April 11, 2021

Chinese banks pilot digital yuan at Shanghai department stores

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Shanghai’s New World City and New World Daimaru Department Store, and food caterer Taikang Food Store handled thousands of digital yuan transactions over the past weekend, Shanghai Daily reports.

As part of the trial, the retailers featured digital yuan payments as part of a sales campaign in conjunction with International Women’s Day. Brand director of Shanghai New World Li Wei said that the firm reached out to commercial banks to offer 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,” Li said.

Major Chinese banks including the Bank of Communications and China Construction Bank participated in the trial by providing retailers with virtual coupons to reward customers paying with the digital yuan. Specifically, the Bank of Communications gave 100 yuan ($15) coupons to 6,500 local shoppers, while China Construction Bank offered 150 yuan ($23) coupons to 2,000 individuals when they made purchases of over 380 yuan ($58).

Participants were reportedly required to visit pre-selected local branches of theTitle: Chinese banks pilot digital yuan at Shanghai department stores
Sourced From: cointelegraph.com/news/chinese-banks-pilot-digital-yuan-at-shanghai-department-stores
Published Date: Thu, 11 Mar 2021 11:19:14 +0000

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