Hardware wallet gains popularity in China

The e-CNY hard ware is put into use. (Photo by Chen Cai/People's Daily)

The e-CNY hardware wallet is now used by ordinary Chinese folks. The first hardware wallet for public was seen at the 2022 China International Fair for Trade in Services (CIFTIS) held in Beijing recently.

Without any App or bank cards in sight, people can use the digital wallet to eat and buy with a single “touch”. It can even be used to ride a bike, take a bus or subway in the future .

The hardware wallet, or low-carbon e-CNY card, is issued by the Bank of China and Meituan. It can be applied to consumption online and offline. With simplified payment steps in the near future, it’ll be more convenient to the elderly, children and others in need.

The e-CNY wallets can be classified into software ones and hardware ones. The software wallet provides services with mobile payment apps, software development kits (SDKs), or application program interfaces (APIs).

On the contrary, hardware wallets rely on security chips and other technologies, so IC cards, cell phone terminals, wearable devices, or IOT devices are often needed.

Analysts pointed out the software wallet is more convenient as it can be applied in many cases. The software wallet would thus be a major means of payment, with the hardware one a supplement.

Source: People’s Daily; Trans-editing by Wang Yunya