2024 RT Amination Banner.gif

China Daily

News> Business> Content
Tuesday, October 13, 2020, 18:55
Digital currency gets high marks in Shenzhen debut
By Chai Hua in Shenzhen
Tuesday, October 13, 2020, 18:55 By Chai Hua in Shenzhen

A customer uses the central bank's digital currency to pay for books at a store in Shenzhen on Oct 13, 2020. (CHAI HUA / CHINA DAILY)

The first batch of users to try out the central bank’s digital currency in Shenzhen on Tuesday were thrilled with the new payment method, which was also well received by more than 3,000 stores and service providers.

Liu Haoliang, a resident of the southern Chinese city, said he was very excited to be selected through the drawing of lots and decided to have a try in a bookstore this morning.

The Luohu District distributed 10 million yuan (US$1.49 million) in 50,000-yuan digital “red packets” through a draw last week

“I shared a screenshot of the notice with my friends as soon as I received it last night,” he said enthusiastically. 

The city’s Luohu District distributed 10 million yuan (US$1.49 million) in 50,000-yuan digital “red packets” through a draw last week and only the winners, which were announced Monday evening, can download the smartphone application of the digital currency.

ALSO READ: Shenzhen gives away 10 million in digital currency in public trial

On the application, the “digital currency” looks like a paper 100 yuan note, and users can swipe up to pay or down to receive money.

The bookstore Liu was visiting provides a 15 percent discount on all books paid for with the digital currency. 

A manager surnamed Yi told China Daily that the shop upgraded the software of their point of sale machines and trained staff to guide customers through the application registration process.

This photo taken on Oct 13, 2020 in Shenzhen shows the page layout of the application of the People's Bank of China's digital currency. (CHAI HUA / CHINA DAILY)

There are no extra fees charged for the digital currency payment, and the monetary value of sales is deposited directly into stores’ bank accounts.

READ MORE: China's central bank test of digital currency set to expand

Zhu Guanming, a restaurant owner in Luohu, welcomed the innovative method and appealed that its introduction to the general public be hastened to reach more customers.


grace@chinadailyhk.com


Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !