China’s e-CNY, piloted in 2019, has positioned the country as a leader in central bank digital currencies (CBDC). Growth has been impressive, especially following the launch of its mobile app in 2022. By June 2023, the digital yuan had been used for 950 million transactions, amounting to some Rmb1.8 trillion ($253 billion).
However, domestic penetration remains very low, with e-CNY representing a mere 0.16% of cash in circulation, according to PwC. WeChat Pay and Alibaba’s Alipay dominate the e-payment space, together accounting for 954 million users and more than 95% of the mobile wallet market in China.
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