Shanghai New World City and Daimaru New World, as well as food provider Taikang Food Store, processed thousands of digital RMB transactions over the weekend, Shanghai Daily reported.
As part of the trial, retailers introduced e-payments in RMB as part of a sales campaign to mark International Women’s Day. Shanghai New World brand director Li Wei said the company has approached commercial banks to offer discounts as part of the campaign.
“We have been working on updating the digital payments module ahead of the trial and we believe this has provided additional incentive for shoppers to complement the existing shopping campaign,” Lee said.
Major Chinese banks, including Bank of Communications and China Construction Bank, participated in the trial by providing retailers with virtual coupons to reward customers paying with CryptoYuan. In particular, the Bank of Communications issued 100 CryptoYuans ($ 15) coupons to 6,500 local buyers, while China Construction Bank offered 150 CryptoYuans ($ 23) coupons to 2,000 individuals when they made purchases over 380 ($ 58).
Participants were reportedly required to visit pre-selected local bank branches to apply for the trial and add the crypto yuan app to their smartphones.
As Shanghai continues to accelerate its crypto yuan adoption, the city is likely to have a new payment method across all outlets at Nanjing Pedestrian Road Mall during the upcoming shopping season in early May, the report said.