Bank of Communications Permits Direct Use of Digital Renminbi for Online Payments


Big state-owned lender Bank of Communications (BOCOM) has commenced trials for the use of the digital renminbi directly for online payments purposes, without first requiring the opening of digital renminbi sub-wallets.

On 18 April the Shenzhen branch of BOCOM successfully launched its Tianhong (天虹) app for online digital renminbi payments, following collaboration and testing with the Chinese central bank.

The app includes the digital renminbi as an option for making direct payments to purchase goods via the Tianhong app, alongside WeChat Pay, Alipay and UnionPay.

Prior to the launch of the app users first needed to use a digital renminbi app to open a digital renminbi sub-wallet (子钱包) for different online vendors.

Users would then be able to select one or multiple payments banks associated with the vendor in order to process payments in the digital renminbi.

BOCOM said that unlike digital renminbi sub-wallets, the Tianhong direct payments option was faster and more convenient, and did not require the signing of contracts in advance.