(Yicai) Nov. 7 -- A new hard wallet for digital yuan with visual functionality and additional payment methods was launched in Shenzhen today, with the enhancements expected to benefit foreign visitors and elderly users in particular, according to an announcement at the 18th Shenzhen International Financial Expo today.

Developed under the guidance of the People's Bank of China by the Shenzhen Institute of Financial Technology in collaboration with major commercial banks, this new version of the digital yuan hard wallet includes an added screen.

This screen allows users to view balances, transaction amounts, and payment codes in real time. It also adds a "scan-to-pay" feature to the existing “tap-and-go" option, potentially broadening the wallet's user base.

The update builds on the version released by the institute in April, which introduced “tap-and-go” functionality to the wallet.

As a lot of small merchants prefer to receive payments through scanned QR codes, so the "scan-to-pay" feature may make the wallet more widely accepted, thereby offering another convenient payment channel for overseas visitors to China, a banking industry source told Yicai.

It can also be a simpler payment option for elderly people living in China, the person added.

The e-yuan, a central bank digital currency project led by the PBOC, has been steadily progressing since its first pilot programs in 2020. It has undergone multiple trials across the country, with the aim of providing a secure, digital alternative to cash.

The e-yuan hard wallet can be obtained anonymously and it is easy to open an account.

Editors: Tang Shihua, Tom Litting