Shanghai’s new city center, Daimaru New World store and food supplier Taikang Food Store made thousands of digital RMB transactions over the weekend, the Shanghai Daily reported.
As part of the trial, retailers introduced electronic payments in RMB as part of the International Women’s Day sales campaign. Shanghai New World Brand Manager Li Wei said the company has contacted commercial banks to offer discounts as part of the campaign.
“We were working on updating the digital payments module prior to the trial, and we believe this has provided an additional incentive for shoppers to complete the existing sales campaign,” Lee said.
Major Chinese banks, including the Bank of Communications and the China Construction Bank, took part in the lawsuit by providing retailers with virtual vouchers to reward customers paying in the digital yuan. Specifically, Bank of Communications issued 100 yuan (15 USD) coupon to 6,500 domestic customers, while China Construction Bank provided a voucher of 150 yuan (23 USD) to 2,000 people when they purchased more than 380 yuan (58 USD). .
Participants were reportedly asked to visit pre-selected local bank branches to apply for the experiment and add the digital yuan app to their smartphones.
As Shanghai continues to accelerate its RMB digital pilot projects, the city will likely have a new payment method with all vendors at Nanjing Pedestrian Road Mall in the upcoming shopping season in early May, the report said.
China initially started CBDC studies in four regions – Shenzhen, Suzhou, Xiong’an and Chengdu – in April 2020, then expanded its pilot project to include Shanghai, Hainan, Changsha, Qingdao, Dalian and Xi’an as part of the 2021 agenda.