Digital RMB facilitates the life of Hangzhou residents

PRNewswire September 2, 2022

HANGZHOU, China, Sept. 1, 2022 /PRNewswire/ — A news report by Supermarket shopping, salary payment, hospital bill payment… The application scenarios of Digital RMB in Hangzhou continue to expand at a fast pace, becoming a part of city life.

The Digital RMB is a digital form of legal tender issued by the People’s Bank of China and has equivalent value to other forms of the renminbi. At the end of March this year, the Digital RMB was launched in Hangzhou.

Hangzhou has a solid foundation for the digital economy, with important events such as the Asian Games, it has created perfect scenarios for the popularization and application of Digital RMB in Hangzhou. Up to now, some areas in Hangzhou have launched pilot features of digital renminbi to pay electricity bills, issue agriculture-related subsidies, medical settlement in public hospitals, and pay for agriculture-related policy insurance.

Not long ago, the first demonstration village of Digital RMB in Zhejiang Province settled in Xiangxi Village, Fuyang, Hangzhou. To cultivate villagers’ usage habits, the bank gave every user who uses a Digital RMB wallet a 30-yuan voucher.

In a grocery store in Xiangxi Village, villager Ms. Chen bought 2 bottles of rice vinegar, a bottle of dark soy sauce, and a bottle of oyster sauce, totaling 29.5 yuan, all covered by a Digital RMB voucher. Ms. Chen said, “The Digital RMB wallet is very convenient to use, everything is done using a QR code. I hope there will be more such activities in the future.”

From July 31 to August 25 this year, Hangzhou also cooperated with 8 digital RMB operating agencies to launch the “West Lake Joyful Digital Life” summer deal event and issued two rounds of Digital RMB vouchers. There is 1.05 million worth of Digital RMB vouchers released this time, including 50,000 lucky draw vouchers of 60 yuan and 1 million gift vouchers of 6 yuan. The first round of Digital RMB vouchers totaled 30,000, all of which were run out within 1.5 seconds of going online.

While helping the development of Hangzhou’s digital economy, Digital RMB has effectively driven the offline consumption recovery on back in Hangzhou, allowing Hangzhou citizens to enjoy the convenience of Digital RMB.


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