The Macau SAR Government has launched a prototype system for the Digital Macau Pataca (e-MOP). Secretary for Economy and Finance Lei Wai Nong stated that, with the strengthening of financial cooperation in the Greater Bay Area, the legal digital currency sector is expected to achieve interoperability in the future.
Lei believes that the launch of the e-MOP prototype will be particularly important for coordinating and connecting the Digital Macau Pataca with the digital renminbi and the digital Hong Kong dollar. Such advancements will create more opportunities for cross-border payments and further promote economic integration within the Greater Bay Area.
While the Macau Pataca is the official currency in Macau, the Hong Kong dollar is commonly used for gaming activities in the city. Meanwhile, the renminbi is the official currency of mainland China, where many of Macau’s main gamblers originate.
At a press conference, Monetary Authority of Macau Chairman Chan Sau San explained that the Digital Macau Pataca will be recognized as legal tender, just like physical currency, and cannot be refused for payment. He also noted that two types of wallets will be launched: a “soft wallet” and a “hard wallet.”
The hard wallet will take the form of a card and feature self-service exchange machines that support the Macau Pataca and various foreign currencies for cash top-ups. The soft wallet will come in different levels and support functions such as value storage, transfers, and QR code payments. Both options can be linked or topped up via card tapping or transfers, making them user-friendly for elderly individuals and children.
Chan emphasized that one of the key advantages of the Digital Macau Pataca is its ability to allow merchants to achieve instant settlement, improving operational efficiency for small and medium-sized enterprises.
In the initial phase, the focus will be on retail applications. As financial infrastructure and technology continue to improve, future research will explore its potential in the wholesale sector.
Additionally, the Monetary Authority will explore integrating the Digital Macau Pataca with the digital renminbi and digital Hong Kong dollar, enabling real-time cross-border transactions and further reducing time and costs for consumers.
