by Ling Cao

“DC/EP (Digital Currency/Electronic Payment) program has accelerated the cycle for currency settlements, thus lowering a company’s operational cost,” Fei Peng, head of the DC/EP program at JD Technology told Chinese National TV, in an interview broadcasted on June 8.

“Because DC/EP is equipped with intelligent agreement for payment and settlement, the recipient can receive the currency in real-time,” added Peng.

The program reported that digital currency in China has expanded the application, such as payroll payment.

Beijing resident Mr. Liu shared with the program, “I felt very excited when I first received [the transfer], and quickly made a purchase via the digital currency.”

Besides payroll, companies are also able to make business-to-business payments via DC/EP.

Since cooperating with the Digital Currency Institute under The People’s Bank of China, China’s central bank, in Sep. 2020, JD has provided technology and service support for DC/EP trial programs in Suzhou, Beijing and Chengdu.

In January, JD used the solution to pay salaries for some of its employees, further exploring the application of DC/EP. JD also made business-to-business payments via DC/EP to Unis Electronic Business and Chongqing Xin Ririshun Electric Sales under domestic home appliance giant Haier; and helped facilitate the cross-bank settlement, when JD Retail’s DC/EP account with Bank of Communications made a transaction to Unis Electronic Business’ DC/EP Bank of China account.

(ling.cao@jd.com)