• Chinese banks have instructed their employees to attract up to 300 new digital yuan users each

  • Chinese banks have started a strong sell of digital yuan wallets, instructing employees to sign up hundreds of new customers every year.

    Employees of key banks like the Industrial and Commercial Bank of China and the Bank of Communications, as well as four other state-owned institutions, have been told to promote digital yuan wallets to 200 to 300 people per year on average.

    Employees can offer an odd array of little presents to entice new customers, such as “laundry detergent, data cables, card holders, Chinese knots, umbrellas, and tissues.”

    Employee evaluations now include the goal of promoting the central bank digital currency (CBDC), with the number of CBDC wallet recruits determining end-of-year bonuses for each branch.

    In essence, the banks have implemented an incentive plan aimed at mass wallet user recruitment, rewarding branches and their workers with positive performance ratings and monetary bonuses.

    Some Chinese commercial bank employees are expected to promote digital renminbi wallets, with each worker promoting 200 to 300 people.

    According to the Chinese government, the increase in digital yuan wallet adoption is part of a strategy to gain a stronger grip on the financial tech market, as it will compete with payment service providers such as Alipay and WeChat, which together account for 98 percent of China’s mobile payment market.

    Six of China’s top banks touted the CBDC as a superior option to Alipay and WeChat in the run-up to an online shipping festival on May 5.

    The municipal administration of Chengdu, in Sichuan province, stated on June 2 that it will issue 12 million digital yuan ($1.85 million) to 100,000 citizens as part of China’s ongoing CBDC trial.

    The lottery’s theme is “Green Travel - Low Carbon Summer,” and the 12 million digital yuan is pre-programmed to operate just for public transit purchases like bus and subway tickets, as well as shared bike rental payments.

    What's your reaction?