Digital cash 'a new payment option' for logistics industry

Tracy Li
The central bank-backed e-yuan is being pushed as a major payment option for businesses across the country.
Tracy Li
Digital cash 'a new payment option' for logistics industry

Going digital.

China's digital yuan can now be used to pay for logistics services in Hangzhou, as the country ramps up its efforts to make its digital currency more accessible.

Hangzhou Transfa, a major logistics hub in the capital of Zhejiang Province, on Wednesday launched a pilot e-yuan program.

Many merchants and shops in the zone displayed slogans like "Our store supports digital yuan payment."

This new form of currency has been used in payment for logistics orders, freight insurance, warehousing and leasing as well as parking.

In addition to logistics companies, the e-yuan's use has also expanded to upstream, downstream enterprises, drivers and truck owners.

With the increasing demand for payment and settlement, all participants in the logistics sector are thirsty for better security and traceability of funds, and the digital yuan is a good option, analysts say.

E-yuan is a central bank-backed digital currency. Last month, the People's Bank of China announced it would promote the research and development of the digital currency and expand the scope of its pilot program.

Guangzhou, Chongqing, Tianjin, Xiamen, Fuzhou and six cities in the coastal Zhejiang province have been added to the existing 10 pilot cities for e-yuan trial.

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