(FT) China has asked McDonald’s to expand its adoption of a digital payments system, renminbi, ahead of the Beijing Winter Olympics.
The Chinese regulator wants the food chain to expand its digital wallet payment system and roll out beyond the 270 locations in Shanghai in its initial plan.
Beijing has been reportedly pushing US companies to have systems that allow their customers in China to make payments using e-renminbi before the Winter Olympics games begin in February.
Visa and Nike are the other companies facing pressure to follow suit as China moves to have the e-currency get wider adoption.
Critics maintain that the US authority should focus on data security concerns around the new e-currency, which China could use to strengthen its surveillance capabilities.
E-renminbi is a digital currency issued by the People’s Bank of China to enable users to complete digital transactions using mobile phone applications.
MCD: NYSE is down -0.63%.
