Published: Fall 2022
Author: Wu Qichao (Redd)
Banks in Wenzhou have been holding special events to promote digital RMB for eight months, yet it is still not widely accepted by people.
Wenzhou officially became one in the third batch of digital RMB pilot cities on April 8, 2022, giving Wenzhounese the opportunity to use digital RMB for transactions.
Major banks in Wenzhou have held many special events to promote the digital RMB. Ming Cai, who works for the PSBC said, “The good thing about digital RMB now is that some consumption coupons or free phone bills will be given away.”
A promotional copy in Cai’s bank shows people who have downloaded the digital RMB app before February 2023 can get benefits. Tuesday, Dec. 6, 2022. [Photo/Qichao Wu]
However, many Wenzhounese are still not familiar with digital RMB. Though Li Ming Market started to support digital RMB payments in September after partnering with ICBC, very few people use this function.
“It’s been more than three months and I’ve only met one person who came over to ask if they could pay with digital RMB,” Chunyan Liu, a noodle vendor at the market, said. “You can use it only when others let you pay with it.”
Liu does not use digital RMB herself.
Chunyan Liu in her shop. She says almost all of her customers pay with WeChat, instead of digital RMB, Tuesday, Dec. 6, 2022. [Photo/Qichao Wu]
While many chain stores, such as Shi Zu and Yi Ming on WKU’s campus, support digital RMB payments, most private vendors in Wenzhou do not yet support paying with digital RMB. “If I go outside to play, I still prefer to use Alipay,” Haochen Ni, a sophomore at WKU said, though she has downloaded a digital RMB app during a red envelope promotional event.
“Individuals still use WeChat and Alipay mostly. We just recommend people use digital RMB, but of course we can't force them to use it,” Cai said.
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