MK socks supports a wide range of merchants without requiring additional equipment, protects privacy with anonymous applications, and integrates secure technology for safe, convenient transactions. Photo: Screenshot from Xinhua" src="https://www.globaltimes.cn/Portals/0/attachment/2024/2024-11-07/f64775ca-1f87-4f00-89b4-33893d9df8f5.jpg" />

A digital yuan’s visual hard wallet includes a display for easy balance and payment tracking, supports a wide range of merchants without requiring additional equipment, protects privacy with anonymous applications, and integrates secure technology for safe, convenient transactions. Photo: Screenshot from Xinhua

The innovative digital yuan visual hard wallet was launched at the 18th Shenzhen International Financial Expo on Thursday, introducing a safer and more accessible way to use of the digital currency.

The digital wallet enables both "tap-to-pay" and "scan-to-pay" options, letting merchants accept payments on POS machines, scanners and mobile devices,developed and launched by multiple Chinese banks and financial institutions, as domestic news outlet Yicai reported.

"The digital yuan utilizes blockchain technology to provide a unique identifier for each unit, ensuring traceable and secure transactions from issuance to circulation, minimizing misuse risks," Cong Yi, a professor at the Tianjin School of Administration, told the Global Times on Thursday.

The visual hard wallet includes a display for balance and payment details, supports merchants without requiring new hardware, enables privacy through anonymous use, and incorporates secure tech for convenient, safe transactions, according to a staff from Shenzhen Fintech under the Research Institute of the People's Bank of China.

Cong noted that the security, convenience, and traceability of the digital yuan make it especially suitable for cross-border e-commerce and anti-fraud applications.

"The digital yuan's features are particularly beneficial for aged people, foreign investors, and international visitors to China, supporting its broader global use," he said.

In 2021, the digital yuan hard wallet made its debut in pilot applications. Up to now, digital yuan has integrated with the HarmonyOS system, making services accessible without requiring a dedicated app. In public transport, the digital yuan hard wallet payments have been used in the metros and busses in cities such as Qingdao, East China's Shandong Province.

In March, the State Council issued a notice on further optimizing payment services to facilitate payments, with the aim to enhance payment quality, efficiency, and convenience for seniors and foreign visitors.