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Chinese online retail giant JD.com adopts digital yuan for wage payment

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JD.com has been using China’s electronic digital currency payment system, or DCEP, to pay some employees’ salaries since January.

The e-commerce firm revealed the news on Sunday while announcing its participation in the one-year DCEP trial program at the Fourth Digital China Summit in Fuzhou, scheduled for April 25-26.

Commenting on its digital yuan adoption journey, the company said that in addition to paying staff salaries, JD also used DCEP for business-to-business payments to partner companies as well as interbank settlements.

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As previously reported by UKTN, JD Technology and Digital Currency Research Institute – the fintech arm of the company – has been a DCEP development partner with the People’s Bank of China since September 2020.

In December, the online retailer began accepting the digital yuan as a payment method on its website. According to a previous report from UKTN, JD.com received nearly 20,000 DCEP-funded orders in the first week of adoption.

JD also supported the DCEP trials, contributing about $ 4.6 million to the Suzhou Second Public Lottery in February. Commenting on the company’s continued support for the digital yuan, Fei Peng, Head of DCEP at JD Tech, said, “JD Technology will continue to combine the strengths of supply chain, omnichannel scenarios, advanced technology and technology. customer service experience to further contribute to the DC / EP Ecosystem. “

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Meanwhile, JD’s continued support for the digital yuan puts the absence of AliPay and WeChat Pay from several DECP trials in even more stark relief. From ridesharing services like DiDi Chuxing to streaming platforms like Bilibili, several companies are involved in the Chinese CBDC testing except for the country’s two largest payment gateways.

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Opinions on whether the DCEP will seek to challenge the AliPay-WeChat Pay duopoly in China’s electronic payments market remain mixed. In October 2020, Zhou Xiaochuan, former PBoC governor, argued that the digital yuan was the central bank’s counter to dollarizing the economy.

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