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E-CNY More Widely Used in Local Citizens’ Life
Date:2022-05-26 10:32:18 Source:Wenzhou·China Fonts:[ Large Medium Small ]

On March 31, pilot use of digital yuan was launched in Wenzhou. Since that day, promoted by the PBOC Wenzhou central branch, the Wenzhou Municipal Finance Office and other departments, the city’s financial institutions have constantly extended its use scenarios to corner stores, supermarkets, cultural tourism, online consumption platforms and so on in more than one month. The extension is conducive to forming a good atmosphere for use of e-CNY, and setting off an upsurge of citizens’ experience and consumption of the currency.

"Quite a few of shops have provided a QR code for use of e-CNY. It is very convenient to use." When shopping on May 22, Ms. Zhou found that use of digital yuan is supported by more and more businesses, covering all kinds of scenarios of people’s basic necessities. Related data show, as of May 16, 38,000 digital yuan corporate wallets, and 1,077,000 personal wallets have been opened in Wenzhou, with the number of transactions up to 172,000, the transaction amount to 28.017 million yuan, and a total of 33,000 offline operation scenarios. At present, in the number of e-CNY personal wallets opened, that of offline application scenarios and other important indicators, Wenzhou takes second place only next to Hangzhou among the six e-CNY pilot cities in Zhejiang Province.

According to a staff member of the PBOC Wenzhou central branch, Wenzhou has promoted all-round extension of e-CNY use scenarios to create a unique "Wenzhou model" for digital yuan application. In addition to fully ensuring its use at relevant scenarios of the Asian Games, by giving full play to Wenzhou’s advantages as a reform and opening up pilot area and the cradle of private economy, Wenzhou will focus on exploring the use of digital yuan in its pilot zone for health development of non-private sector and its personnel, the city’s model common prosperity demonstration area, and other scenarios, and on the other side, will deepen digitalization and intelligence in government affairs, finance, education, health, travel,  consumption and other fields.

At present, a number of offline representative digital yuan application scenarios have been formed in Wenzhou. In April, the first large-scale medical e-CNY payment scenario in the city, the First Affiliated Hospital of Wenzhou Medical University, was officially launched. The e-CNY tax collection scenarios, such as collection of personal income tax, corporate income tax and stamp tax, have been distributed in the every part of the city, such as government organs, leading enterprises like Yiming and Shizu shops, Wenzhou Security Vocational and Technical College. Local citizens can also use digital yuan wallets for consumption through online platforms, such as Tmall Supermarket, Meituan, Bilibili and so on. During the May Day holidays this year, the average daily e-CNY transaction and order amount of the Wenzhou Meituan platform increased significantly month on month. Meanwhile, digital yuan use scenarios have been extended to most counties of the city.

A merchant in the urban area said that the use of digital yuan for collection and payment can allow funds to arrive in real time, and be exempted from handling fees, compared with funds handled by the third party. In addition, use of digital yuan supports anonymous and real name payment, which can ensure the safety of funds in circulation, giving a sense of security.

Wenzhou has a large number of private enterprises, which is a significant scenario for the application of digital yuan. Chint, Delixi and other leading private enterprises have opened e-CNY wallets, and built the currency consumption scenarios in their industrial parks. For example, Chint employees can use digital yuan to recharge Chint Group's all-purpose card. In the next step, Chint will explore the application of digital yuan to settlement in the group's supply chain.

It is reported that in the next step, Wenzhou will further expand use of digital yuan, with focus laid on government affairs, people's livelihood, consumption and in other fields, and will continue to promote the creation of its centralized consumption scenarios and of its reasonable layout. Specifically, importance should be attached to frequently-occurring and small amount of digital yuan application scenarios, such as wages and subsidies granting, and also to large-scale public consumption ones to create an atmosphere for the whole people to use digital yuan. In addition, a "list of key e-CNY use scenarios" will be formulated, and its application will be gradually promoted in all areas of the city by drawing upon the experience gained on key points; priority will be given to key digital yuan use scenarios, such as the "Wuma-Danan-Gongyuan Road" business district, Chashan Higher Education Park and leading private enterprises.