Aug 5, 2021|

JD and Bank of Communications issue RMB 20M E-CNY Packages


by Ling Cao and Bank of Communications (BCM) will issue 500,000 E-CNY (also called DC/EP, or Digital Currency/Electronic Payment) packages in Shanghai and Suzhou starting August 6. The packages are worth RMB 20 million yuan in total, with individual offerings of RMB 20 yuan red envelopes and RMB 20 yuan coupons.

Residents in the two cities can apply for the packages via the JD app from 10:00 am on Aug.6 to 24:00:00 on Aug. 12, and will have opportunities to win the lottery from Aug. 13 to Aug. 16. The packages will be officially issued at 18:00 o’clock on Aug. 16 and valid for use until 24:00:00, Aug. 29. The red envelopes can be used for all online and offline locations that accept e-CNY payments, while the coupons can be used on the JD app to purchase first-party products through BCM’s e-CNY wallets.

A representative from BCM shared, “E-CNY can help improve the efficiency and safety for payment systems, expanding the inclusiveness of finance. As the designated operation institute of e-CNY, BCM aims to create a convenient and reliable e-CNY ecosystem.”

The DC/EP payment solution in offline scenarios

Among enterprises, JD Technology was in the first group of technology companies to test the e-CNY in China with state owned banks and connected with online scenarios. It has already supported e-CNY’s multiple test runs in Suzhou, Beijing and Chengdu, gaining experience in operations and solutions, as well as offering new shopping scenarios for customers. Since December 11 last year to June 18, 2021, 450,000 customers have used e-CNY payment on the JD app, with total consumption sales over RMB 100 million yuan.

Fei Peng, head of the DC/EP program at JD Technology said, “By using frontier technologies such as AI, big data, cloud computing, and through omni-channel, stable customer service capabilities, as well as application experience, JD Technology aims to contribute its efforts in the DC/EP’s wallet ecosystem building, supporting local governments’ test runs, and exploring more real scenarios.”