In Beijing, four state-run banks released a new batch of digital yuan (e-CNY) coupons on Thursday to promote its adoption rate in rehearsal for the upcoming Winter Olympics. This batch of coupons tests the e-CNY’s application in small-amount and high-frequency payment scenarios.
Fast facts
- According to an announcement from Beijing financial authorities, coupon use cases include public transportation, supermarkets, laundries, delivery express services and bookstores. The four banks issuing the coupons are the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China, the Bank of Communications, and the Postal Savings Bank.
- Three of the banks have revealed their coupon policy. ICBC said it will issue coupons for subways up to 60 yuan (US$9.42) for passengers to buy weekly or monthly tickets, while the Agricultural Bank said it will give bookstore coupons for 99 yuan (US$15.54). The Postal Savings Bank announced it will give vouchers for domestic express delivery service EMS up to 10 yuan (US$1.57), with three coupons per customer.
- The Beijing Winter Olympics will open on Feb. 4, which Chinese authorities regard as an essential step for the digital currency, with the expectation that participants from all over the world may use the digital yuan at Olympics venues.
- This is the 24th e-CNY promotion since Shenzhen’s first public test in October 2020. At least US$55 million worth of red packets and coupons have been released in 10 pilot cities across China and Winter Olympics venues, according to publicly available data.