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the Beijing subway system will add more services compatible

the Beijing subway system will add more services compatible with China’s digital renminbi. Passengers can now use digital yuan to buy tickets, multi-purpose cards, and recharge the balance on the multi-purpose cards. The new use of the
digital yuan in the Beijing subway transportation system is an improvement to the existing use. On June 30, 2021, the digital yuan can be used to pass through the subway ticket vending machine.
Download Passengers According to the Beijing Municipal Commission of Transportation, the Digital Yuan mobile application can use the above-mentioned services on car ticket vending machines and car ticket deferral machines at any subway station in Beijing. The
digital payment process is similar to Alipay and WeChat payment. Both use the digital mobile APP to scan the QR code or display the QR code for the machine and station staff to complete the scan.
Building on the momentum of the nationwide digital renminbi, Chinese commercial banks are racing to plan emerging industries by attracting individual consumers and corporate customers. Analysts said they should treat this move as a maintenance strategy. It has the commanding heights in the future competition, rather than just opening up new business lines.

Currently, six state-owned banks are responsible for digital RMB exchange operations, most of which have independently accepted users’ requests to open digital wallets.
Global Times learned that there are two channels to access the digital renminbi in the test city: one is implemented by the People’s Bank of China (PBC), the country’s central bank aggregates data from various banks. One wallet is for users to pick up, and the other is a RMB digital wallet that each bank uses through its own smart phone-based e-banking. The
PBC version is still in internal testing and has not yet been officially launched.
Industrial and Commercial Bank of China and
Bank of Communications took the lead in launching a more convenient RMB digital wallet scan code activation service. “Global Times” also found that customers can recharge e-wallets in RMB through the machine at the ATMs of Industrial and Commercial Bank of China.
The two banks also used small gifts, such as washing powder, data cables, and card holders, to entice users to open their wallets.

In addition to offline introduction and promotion in some pilot cities, the staff of these banks also tried online methods such as posting QR codes on WeChat Moments.
An employee of a state-owned bank told the Global Times on Wednesday that their mission is to provide new business to as many customers as possible, just like they promote a credit card business.
“However, due to the dissatisfaction of some customers’ feedback, they believe that due to the limited number of connected merchants and the insufficient diversification of digital consumption scenarios, the scale of promotions has recently declined.”
“Compared with the rapid expansion of the promotion scale, we attach more importance to customers “The feedback of digital yuan is a new thing. If you can’t get good reviews from the beginning, it will be difficult to get a high ratings track,” the employee said, believing that digital cash will be integrated into more application scenarios in the future.

The current test covers daily scenarios that include retail and shipping rates in physical stores, as well as online purchases on platforms such as, Meituan and Didi Chuxing.
Although there is no detailed timetable for the official launch of the digital currency to the public, with long-term research work, the development of the digital renminbi is still very pragmatic and tests are currently being released. Currently, the central bank has carried out pilot projects in cities such as Beijing, Shenzhen, Guangdong Province, Suzhou, Jiangsu Province, Xiongan New District and Hebei Province. As of the beginning of July, 4,444 passengers in Beijing can now use digital yuan to pay for their transportation expenses to the subway. This is the second day after a subway line in Suzhou started accepting digital yuan. This is the latest digital yuan app released by the Chinese. government Experiment with elements of real-life scenarios.
The Beijing Monetary Authority announced in June that it would regularly issue 40 million yuan (6.27 million US dollars) in digital renminbi to local residents. It is separately included in 200,000 red envelopes at 200 yuan each. Chen Bo, director of the
Research Center, said that because digital renminbi tests are usually conducted in other cities before reaching the capital, Beijing’s recent large-scale initiatives may “add political weight to the digital renminbi”. Financial Center.
In the next step, Beijing will increase the promotion of digital renminbi,

A banking system industry insider who requested anonymity told the Global Times on Wednesday that corporate customers are more important than individual customers for commercial banks.
“They have set the goal of attracting commercial customers to open RMB digital wallets,” the source said. “It is not easy for commercial banks to promote the digital RMB, but it is also something they cannot be left behind. This is not only a new business, but also a strategy to seek dominating heights in future competition.”
For individual clients, commercial banks become directly the main point of contact. Wang Jun, chief economist at Centaline Bank, said they can seize the opportunities provided by the digital renminbi and adopt the strategy of “small high-frequency scenes carrying high-frequency and low-frequency” to build an ecosystem based on financial services. , activate traffic and master data.
China is at the global forefront in promoting digital currency, thanks to its early start and rich application scenarios.
According to media reports, the first round of “digital renminbi insurance policies” was issued in Shenzhen, Guangdong Province, southern China, marking the first use of digital renminbi in China’s insurance industry.
According to a report by the Shenzhen Special Zone News on Tuesday, Ping An Property Insurance Shenzhen Branch cooperated with Bank of China Shenzhen Branch and recently issued the first batch of “digital RMB insurance policies.”

This special insurance is for medical staff in Nanshan District. If the insured medical staff dies due to COVID19, it will provide medical staff with 300,000 yuan (4,6221.40 USD) compensation and 50,000 yuan allowance. According to media reports, the worker was diagnosed with new coronary pneumonia and was compensated 50,000 yuan for his accidental death. He added that if the applicant uses a RMB digital wallet to pay, the applicant is eligible for exclusive preferential allowances.
The issuance of such insurance policies marked the insurance industry’s pilot application of digital renminbi to online insurance fee settlement scenarios, and promoted the application of digital renminbi in people’s daily lives
Ping An Property & Casualty Insurance will further explore the application of digital renminbi in insurance claims and payment, and will continue to expand the use of digital renminbi in the insurance industry to more application scenarios. Head of Ping An Shenzhen subsidiary.
In mid-October 2020, when China began public testing of digital renminbi in Shenzhen, the local government and the Central Bank of China jointly presented 50,000 digital red packets, each containing 200 yuan. This is the first time a digital currency has been tested in a public environment.

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