Apr 27, 2021|
JD Tests DC/EP Payroll Payment
by Ling Cao
At the ongoing fourth Digital China Summit held in Fuzhou, Fujian province during Apr. 25 to 26, JD Technology is participating in the DC/EP (Digital Currency/Electronic Payment) achievements show, and announced that it is expanding the application of DC/EP to payroll payment to some of its employees.
In a test run that started in January, JD used the solution for payroll payment for some of its employees who are based in Shanghai, Shenzhen, Chengdu, Changsha and Xi’an. Employees can transfer the digital RMB to their regular personal bank accounts, or use it directly to make purchases via selected offline stores or JD’s online platform. The program is the result of cooperation between JD Technology, which provides technology services to the trial, and Industrial and Commercial Bank of China (ICBC), which is one of the operation institutions for DC/EP programs.
This payroll program improves efficiency for the payment process, especially when there is a need to pay multiple entities or transferring to other banks.
A representative from the payroll department at JD Technology said, “The process is similar to paying by cash, and employees will receive the fund immediately, helping us to improve the process.”
A representative from ICBC shared, “We have upgraded our previous payroll payment system to build the DC/EP wallet system for enterprises and individuals, making the cross-institution payroll payment solutions possible. Going forward, we will continue to work as operation institutions, and connect with other players including JD Technology, to help the Digital Currency Institute under The People’s Bank of China complete the service and circulation system for 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.