59.25 million yuan of red envelopes raining down on Beijing and Shanghai digital RMB landing speed up

Recently, Beijing and Shanghai released the news one after another to launch a new round of digital RMB pilot activities, and a total of 59.25 million RMB in red envelopes will be issued.


Digital RMB is attracting more and more public attention. As the pilot continues to expand and application scenarios increase, digital RMB is gradually coming into people’s lives.

Recently, Beijing and Shanghai released news one after another to launch a new round of digital RMB pilot activities, which will give out a combined bonus of 59.25 million RMB.

An Guangyong, an expert from the credit management committee of Allianz M&A Guild, told the Securities Daily that the successive launch of digital RMB red packets means that the government will increase its efforts to promote the use of digital RMB.

A total of 260 million yuan of digital RMB has been issued

On June 2, the Beijing Municipal Local Financial Supervision Bureau issued a news release, saying that in order to accelerate the construction of the digital RMB acceptance environment for the Beijing Winter Olympic Games, and in conjunction with the arrangements for the 2021 Beijing Consumption Season, Beijing launched the “Jingcai Strivers Digital Carnival” digital RMB pilot activity on June 5. It is understood that this is the second batch of digital RMB red packets issued by Beijing, with a scale of 200,000 copies, each of which is 200 RMB. In other words, Beijing will issue 40 million yuan of red envelopes this time.

On June 5, the Central Bank’s Shanghai headquarters, together with the Shanghai Municipal Commission of Commerce and the Municipal Local Financial Supervision Bureau, decided to launch the “Digital RMB 5-5 Happy Shopping” bonus campaign during the “5-5 Shopping Festival”, and will issue 350,000 digital RMB red envelopes of RMB 55 yuan each. This means that Shanghai will issue 19.25 million yuan of red envelopes this time.

The Securities Daily reporter noted that for this year’s “Cinco de Mayo Shopping Festival”, Shanghai and Suzhou are linking up to conduct a digital RMB pilot, which is the first pilot test of the linkage model in other places in China.

Financial technology expert Su Xiaorui told the Securities Daily that the multi-location pilot shows that the pilot is expanding to all parts of the country in an orderly manner; on the other hand, it shows that the digital RMB has adopted market-oriented means in its promotion, exploring innovative and pro-people ways to gain the recognition of the majority of users, which can play a role in the circulation of the digital RMB in the retail market and also expand the influence of the digital RMB in the domestic payment industry.

The Securities Daily reporter found that since last year, several cities such as Beijing, Shanghai, Shenzhen, Suzhou, Chengdu and Xiong’an have been piloting digital RMB. According to public statistics, the cumulative amount of digital RMB red envelopes issued nationwide has reached 260 million yuan so far.

The number of operating institutions supported by the digital RMB wallet has increased to 7, including ICBC, Agricultural Bank, Bank of China, Construction Bank, Bank of Communications, Postal Savings Bank, and Neteller Bank (Alipay).

So far, the scope of the digital RMB pilot covers online and offline transaction scenarios. For example, since the launch of the digital RMB pilot in Shanghai, digital RMB channels have been opened in hospitals, subways, campuses, properties, parking, education and other scenarios.

Su Xiaorui told reporters that it seems that the digital RMB pilot scenarios are being promoted both by institutions and by industries and communities, a series of signs that digital RMB is penetrating all walks of life and millions of households, and the implementation is expected to accelerate.

Digital RMB has become the focus of bank promotion

The reporter visited a number of banks in Beijing, and the staff all told the reporter that the promotion of digital RMB is now the focus of banks, and more and more merchants and consumers have opened digital RMB wallets.

The reporter noted that the current digital RMB pilot in Beijing is mainly focused on the Winter Olympics scenario. For example, last year, the first digital RMB subway ticket was unveiled on the Beijing subway Daxing Airport Line. In addition, the “Digital Wangfujing, Ice and Snow Shopping Festival” digital RMB bonus pilot campaign launched in Beijing in February this year is mainly focused on the Winter Olympics travel scenario, including ice and snow sports, Winter Olympics food, housing, transportation, travel, shopping and entertainment scenarios.

So how is the actual experience of using digital RMB? The Securities Daily reporter interviewed a number of random consumers, most of whom said they did not understand and could not distinguish the difference between digital RMB and platforms such as Alipay and WeChat.

“I experienced digital RMB on the bank app and felt the experience was similar to WeChat and Alipay. However, there are still too few scenarios where you can use it.” A consumer said to the Securities Daily reporter.

For some personal users to reply to this aspect of experience, An Guangyong told reporters, “In the future, digital RMB will play an important role for macro areas, such as cross-border trade, settlement, etc.. But for individual users, its impact is limited and will not have too much impact on the life of the general public.”

An Guangyong said because the digital RMB has basically the same functions as the paper RMB. And the public has long been accustomed to using Internet platforms such as Alipay and WeChat Pay to conduct transactions. So for individual users, the use of digital RMB is still unfamiliar at the moment.

For the subsequent development of digital RMB in terms of scenario and promotion. Su expects that the digital RMB will be further expanded in the scenarios of public payment, corporate commerce and government services.

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