China’s Minsheng Bank partners with JD.com to launch digital CNY payment service
Minsheng Bank has teamed up with JD.com, China’s leading e-commerce giant, to launch a digital CNY-powered payment service. Customers in the CBDC pilot zone can now link their bank-issued digital wallets to their JD accounts and make CBDC payments on the platform. To incentivize adoption, Minsheng is offering a one-time discount coupon and additional e-CNY coupons to customers who link their wallets with their JD accounts and share the promotional event on social media.
Minsheng Bank joins China’s digital yuan pilot
Minsheng Bank’s involvement in the digital yuan pilot indicates that more major Chinese banks are joining the initiative. While most banks working on the pilot have been state-owned entities, Minsheng Bank is privately owned and has a focus on providing loans to small- and medium-sized enterprises. The bank has previously launched a digital yuan “salary service” and a “one-click wallet check” feature. It plans to continue adding various applications for the digital yuan in the future.
Expansion of digital yuan services in China
DBS, the Singaporean bank’s Chinese subsidiary, recently announced its plan to launch e-CNY solutions, and leading Chinese telecoms providers are also preparing to roll out digital yuan-related services. The People’s Bank of China (PBoC) unveiled SIM card-compatible offline wallets, further indicating the expansion of digital yuan services in the country.
Hot Take
The partnership between Minsheng Bank and JD.com is a significant step in the growth of China’s digital yuan pilot. By collaborating with a major e-commerce platform, the adoption of the digital yuan is likely to increase among Chinese consumers. This move also signals that more private banks are recognizing the potential of digital currencies and are actively participating in the development of the digital yuan.
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