While China's central bank digital currency (CBDC), the digital yuan, undergoes technological and business model upgrades, wallet providers should facilitate payment options in all retail scenarios.

This is according to a statement issued on September 3 by Changchun Mu, director of the People's Bank of China's Digital Currency Research Institute.

Mu claimed the digital yuan has "undergone a major upgrade" in terms of its "organizational forms" and business model in a speech at the annual China International Service Trade Fair. It is now the turn of the payment tools to be improved.

Mu cited commercial banking platforms including as WeChat and Alipay, reminding them of their regulatory obligations. According to Mu, platforms can focus on introducing QR codes for the CBDC in the short future while enhancing payment tools in the long run.

In addition, the official mentioned wholesale payments. According to Mu, there is no need to fundamentally overhaul the current interbank payment and settlement systems; simply incorporating the CBDC payment option will suffice.

During the lecture, however, no technical specifics of such integration were mentioned.

Sources:

https://cointelegraph.com/news/bank-of-china-digital-yuan-payment-option-must-be-offered-in-retail-scenarios

https://crypto-news.webpkgcache.com/doc/-/s/crypto.news/chinese-central-bank-exec-aims-for-digital-yuan-retail-expansion/

https://www.thepaper.cn/newsDetail_forward_24472433