China’s largest food delivery service Meituan starts accepting digital yuan

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One of the largest companies in China, the market leader in the delivery of ready-made food, the Meituan service announced that it is starting to accept central bank digital currency for payment.

Customers are given the opportunity to link their e-CNY digital wallet to their Meituan app account. The other day, the service officially allowed more than two hundred of its offline sellers to accept the digital yuan.

With the help of large companies such as Meituan, the Chinese government is massively testing the state-owned cryptocurrency. The total volume of transactions in the digital yuan has so far reached 87.57 billion yuan ($13.68 billion).

The PRC completed the development of the CBDC back in 2019, and in two years, the People’s Bank of China (ZRY) has managed to significantly expand the use of the digital yuan. It is assumed that Beijing will fully launch the currency into circulation by the beginning of the Winter Olympic Games on February 4, 2022.

In late 2021, Jeremy Fleming, head of the UK Government Communications Centre, raised concerns about the digital yuan. e-CNY, in his opinion, can be used to collect information about users and control international transactions.

Meituan is China’s largest food delivery service provider, as well as online grocery sales, taxi bookings and hotel reservations. The number of clients is in the hundreds of millions. The number of transactions in the application of the company for 2021 exceeded 660 million. It is the third largest company in China by market capitalization ($170 billion), second only to Tencent and Alibaba.

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