Digital Banking

Digital Yuan trials in Shanghai stores

Image courtesy of iStock

March 11, 2021

The Bank of Communications and China Construction Bank conducted digital yuan trials at two major department stores in Shanghai from March 5-7. The trials were held at Shanghai's New World City and New World Daimaru Department Store and food caterer Taikang Food Store, according to a report in Coin Telegraph.

As part of the trial, the retailers featured digital yuan events during International Women's Day events, a popular celebration in China. 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.

The stores handled thousands of digital yuan transactions during the weekend. The Bank of Communications gave 100 yuan ($15) coupons to 6,500 local shoppers and China Construction Bank offered 150 yuan ($23) coupons to 2,000 individuals when they made purchases of over 380 yuan ($58).

Before using the coupons, shoppers were reportedly required to add a digital yuan application on their smartphones and visit pre-selected local branches of the bank housed in the stores to be part of the trial.

The event was such a success the city will likely feature the new payment option at all merchants on Nanjing Pedestrian Road Mall during the upcoming shopping season in early May.