Jan 14, 2022|
JD.com Among the First to Enable Third-party Merchants to Access E-CNY
by Yiming Yan
JD.com is enriching the usage scenario of e-CNY by becoming the first company to enable third-party sellers together with self-operated businesses to use the digital currency as a new payment method since Jan. 7.
The manager of Changsha Qianbaizhi Food Trading Co, one of the first merchants to access the digital RMB system through Jingxi, expressed his excitement to try the new payment method. The access to digital RMB not only improves the daily operation efficiency of the store but also effectively reduces the cost of financing, he said.
Compared to the application in self-operated businesses, providing access to third-party merchants is a more technically complicated scenario. A representative from JD.com shared, “JD has taken the lead in achieving a breakthrough in the ability to split e-CNY funds. By integrating the e-CNY wallet management function of partners with JD’s existing settlement system, we will jointly promote the system construction of e-CNY in full-scene applications and continuously monitor the security, stability, and compliance of the system.”
As a pilot entity of e-CNY, JD.com was among the first technology companies to apply e-CNY in China with banks one year ago. Following the landing of multiple scenarios such as proprietary business, corporate procurement, and payroll, supporting third-party merchants is another breakthrough for JD and e-CNY.
As of the end of 2021, more than 2 million sub-wallets are bound online on JD.com, and more than 1 million users have made 3 million transactions with a cumulative turnover of more than 200 million.
“JD will further export e-CNY technologies to help more merchants and financial institutes access digital currency, empowering the establishment of the e-CNY ecosystem,” said Peng Fei, the head of the DC/EP program at JD Technology.