DBS has launched a new solution that allows merchants in China to collect money payments
payments
One of the foundations of the means of exchange in the modern world, payment is the transfer of legal currency or its equivalent from a counterparty for goods or services to another entity. The payments industry has become a staple of modern commerce, although the players involved and the means of exchange have changed dramatically over time. premium. The most common
One of the foundations of the means of exchange in the modern world, payment is the transfer of legal currency or its equivalent from a counterparty for goods or services to another entity. The payments industry has become a staple of modern commerce, although the players involved and the means of exchange have changed dramatically over time. premium. The most common
Read this term Using e-CNY, the country’s central bank digital currency (CBDC). The banking giant also completed the first transaction of a customer, a Shenzhen-based catering company, on the new platform.
In addition, the Singapore-based banking and financial services company outlined some of the benefits of the new service in today’s (Wednesday) announcement.
The e-CNY merchant collection solution allows merchants to automatically settle payment transactions into their e-CNY bank deposit accounts. The service works even with limited internet connection and enables merchants to settle their financial reports. DBS explained that the reports can be accessed through the bank’s digital platform.
“By seamlessly integrating the CBDC collection and settlement method into our customers’ existing payment system, it will help position their businesses in the digital future as consumers in China use e-CNY for their daily activities,” commented Ginger Cheng, CEO of DBS. bank in China. “This demonstrates our dual commitment to making banking enjoyable for our customers while actively supporting the development of financial market innovation in China.”
Since e-CNY was launched in China, CBDCs have seen steady user adoption. According to data shared by DBS, more than 13 billion CNY are in circulation. DBS said the currency is currently accepted in 26 cities and 17 provinces in China, and numbers are expected to grow.
Growing CBDC Adoption?
A central bank digital currency is a digital currency developed and regulated by central banks as a digital representation of fiat currencies. Unlike cryptocurrency, which is decentralized, a central bank digital currency is centralized and backed by central bank reserves.
DBS is one of the financial institutions selected by the Monetary Authority of Singapore (MAS) for asset testing coding
coding
Tokenization is the process of replacing a sensitive data element with an insensitive equivalent, i.e. a token, which does not carry any external or exploitable value or meaning. In essence, the equity of an asset is converted into a digital token. Markup can be used to own a whole unit of an asset. For example, one token representing ownership of a piece of real estate or to divide ownership of one unit out of an asset like 200,000 tokens, each represented by
Tokenization is the process of replacing a sensitive data element with an insensitive equivalent, i.e. a token, which does not carry any external or exploitable value or meaning. In essence, the equity of an asset is converted into a digital token. Markup can be used to own a whole unit of an asset. For example, one token representing ownership of a piece of real estate or to divide ownership of one unit out of an asset like 200,000 tokens, each represented by
Read this term and decentralized finance (DeFi). Dubbed Project Guardian, Singapore aims to replicate DeFi’s success in blockchain technology and how big banks can implement it.
MAS also creates interoperable networks for digital assets. The regulator recently issued a framework on measures needed to ensure networks are secure and efficient. In addition, MAS recently revealed new measures for digital payment token service providers, Finance Magnates reported.
DBS has launched a new solution that allows merchants in China to collect money payments
payments
One of the foundations of the means of exchange in the modern world, payment is the transfer of legal currency or its equivalent from a counterparty for goods or services to another entity. The payments industry has become a staple of modern commerce, although the players involved and the means of exchange have changed dramatically over time. premium. The most common
One of the foundations of the means of exchange in the modern world, payment is the transfer of legal currency or its equivalent from a counterparty for goods or services to another entity. The payments industry has become a staple of modern commerce, although the players involved and the means of exchange have changed dramatically over time. premium. The most common
Read this term Using e-CNY, the country’s central bank digital currency (CBDC). The banking giant also completed the first transaction of a customer, a Shenzhen-based catering company, on the new platform.
In addition, the Singapore-based banking and financial services company outlined some of the benefits of the new service in today’s (Wednesday) announcement.
The e-CNY merchant collection solution allows merchants to automatically settle payment transactions into their e-CNY bank deposit accounts. The service works even with limited internet connection and enables merchants to settle their financial reports. DBS explained that the reports can be accessed through the bank’s digital platform.
“By seamlessly integrating the CBDC collection and settlement method into our customers’ existing payment system, it will help position their businesses in the digital future as consumers in China use e-CNY for their daily activities,” commented Ginger Cheng, CEO of DBS. bank in China. “This demonstrates our dual commitment to making banking enjoyable for our customers while actively supporting the development of financial market innovations in China.”
Since e-CNY was launched in China, CBDCs have seen steady user adoption. According to data shared by DBS, more than 13 billion CNY are in circulation. DBS said the currency is currently accepted in 26 cities and 17 provinces in China, and numbers are expected to grow.
Growing CBDC Adoption?
A central bank digital currency is a digital currency developed and regulated by central banks as a digital representation of fiat currencies. Unlike cryptocurrency, which is decentralized, a central bank digital currency is centralized and backed by central bank reserves.
DBS is one of the financial institutions selected by the Monetary Authority of Singapore (MAS) for asset testing coding
coding
Tokenization is the process of replacing a sensitive data element with an insensitive equivalent, i.e. a token, which does not carry any external or exploitable value or meaning. In essence, the equity of an asset is converted into a digital token. Markup can be used to own a whole unit of an asset. For example, one token representing ownership of a piece of real estate or to divide ownership of one unit out of an asset like 200,000 tokens, each represented by
Tokenization is the process of replacing a sensitive data element with an insensitive equivalent, i.e. a token, which does not carry any external or exploitable value or meaning. In essence, the equity of an asset is converted into a digital token. Markup can be used to own a whole unit of an asset. For example, one token representing ownership of a piece of real estate or to divide ownership of one unit out of an asset like 200,000 tokens, each represented by
Read this term and decentralized finance (DeFi). Dubbed Project Guardian, Singapore aims to replicate DeFi’s success in blockchain technology and how big banks can implement it.
MAS also creates interoperable networks for digital assets. The regulator recently issued a framework on measures needed to ensure networks are secure and efficient. In addition, MAS recently revealed new measures for digital payment token service providers, Finance Magnates reported.
