Promoting Financial Innovation? Bank of China Launches "One Family on Both Sides of the Taiwan Strait" Digital RMB Hardware Wallet

On January 18, 2024, during an innovative fintech event held in Fuzhou, Fujian, China, the Bank of China unveiled the nation's first "Cross-Strait Unity" digital RMB hardware wallet. This could bring a certain level of convenience to tourists who do not have Chinese electronic payment wallets.

Bank of China: Accelerating Cross-Strait Financial Integration, Enhancing Payment Convenience

Due to the geographical proximity and historical connections between Fujian and Taiwan, Bank of China Fujian Branch has taken the lead in continuously innovating in the application scenarios of digital RMB, enabling over 80% of merchants in Fuzhou to support digital RMB hardware wallet payments, thus improving the payment experience for visitors from Taiwan.

Digital RMB Hardware Wallet

The "hardware wallet" is a new type of hardware for digital RMB, similar to a stored-value card that stores the national legal currency of China. Bank of China stated that this technology not only embodies security, but also cleverly combines cultural elements such as Chinese knots and auspicious clouds, and incorporates iconic architectural designs from Fujian and Taiwan, highlighting the beautiful meaning of "Cross-Strait Family".

Providing More Convenience for Taiwanese People, Promoting Improved Quality of Life

According to Bank of China staff, Taiwanese visitors to Fujian can easily apply for their own digital RMB hardware wallet after entering the region, not only solving the problem of inconvenient payments, but also providing convenient resident subsidies for local Taiwanese residents and serving as a certified carrier for government consumption red packet distribution.

Looking to the Future, Promoting Financial Service Popularization and Convenience

Bank of China Fujian Branch stated that it will focus on meeting the daily payment needs of the public and continuously promote the popularization of digital RMB in Fujian. The goal is to cover various areas such as daily consumption, living expenses, transportation, education, healthcare, culture, tourism, and government services, promoting the convenience and popularization of financial services and further advancing the integration and development of Fujian and Taiwan.

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