Home News Chinese retail giant JD accepts digital yuan payments for Singles Day

Chinese retail giant JD accepts digital yuan payments for Singles Day

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At a big local shopping event, e-commerce giant JD.com accepted payments in China’s central bank digital currency (CBDC).

JD.com stated on Thursday that it accepted digital yuan (e-CNY) for payment on its e-commerce application during the Singles Day promotion period, which began on October 31 and ended on November 11.

Singles Day is an unofficial shopping holiday in the United States that honours those who are single.

As of today, 100,000 customers had used e-CNY on JD.com’s app during the Singles Day promotion period, according to a JD.com spokeswoman.

The official continued, “We will continue to collaborate with associated parties to investigate the application”. The spokesperson would not say how much e-CNY was handled during the offer.

JD.com became the first Chinese e-commerce business to accept e-CNY

In December 2020, JD.com became the first Chinese e-commerce business to accept e-CNY, according to the spokesman. According to the spokesperson, over 450,000 users utilised e-CNY for payment on the JD.com app from December 11 last year to June 18, 2021. Resulting in total e-CNY sales of over 100 million yuan ($15.6 million).

JD.com, a significant e-commerce firm in China, founded in 1998 and claims to be the country’s largest online retailer. As well as the country’s “biggest internet corporation by revenue”. The corporation has been a strong supporter of China’s CBDC. With the digital yuan being in use for wage payments in April 2021.

The People’s Bank of China has actively promoted the adoption of its digital currency in the country. Since putting out the first CBDC testing in 2020. Despite the CBDC not formally launched until October 2021, more than 140 million individuals have established digital yuan accounts, with approximately $10 billion spent in e-CNY.

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