Digital yuan transactions beat Visa at the Winter Olympics venue

According to reports, on the opening day of the 2022 Winter Olympics in Beijing, more transactions were conducted using China’s central bank digital currency than through Visa.

In a report from the Wall Street Journal on Wednesday, a person familiar with the matter said that digital yuan transactions significantly outpaced Visa on Feb. 4 at the Beijing National Stadium, the Bird’s Nest, the venue for the opening ceremony of the 34th Winter Olympics. However, many of the retail stores that allow payments using China’s central bank digital currency — the digital yuan — are outside the quarantine “bubble” for Olympic athletes, journalists and staff.

According to the report, people within the bubble can choose to pay for goods or services with cash, Visa, and digital RMB, and there are many vending machines that allow people to exchange legal tender for electronic RMB. Coupled with the possible intention of reducing contact between individuals in order to prevent the spread of the new coronavirus, it seems that the country's digital currency is surpassing Visa.

The Beijing 2022 Olympic Organizing Committee reportedly said: "Using digital RMB instead of cash payment can effectively reduce direct contact between people and reduce the risk of the spread of the new coronavirus."

Although many retailers in China generally accept payments using mobile apps such as Alipay and WeChat Pay, these methods are not allowed at the Winter Olympics due to an exclusive contract with Visa. The credit card company reportedly did not restrict digital yuan payment methods, possibly because it is awaiting approval for its domestic license application to operate in China.