outside of China should track the progress of the e-CNY rollout with an eye toward the stability of the overall Chinese banking system, especially its propensity to accelerate bank run risk in the event of a shock. Global upsides like internationalizing the yuan, also known as the renminbi, and increasing China’s international clout fall near the bottom of their list of perceived “major advantages.”Įxisting payment providers stand to lose market share to the e-CNY, especially as the government highly incentivizes adoption via low fees for merchants and promotions for users. But a sizable portion could be induced to use the digital wallet with education or assistance in getting access.Ĭhinese consumers don’t see the digital currency’s potential advantages through the lens of geopolitics. Close to 1 in 5 Chinese adults report having downloaded the official e-CNY app, and most of them use it for e-commerce and public services like transportation.įor those who don’t use it, most say they don’t need it, in part due to popular alternatives like WeChat Pay and Alipay.