The Jiangsu province city of Suzhou has debuted the use of digital renminbi wallets to make purchases from a local pharmaceutical chain.
On 14 October Bank of Suzhou helped Suzhou Mou Pharmaceutical Chain Co., Ltd. (苏州某医药连锁有限公司) to incorporate digital renminbi wallets into its payments system, marking the first such usage of the digital renminbi within China.
Established in 2012, Suzhou Mou is one of the city’s leading pharmaceutical outlets, with several dozen outlets situated in both Suzhou and adjacent areas.
State-owned media said that the use of digital renminbi wallets will help resolve the problems of slow transfers and high processing costs for traditional payments, which adversely affects operating income and reduces capital turnover efficiency.
Bank of Suzhou said that it will continue to drive the usage of the digital renminbi at pharmacies, outpatient clinics and hospitals, in order to increase the convenience and security of inclusive financial services for the healthcare sector.
“At same time we will continue to expand the applications for the digital renminbi, to play a more active role in servicing the real economy and making the lives of everyday citizens more convenient, and help the rapid development of the digital economy.”