According to Shanghai Daily, Shanghai New World City and New World Daimaru Department Store, and Taikang Food Store processed thousands of yuan digital transactions over the weekend.
Chinese banks pilot digital yuan at Shanghai department stores
As part of an experiment, retailers introduced digital yuan payments as part of a sales campaign in conjunction with International Women’s Day.
Shanghai New World brand manager Li Wei said the company contacted commercial banks for discounts as part of the campaign:
“We have worked to upgrade the digital payment module ahead of the trial program, and we believe it offered extra stimulus for shoppers on top of the existing sales campaign.”
Major Chinese banks including the Media Bank and China Construction Bank have participated in the experiment by providing retailers with virtual coupons to reward customers paying in RMB. digital. Specifically, the Media Bank gave a 100-yuan ($ 15) coupon to 6,500 local shoppers, while China Construction Bank gave a 150-yuan ($ 23) coupon to 2,000 individuals when they purchase over 380 yuan ($ 58).
Participants are supposed to go to pre-selected local branches of the bank to sign up for a trial and add a digital yuan app on their smartphones.
A Shanghai office worker in her late 40s surnamed Xu paid about 1,200 yuan ($185) for a skincare set this morning:
“The payment procedure takes no more effort than other existing third-party services, and it wouldn’t hurt to try to use the payment method at other places.”
Bank of Communications gave 6,500 local shoppers 100 yuan worth of virtual coupons to use when they pay with the Digital Currency/Electronic Payment (DCEP), China’s official digital currency.
China Construction Bank offered 150 yuan worth of coupons to 2,000 people when they made purchases of more than 380 yuan. Participants were required to visit pre-selected local branches of the bank to apply for the e-wallet’s trial use and add a DCEP application to their smartphones. The digital coupons will be added to their virtual wallets for offline payments.
According to local media reports, the e-currency payment process is similar to popular third-party payment services such as Alipay and WeChat Pay. People simply show a barcode from the app to be scanned by cashiers.
As Shanghai continues to accelerate the pilot of the digital yuan, the city is likely to adopt a new payment option at all stores on the Nanjing Walkway during the upcoming shopping season at the beginning of the month. 5.
China initially launched CBDC tests in four regions – Shenzhen, Suzhou, Xi’an, and Chengdu – in April 2020, and then expanded the pilot to Shanghai, Hainan, and Trường Sa. Qingdao, Dalian, and Xi’an as part of the 2021 agenda.
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