Digital RMB “pulling in the new” 6 cities combined to issue 240 million red packets

240 million red packets were claimed by approximately 1.44 million people.

Digital RMB "pulling in the new" 6 cities combined to issue 240 million red packets

Author | Wang Shengyu

When you check out at the supermarket, take out your cell phone and the clerk sweeps the code to collect money, not just from WeChat or Alipay, but from the digital RMB app.

To help promote the popularity of digital RMB, Beijing is issuing 200,000 digital RMB bonus packs through the “Jingcai Platform” to consumers who successfully register and win, which can be used at nearly 2,000 designated merchants in Beijing. This is the second round of “red packet rain” issued by Beijing to promote digital RMB.

According to the statistics of “Chain New”, counting the current round of digital RMB promotion in Beijing, a total of 240 million yuan of digital RMB red envelopes have been distributed in 6 cities or regions nationwide.

Red packet distribution to “pull in the new”
Beijing has started a new round of “pulling in new” digital RMB users.

The Beijing Municipal Bureau of Local Financial Supervision released a news release saying that Beijing will launch the “Jingcai Kampf Digital Carnival” digital RMB pilot campaign on June 5.

The organizer will distribute 200,000 digital RMB red packets, each amounting to RMB 200, to consumers who have successfully registered and won through the “Jingcai Platform”, which can be used at nearly 2,000 designated merchants in Beijing without any threshold.

Digital RMB is a digital form of legal tender issued by the People’s Bank of China, or simply put, a digital form of cash.

Mu Changchun, director of the Central Bank’s Digital Currency Research Institute, has also given a clear definition that “its functional properties are exactly the same as those of banknotes, except in digital form” and that “it is a digital payment tool with value characteristics”.

According to the Beijing Municipal Bureau of Finance, this activity is to “accelerate the construction of the digital RMB acceptance environment for the Beijing Winter Olympic Games”, and is a regular test during the development of the digital RMB, a useful attempt to implement Beijing’s “two zones” policy and steadily promote the pilot application of legal digital currency.

On February 7, Beijing Dongcheng District held the “Digital Wangfujing Ice and Snow Shopping Festival” and distributed a total of 50,000 digital RMB red envelopes of 200 RMB each. These red packets can only be spent at designated Wangfujing merchants and in the Jingdong Mall event area.

Compared with the February event, more areas in Beijing participated in this round of promotion, and the number of merchants reached 2,000.

On May 27, Cai Qi, Secretary of the Beijing Municipal Party Committee, emphasized at a lecture on building a new development pattern held at the municipal party committee’s theoretical study center group study (expansion) session, “Support the exploration of new scenarios, new business models and new modes geared towards digital trade, such as digital RMB.”

In addition to Beijing, digital RMB pilot promotion activities have been opened in several cities one after another.

On May 31, 300,000 Changsha citizens received digital RMB red envelopes totaling 40 million yuan after 1,342,000 people made reservations for the lottery.

Shenzhen has conducted three rounds of digital RMB red packet distribution as of February this year, with a total amount of 50 million RMB.

In February, Chengdu, a digital RMB pilot city, issued 200,000 digital RMB red envelopes totaling RMB 40 million.

The digital RMB pilot cities have now been expanded to Shenzhen, Suzhou, Chengdu, Xiong’an and the Beijing Winter Olympics scenario, Shanghai, Changsha, Hainan, Qingdao, Dalian, Xi’an and other cities.

According to “Chain New”, counting the upcoming activities in Beijing, a total of 240 million yuan of digital RMB red envelopes will be distributed in 6 regions including Beijing, Changsha and Shenzhen for the promotion of digital RMB, involving more than one million people.

Digital RMB app is still in internal testing stage
In the experience, the reporter of “Chain New” found that there are two channels for individuals to open digital RMB accounts now.

One is through bank branches such as ICBC, Construction Bank, Bank of Communications, Agricultural Bank, Bank of China and Postal Savings Bank, or online through each bank’s client.

The digital RMB test wallet is available on the ICBC mobile banking app, for example.

The other way is by downloading the Digital RMB App, which allows you to open digital RMB accounts directly with the six major banks.

But the digital RMB APP is still in beta stage, not on the major application market. A bank employee said that if you want to download the app, you can only do so through the invitation QR code provided by the bank employee.

The digital yuan APP is easy to open and does not require the user to have a corresponding bank account, or even real name authentication if only making small payments.

The Digital RMB App is a separate wallet specifically for digital RMB, and users can bind their digital RMB wallet accounts opened by each bank. The bound account will show the current balance in the account, and you can make payments, transfer money, and receive money directly through the Digital RMB App.

During the use of the app, the reporter found that screenshots of the digital RMB app pages are not available for privacy purposes.

When transferring money between digital RMB accounts, you only need to enter the other party’s cell phone number to complete the transfer, and there is no fee. In addition, users can bind bank cards of six supported banks on the Digital RMB App and can make free interbank transfers directly through Digital RMB, a function similar to the personal account transfer function launched by some banks, but without the need for the corresponding bank to sign a transfer agreement.

According to She Yunfeng, an analyst at MobilePayment.com, the “sub-wallet” model is the main form of online merchant expansion for digital RMB, with more than 20 merchants supported by the sub-wallet, including transportation, e-commerce platforms, travel booking, lifestyle services, video membership, fuel charging, express payment and many other application scenarios.

After opening the sub-wallet function of Jingdong platform, the reporter found that the option of digital RMB payment was added in the payment settlement.

Still in the early stage of promotion, banks have a heavy task of “pulling in the new”
The reporter visited several large shopping centers in Beijing and found that some large supermarkets and restaurant chains in Beijing have already opened the digital RMB payment function, but most merchants are still not aware of digital RMB payment.

A supermarket cashier revealed that the percentage of digital RMB payment is not very high, but for their collection operation, “it’s basically the same as Alipay WeChat, it’s not complicated at all”.

When experiencing the use of digital RMB payment in one of the supermarkets, the cashier repeatedly asked the reporter if he could use WeChat or Alipay. It seemed that he was not too familiar with this new payment method, even though receiving digital RMB was not any different from his previous operation.

The reporter of “Chain New” learned that the six banks that currently have access to digital RMB are now vigorously promoting the opening of digital RMB accounts.

A bank staff revealed that the task of promoting digital RMB is “very heavy” now. In addition to helping customers who come to bank branches to open the accounts, bank staff can also come to the bank to guide the opening of digital RMB accounts if there is a large volume of demand from enterprises.

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