Chinese banks are asking their employees to recruit up to 300 million digital yuan users

Chinese banks have started selling yuan digital wallets aggressively, hiring hundreds of new users every year.

According to a translation of a June 6 article by Shenlian Caijing, employees at leading banks such as the Industrial and Commercial Bank of China and the Bank of Communications, as well as four other state-owned banks, were instructed to advertise the Yuan digital wallet an average of 200-300 people each Year.

In order to attract new users, the employees can distribute various small gifts, such as “washing powder, data cable, card holder card, knot, umbrella and Chinese handkerchief”.

Banks have included the job of promoting central bank digital currencies (CBDCs) in employee reviews, with the number of CBDC wallet recruiters determining the year-end bonus of each branch.

In essence, the banks have implemented an incentive system that focuses on mass recruiting of wallet users and will reward their partners and employees with favorable performance reviews and bonuses.

Employees from several Chinese commercial banks were asked to promote Yuan digital wallets, and each had to carry 200-300 people. By Jiemian https://t.co/Trl8bF7I22

– Wu-Blockchain (@WuBlockchain) July 6, 2021

From the Chinese government’s point of view, increasing adoption of digital yuan wallets is part of a step to bolster the fintech market as it has to compete with payment service providers like Alipay and WeChat. for 98% of the mobile payment market in China.

Cointelegraph reported on April 26th that China’s six largest banks were promoting CBDCs as a better alternative to Alipay and WeChat ahead of the May 5th online shipping festival.

Connected: From mining to software: China’s regulatory crackdown on cryptocurrencies continues

As part of the ongoing CBDC testing in China, the local government of Chengdu in Sichuan Province announced on June 2 that it would be spending 12 million digital yuan ($ 1.85 million) on a lottery for 100,000 residents.

The theme of the lottery is “Green Travel – Low Carbon Summer” and interestingly, 12 million digital yuan is pre-programmed to work specifically for public transport payments, such as bus and subway tickets and shared bike payments.