JD Technology participating in the DC/EP (Digital currency/ Electronic payment) achievement show. They announced it in the fourth digital china summit held in Fuzhou, Fujian province on Apr 25 and 26. The show includes six state-owned banks and technology enterprises, including JD.
The People’s Bank of China (PBOC) began work on the DC/EP in 2014 and started promoting it. Also known as the digital yuan or e-CNY, is a way to replace coins and cash in circulation and is primarily focused on domestic use.
At JD’s exhibition featuring a small unmanned store, visitors are invited to enjoy immersive and omnichannel shopping. Visitors who have DC/EP accountable to purchase products at the store and make payments via DC/EP solutions. Moreover, visitors can also buy products in JD’s online app via DC/EP.
JD is cooperating with the digital currency Institute under The People Bank of China, China’s central bank, Sep 2020. It has provided technology and services support of DC/EP trial programs in Suzhou, Beijing, and Chengdu.
In January, JD.com used the solution to pay salaries for some of its employees, further exploring the application of DC/EP. It also made business-to-business payments via DC/EP to Unis Electronic Business and Chongqing Xin Ririshun Electric Sales under domestic home appliance giant Haier. It helped make cross-bank settlement when JD retail’s DC/EP bank of communication accounts transaction to Unis Electronic Business’ DC/EP account.
Fei Peng, head of the DC/EP program at JD technology, said, “With years of development, JD technology is the digital and intelligent service provide which has best know- how on industries, helping client lower social cost and increase efficiency. JD Technology will continue to combine strength in the supply chain, omni-channel scenarios, advanced technology and client services experience to contribute more to the DC/EP ecosystem.”
JD Technology plays an essential role in the technology connector and application accelerator for DC/IP operation system. This all by helping banks connect with merchants in the real economy. Since last April, DC/EP has had eight tests in China covering Shenzhen, Suzhou, Beijing, and Chengdu.
JD’s efforts highlight new uses for China’s digital currency. This also includes allowing foreign visitors and athletes at the Beijing Winter Olympics in 2022 to use the digital yuan.
