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Over 10000 Merchants Participate in 2nd Digital Yuan Test in Shenzhen

The Shenzhen government said it will give away 20 million yuan (92.5 million baht) via “red packets” – gift envelopes traditionally given out during holidays and special occasions – to residents of Shenzhen’s Futian district via a lottery.

A total of 1861758 individuals in Shenzhen successfully completed the appointment registration of “Futian gift digital yuan red packets” activity through the “I Shenzhen” system. 100000 people won the lottery, and the winning rate was 5.37%, which was higher than the last trial 2.61% in Luohu district.

What are the difference between the red packets giveaway in Luohu in October last year and that of Futian?

First of all, the business types in the 2nd test are more abundant. The industry distribution of this activity is not only in department store retailing but also in transportation, chain catering, education, beauty salon and fitness. Second, the scope of acceptance is wider. Originally, it was only stored in Luohu District, but now it has been promoted to all stores in the city, which has better improved the customer consumption experience. In addition, there are more payment methods, except scanning and scanned functions, NFC is also online.

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Compared with the first trial, the red packets in Futian has a greater expansion in the business scope. Last October, Shenzhen, as the first large-scale pilot city of digital yuan in China, issued 50000 red packets to individuals in Shenzhen. The red packets can be used by 3389 merchants in Luohu District of Shenzhen for threshold-free consumption. This time, the winning customers can make threshold-free consumption in more than 10000 designated merchants in Shenzhen that have completed the transformation of the payment system.

There are mainly two types of merchants who accept digital payment. The first type of merchants can complete payment by system upgrade.

“For example, large MIS merchants, Sinopec, or centralized cashier in large shopping malls only need to upgrade the software of the system and complete payment without hardware modification.”

Said an employee from China’s central bank. The method has a high degree of complexity in system matching and a long implementation cycle but once connected, all chain stores will be supported to meet the requirements of fast and large-area distribution.

The second is to use the POS machine with the function of aggregated digital yuan. This kind of implementation will be relatively fast. At present, this kind of acceptance supports POS machine code scanning and NFC touch function, and it is user-friendly.

 

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