Digital RMB Red Envelopes Are Here Again

Shenzhen and Suzhou issued consumption red envelopes, and there were more than 6,700 pilot scenarios across the country.

Digital RMB red envelopes are here again (Rui Finance)

Xu Junzuo (published by Xinhua News Agency)

After issuing digital RMB red envelopes in Shenzhen in October, the People's Bank of China issued another red envelope to Suzhou. On December 5, Suzhou’s digital RMB red envelope reservation officially began, and 20 million yuan in digital RMB consumption red envelopes will be distributed to eligible Suzhou citizens.

At present, there are more than 6,700 pilot scenarios for the implementation of digital renminbi across the country, and they will be further enriched in the future.

Test offline payment

This time, the People's Bank of China prepared 100,000 digital RMB consumption red envelopes for Suzhou consumers, each worth 200 yuan. Both the total amount and the number of red envelopes are twice that of Shenzhen.

Where can red envelopes be used? The digital RMB consumption red envelopes issued this time are combined with the "Double 12 Suzhou Shopping Festival" event and can be used at nearly 10,000 designated merchants in Suzhou, covering categories such as supermarkets, daily retail, catering consumption, and life services, covering all areas of the city. Core business districts and key industry supermarkets.

Suzhou also introduced online consumption scenarios for the first time. JD.com supports consumers to use digital renminbi to pay when purchasing self-operated products online, becoming the first online scenario in the pilot to access digital renminbi. In addition, JD.com has also jointly created a dedicated digital RMB payment scenario with Xiangcheng District of Suzhou City. Citizens with a delivery address in Xiangcheng District, Suzhou City can use digital renminbi to pay on delivery and experience the convenient payment service of digital renminbi without leaving home.

Suzhou consumers also have the opportunity to experience offline wallets, which is also a new highlight of this event. "This means that in this pilot activity, in a non-network environment, customers can use an App with digital RMB offline payment function to complete transfer or payment by 'touching' their mobile phone." Digital Currency Research Institute of the People's Bank of China Director Mu Changchun said.

“It is very important to introduce online scenarios and test offline payments. The expansion of online scenarios is more conducive to the further promotion and application of digital renminbi in the future, and offline payment is one of the characteristics that distinguishes digital renminbi from other mobile payment methods, which can better highlight Its advantages." Dong Ximiao said. Chief researcher of China Merchants United Finance.

Expand the scope of pilot projects

In October, the Shenzhen Municipal People's Government and the People's Bank of China launched a digital RMB red envelope pilot, issuing 50,000 "Luohu Digital RMB Red Envelopes" with a total value of 10 million yuan to individuals in Shenzhen. This is the first large-scale digital RMB pilot since the “public beta”.

By the end of the event, a total of 47,573 people had received red envelopes, accounting for 95.15% of the total number of awards; a total of 62,788 red envelopes had been issued, with an amount of 8.764 million yuan paid.

In order to support the circulation and use of digital renminbi during the pilot period, a total of 3,389 merchants in Luohu District, Shenzhen have completed digital renminbi system transformation, including shopping malls and supermarkets, daily services, daily retail, and catering consumption.

The banks that open the Shenzhen digital RMB wallet are the four major banks, Industrial and Agricultural Bank of China, Bank of China and China Construction Bank. On this basis, Bank of Communications and Postal Savings Bank were added to the Suzhou activities. Dong Ximiao suggested that the scope of test banks could be appropriately expanded in the future to include all six large commercial banks and small and medium-sized banks.

In addition to Shenzhen and Suzhou, according to previous announcements by the People's Bank of China, the digital renminbi will first conduct internal closed pilot tests in Xiongan, Chengdu, and future Winter Olympics scenes. In this regard, Dong Ximiao suggested that pilot cities can be expanded in an orderly manner. On the one hand, cities with rapid digital economic development such as Beijing-Tianjin-Hebei and the Yangtze River Delta can be added, including Beijing, Shanghai, and Hangzhou; on the other hand, western cities with relatively weak financial infrastructure such as Lanzhou, Urumqi, and Lhasa can be added.

Rich application scenarios

In the future, the application scenarios of digital RMB are expected to be further enriched. As of the end of August this year, more than 6,700 pilot scenarios have been implemented across the country, covering areas such as daily payment, catering services, transportation, shopping and consumption, and government services.

On December 7, UnionPay Commerce Co., Ltd. and the Digital Currency Research Institute of the People's Bank of China officially signed a strategic cooperation agreement to jointly study innovative applications of digital renminbi in offline payment scenarios and other fields, combined with UnionPay Commerce's existing business scenarios, based on digital renminbi and wallets The characteristics of the ecosystem will jointly promote the construction of the digital RMB ecosystem.

Previously, the Digital Currency Research Institute of the People's Bank of China has reached strategic cooperation with JD Digits, Didi Chuxing and other institutions to jointly promote the construction of a digital RMB pilot ecosystem. Dong Ximiao pointed out: "We can further enrich test scenarios, vigorously strengthen cooperation with all parties, accelerate digital RMB functional innovation, enrich online and offline scenario applications, and build a more complete digital RMB ecosystem."

It is worth noting that the Hong Kong Monetary Authority is working with the Digital Currency Research Institute of the People’s Bank of China to study technical testing of using digital renminbi for cross-border payments. In the future, the application of digital renminbi in cross-border payment scenarios is also worth looking forward to.

Yu Weiwen, President of the Hong Kong Monetary Authority, pointed out: "The use of RMB is very common in Hong Kong, China. The digital RMB is positioned as circulating cash, and its use will bring greater convenience to tourists from both places." Although there is currently no timetable for the launch of the digital RMB, I believe In the future, more payment options will be provided for residents of the two places who need cross-border retail shopping. (Reporter Xu Peiyu)

标签： #People #Numbers #Red Envelopes #Pilot #Suzhou