Big Six Chinese Banks All Launch Digital Renminbi Wallets, Trial Initiatives for CBDC Accelerate


China is fast expanding trials for the usage of the Digital Renminbi amongst both key financial institutions and at an increasing number of online and offline consumer sites.

All six of China’s big state-owned banks, including Agricultural Bank of China (ABC), Bank of China (BOC), Bank of Communications (BOCOM), China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC) and Postal Savings Bank of China (PSBC), have deployed their own Digital Renminbi wallets according to domestic media reports.

Customers can apply to be included on a “trial white list” at selected banking outlets to participate in test versions of the wallets, with applications accepted via online banking apps as well as QR code scans.

In Beijing an increasing number of businesses are participating in trials for the use of the Digital Renminbi, including chain restaurants, shopping malls and logistics firms, while in Shanghai vending machines in the metro system as well as shopping malls in the Xujiahui district have commenced acceptance of the central bank digital currency for payments.

Chinese e-commerce platforms that are participating in Digital Renminbi trials currently include and Meituan.