What is e-CNY ?
e-CNY is a legal tender in digital form issued by the People’s Bank of China (PBoC). It can be changed into physical renminbi cash in 1:1. e-CNY pilots have been conducted in a number of major cities on the Mainland since 2019.
The Hong Kong Monetary Authority (HKMA) and the PBoC have made further progress in the e-CNY pilot for cross-boundary payments, to expand the scope of e-CNY pilot in Hong Kong to facilitate the set up and the use of e-CNY wallets by Hong Kong residents, as well as the top-up of e-CNY wallets through the Faster Payment System (FPS). The e-CNY will provide an additional safe, convenient and innovative means of cross-boundary retail payments to residents in Hong Kong and the Mainland. It will also enhance the efficiency and user experience of cross-boundary payments, and promote the interconnectivity of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
User guide
Downloading and registration:
The name of the official application (App) is “e-CNY”. User can conduct keyword search of “e-CNY” or “數字人民幣” on the App store page (including Google Play and Apple App store), and then download and install the e-CNY wallet App.
Users can register with their Hong Kong mobile phone numbers and select e-CNY wallet operating institution (s).
Top-up procedures：
- Press “Top-up”
- Enter the top-up amount and press “Next”
- Choose “FPS” as the payment method
- Click “Pay” and select a supported bank in Hong Kong for making payment and the page will automatically switch to the mobile banking App selected by the user
- Select the bank account for withdrawal
- Follow the usual procedures for making payment to top up the e-CNY wallet.
In addition to RMB accounts, some banks support top-up with HKD accounts, directly exchange to RMB from HKD account. The exchange rate will be displayed to users for reference in real time.
Personal wallet limits#:
(RMB)
Wallet balance maximum limit: 10,000 Limit per transaction: 2,000 Daily cumulative payment limit: 5,000 Annual cumulative payment limit: 50,000 Note: e-CNY operating institutions can set limits not exceeding the above amounts based on their risk management. Users can also lower the limits of their e-CNY wallets according to their needs.
Usage：
Retail payments (person-to-person transfer are not allowed)
Participating institutions:
Four e-CNY wallet operating institutions participating in the e-CNY cross-boundary pilots in Hong Kong.
17 retail banks in Hong Kong providing top-up e-CNY wallet service via the FPS
Transaction inquiry:
Clicking on the note area on the homepage will flip the page. Select “Transaction records” and select individual transactions for details.
Redemption arrangement:
Users can go to designated branches1 of the wallet operating institutions’ subsidiaries in Hong Kong to redeem the balance of e-CNY in their wallets for cash.
# The pilot supports each Hong Kong mobile phone number to open an e-CNY personal wallet, which is a tier-4 wallet. e-CNY wallet has four tiers. Tiers 1 to 3 require real name authentication to open and provides higher transaction limits.
1Bank of China (Hong Kong: Bank of China Tower Branch, Causeway Bay Branch, Mong Kok Branch, Telford Plaza Branch, Yuen Long Branch and Tai Po Branch
Bank of Communications (Hong Kong): Central District Branch, Kowloon Branch and Tsuen Wan Branch
China Construction Bank (Asia): Central Consumer Branch, Kowloon Bay CCB Centre Consumer Branch and Tai Po Consumer Branch
Industrial and Commercial Bank of China (Asia): Wanchai Branch, Yaumatei Branch,Tseung Kwan O Branch and Tuen Mun San Hui BranchSmart Tips on Using e-CNY Wallet
Smart Tips on Using e-CNY Wallet
Make sure to download the official App “e-CNY” from App store (including Google Play and Apple App Store). e-CNY App can only be downloaded from App Store and will NOT be downloadable from a weblink.
To register for an e-CNY personal wallet in Hong Kong, it requires only a Hong Kong mobile phone number. After registration, user can choose the e-CNY wallets offered by the operating institution1. There is no need for a Mainland bank account and top-up can be made via the FPS.
The e-CNY wallets can only be used for cross-boundary retail payment2 but not “person-to-person transfer”. In the future, the e-CNY wallet may be upgraded to higher tiers with higher payment limits and broader range of functionalities when real-name verification will be supported by the e-CNY app.
In addition to the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), e-CNY wallets can also be used in other Mainland pilot cities.
Users can set up their login and payment passwords for their e-CNY wallets, enable or disable the small-value no-password payment function (“Quick Pay limit”) and set Quick Pay limit in a flexible manner for security purpose.
Should users have any questions about using e-CNY, please contact the relevant e-CNY wallet operating institutions or their Hong Kong subsidiary.
1 Currently, there are four e-CNY wallet operating institutions. Each mobile number can be used to set up a wallet with each of these four operating institutions and users can make their own decision.
2 Applicable to physical stores including chain retail stores, restaurants, supermarkets and some online shops.
Related Information
Press Release(s)
Expanding the cross-boundary e-CNY pilot in Hong Kong
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