The pilot version of the official digital yuan (e-CNY) wallet has become the most downloaded smartphone program in local mobile app stores.
Launched in app stores on January 4, the digital yuan wallet became one of the most downloaded apps on Android and Apple devices in China the very next day, according to analytics platform App Annie.
The number of downloads for the e-CNY wallet, which so far only operates in 11 cities, has exceeded the downloads of the WeChat app. The most popular Chinese mobile payment messenger from Tencent Holdings remained the most popular iOS app in the PRC.
The digital yuan wallet, developed by the People’s Bank of China’s Digital Currency Research Institute (PBoC), held the top spot until January 8, before dropping to second place, beaten by video streaming service Kuaishou, a major competitor to TikTok.
Analyst firm Qimai reported that by Monday, January 10, the e-CNY wallet remained the second most popular financial app in the Xiaomi store. However, in the Huawei store on Monday, the app was only 43rd. Both stores are popular with Android users in mainland China, where Google Play is blocked.
Not all Chinese residents can download the wallet app. The user must be physically located in one of 11 cities: Shenzhen, Suzhou, Xiongan, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, and Dalian. The app is also available at the venues of the Winter Olympics.
In October 2021, Mu Changchun, chairman of the National Bank’s Digital Currency Research Institute, announced that China and Hong Kong are launching a second phase of testing their state digital currency. The institute clarifies that digital wallets will be limited in terms of transaction volume, depending on the level of detail provided by the user.
