China’s keenness towards digitalization, particularly in the development of Central Bank Digital Currencies [CBDC] has forced all the other countries across the globe to start exploring the same. China undoubtedly has an upper hand in this considering the country’s ever-growing interest and fast-paced development in the same.
While news pertaining to the country releasing the digital yuan for testing had taken over the headlines, all the other countries began speeding up the process. Now, two prominent stores in Shanghai have decided to test the Chinese CBDC.
China Still Ahead In The CBDC Game
Recently, a news portal reported that the New World City and New World Daimaru Department Store in Shanghai along with Taikang Food Store, a food caterer had carried out more than a thousand transactions with regard to the digital yuan, just during the last weekend.
Li Wei, the brand director of Shanghai New World spoke about the same and said,
“We have worked to upgrade the digital payment module ahead of the trial program, and we believe it offered extra stimulus for shoppers on top of the existing sales campaign.”
The latest trial coincided with International Women’s Day which further spruced up the sales. Banks like China Construction Bank and the Bank of Communications joined in to facilitate the latest trial. Users were reportedly provided with virtual coupons for using the digital yuan.
Rewards worth 150 yuan were given to over 2,000 participants by the China Construction Bank and 100 yuan for about 6,500 shoppers by the Bank of Communications.
A shopper surnamed Xu spoke about the latest trial and said,
“The payment procedure takes no more effort than other existing third-party services, and it wouldn’t hurt to try to use the payment method at other places.”
This undoubtedly puts China on a pedestal as all the other countries are still exploring the prospects of rolling out a CBDC.