Six Banks to Provide Wallets for Digital Yuan Tests in Suzhou

Six of China’s largest commercial banks will provide wallets to test the digital yuan (DCEP) during the ‘red envelope’ lottery in Suzhou, CLS.

Wallet apps from the Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China (ICBC), and the Postal Savings Bank of China will offer a range of features.

Users of all wallet apps will gain access to the online retailer JD.com.

Lottery winners who choose the ICBC wallet will be able to spend DCEP on Meituan’s bike-rental services and the DiDi Chuxing taxi platform. The Bank of China app can be used on the Chinese video platform Bilibili.

Authorities in Suzhou will mimic the Shenzhen experience, which in October distributed 50,000 ‘red envelopes’ among the population. The lottery winners received 200 digital yuan each, to be spent within a week.

During the experiment in Suzhou, residents will test offline transfers DCEP between users by tapping their smartphones, recreating the cash-hand-off experience.

Earlier, the People’s Bank of China signed partnerships with more than 20 companies, including Meituan, DiDi and Huawei, to participate in real-world digital yuan trials.

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