The growth rate of digital RMB to public wallets exceeds 150%, and the application scenarios are gradually increasing

Mobile payment network news: On April 2, the third batch of pilot areas for digital renminbi was announced, adding 11 new cities. At present, many people are more concerned about digital RMB personal wallets, and express “some injuries” to public wallets. In fact, digital renminbi is also “growing rapidly” for public wallets.

According to data released by the central bank, as of June 30, 2021, more than 3.51 million digital renminbi have been opened to public wallets; as of October 22, 2021, a total of 10 million public wallets have been opened. In less than four months, its growth rate was as high as 184.90%.

Although the central bank has not released the latest data, it can be speculated that its growth rate is considerable. The clues can be seen from the public wallet data published by some banks or regions.

The growth rate of digital RMB to public wallets exceeds 150%, and the application scenarios are gradually increasing

Bank level:

As of the end of June 2021, among the more than 3.51 million corporate wallets across the country, CCB’s 1.19 million and ICBC’s 700,000 combined account for more than 50%, both of which are at the forefront of digital RMB operating agencies. 

In the two months from the end of June to August 29, 2021, the growth rate of ICBC’s public wallets exceeded 170%.

Regional level:

By the end of 2021, Beijing has over 1.3 million public wallets.

From the end of June to the end of October 2021, the number of public wallets in Changsha increased from about 130,000 to 230,000, a growth rate of about 77%.

From October 22, 2021 to February 10, 2022, within more than three months, the number of public wallets in Xi’an increased from 817,900 to 1,565,100, an increase of over 91%.

Hainan’s growth is even more impressive. From the end of the third quarter of 2021 to the end of 2021, in just one quarter, the number of public wallets increased from 235,600 to 647,500, a growth rate of 174.83%.

There are more digital renminbi operating agencies and pilot areas that have not announced or updated the number of public wallets, but more and more relevant information shows that many companies have greater interest and willingness to try digital renminbi public wallets. 

In the areas where the digital RMB pilot work has been carried out, the public wallet plays a role in more application scenarios, such as paying insurance fees, distributing project construction funds, paying taxes, housing provident fund business, salary payment, corporate payment, etc.

Pay insurance premiums

In March 2022, Ms. Chen, a financial officer working in the Xiangcheng District Resort (Yangcheng Lake Town), Suzhou City, Jiangsu Province, successfully paid the agricultural insurance fee to the insurance company by logging into the ICBC Internet Banking and using the digital renminbi to the public wallet, marking the sign of Jiangsu Province. The first successful use of digital RMB to pay agricultural insurance fees.

Disbursement of project funds

On March 25, 2022, three projects in Suzhou were successfully issued through digital renminbi. This is the first domestic settlement transaction of digital renminbi to pay for engineering payments. The payer pays the public wallet through ICBC digital RMB. The settlement of the project involves three payments of project payment, project management fee, and entrusted management fee totaling RMB 554,950. Transfer transactions are realized through the digital RMB wallets of ICBC and CCB.

pay tax

On March 22, 2022, Ledong County, Hainan Province held a signing ceremony for the centralized payment of digital renminbi tax by banks, taxation and enterprises. Ledong County Taxation Bureau, Industrial and Commercial Bank of China Ledong Sub-branch, Agricultural Bank of China Ledong Sub-branch, Bank of China Ledong Sub-branch, Postal Savings Ledong Sub-branch and more than 20 enterprises signed a digital RMB tax payment agreement for banks, tax companies, and enterprises.

In January 2022, Zeng Yan, the financial director of Hunan Vault Garden Co., Ltd., used digital RMB to pay taxes of 4,502.35 yuan through the Hunan Provincial Electronic Taxation Bureau. This is the first successful application of the online tax payment scene on the digital renminbi tax end in Changsha, marking that Changsha has realized the entire process and scene of digital renminbi tax payment.

Housing Provident Fund Business

In July 2021, Sichuan Provincial Housing Provident Fund Management Center and Chengdu Jincheng Sub-branch of China Construction Bank officially launched the provident fund digital renminbi to public wallet business, and successfully completed the first housing provident fund withdrawal business using digital renminbi to withdraw provident fund for the deposit employee Ms. Li Repay the loan principal and interest of 251,800 yuan. The handling of this business marks the successful implementation of the first pilot digital RMB application scenario for housing provident fund business in Sichuan Province.

salary giving

In May 2021, the Changsha Municipal Bureau of Finance, through the Bank of China, distributed salaries to all employees of the Kaifu Branch of the Changsha Public Security Bureau in the form of digital renminbi, and the first digital renminbi salaries of the budget units in Changsha were distributed. 

In January 2021, JD.com will pilot digital renminbi salaries, and distribute the first batch of digital renminbi salaries to some employees resident in Shanghai, Shenzhen, Chengdu, Changsha, and Xi’an. 

business payment

In the enterprise payment scenario, JD.com used digital yuan to pay two suppliers in January 2021. At the same time, it realized the inter-bank settlement of digital renminbi, that is, JD.com made a public settlement with the digital renminbi wallet opened by Ziguang Digital in the Bank of China through the digital renminbi wallet opened in the Bank of Communications.

The third batch of pilot areas for digital renminbi has been announced. With the expansion of the scope and the deepening of the pilot, the number of digital renminbi personal wallets and the number of public wallets will usher in greater growth in the future.

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