Chinese banks are asking their employees to promote digital yuan wallets (e-CNY)

Chinese banks have started promoting yuan digital wallets and are asking every banker to find hundreds of users every year.

According to the local news site Shenlian CaijingEmployees at leading banks such as the Industrial and Commercial Bank of China and Bank of Communications, as well as four other state-owned banks, were instructed to promote digital yuan wallets for an average of 200 to 300 people per year.

In order to win new users, the employees can offer various small gifts such as “washing powder, data cable, card case, umbrella, handkerchief and Chinese cord”.

Banks have included the mandate to promote central bank digital currencies (CBDCs) in employee reviews to set their year-end bonuses.

In essence, banks have implemented an incentive plan that focuses on attracting more wallet users and rewarding their branches and employees with performance reviews.

From the perspective of the Chinese government, the increasing adoption of digital yuan wallets is part of a step to strengthen the fintech market as it has to compete with providers. Payment service providers like Alipay and WeChat currently make up 98% of the mobile phone payments market in China.

On May 5th, during a major online shopping show, China’s six largest banks advertised CBDC as a better alternative to Alipay and WeChat.

But the central bank itself (PBoC) also reassured Alipay and WeChat, saying that everyone can live together peacefully.

As part of the ongoing CBDC process in China, the Chengdu City Government in Sichuan Province notification on July 2, for giving 100,000 residents lottery gifts valued at 12 million e-CNY ($ 1.85 million).

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

In January, the Chengdu government, in partnership with e-commerce giant JD.com, gave people E-CNY 50 million through a lottery program for online shopping during the Lunar New Year.

Wei Xiaobao

According to Cointelegraph

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