Digital RMB covers all scenarios, Meituan launches consumption subsidies in 200+ scenarios

The digital RMB has developed rapidly in the past year, and its application scenarios have continued to expand.

On January 26, Meituan announced that it would open a digital RMB payment channel for all offline consumption scenarios on the platform. Users can pay with digital RMB and receive exclusive consumption subsidies when purchasing fresh food, taking a taxi or watching a movie.

According to the mobile payment website, the digital RMB payment scenarios launched this time include more than 200 offline consumption scenarios on the Meituan platform, including catering, takeout, fresh food retail, shared bicycles, Meituan taxi, hotel travel, movie performances, and leisure and entertainment. This is also the first time that the digital RMB has achieved full coverage of local life service platforms.

Food, drink, housing and transportation are all low-carbon, covering all online and offline

The digital RMB pilot is expanding from online to offline and is gradually showing its unique social value.

In September 2021, the "Use Digital RMB, Enjoy Low-carbon Cycling Season" pilot activity hosted by Meituan was carried out simultaneously in nine digital RMB pilot areas including Beijing, Shanghai, Hainan, Shenzhen, Suzhou, Xi'an, Changsha, Chengdu, and Xiongan New Area. It is reported that Meituan's bicycle digital RMB pilot activity is the first carbon neutrality public welfare theme pilot activity carried out in multiple locations since the digital RMB test.

In December, Meituan announced that it would further expand the carbon neutrality pilot of the digital RMB. Anyone who participates in green and low-carbon consumption on Meituan can receive corresponding digital RMB low-carbon rewards.

At that time, the relevant person in charge of Meituan said that "low-carbon food, drink, housing and transportation" would be the main direction of the digital RMB pilot in the next stage.

From the perspective of industry development, Meituan has accumulated a lot of experience by taking the lead in piloting digital RMB in scenarios such as bicycles and food delivery. "The pilot over the past three months has proved that digital RMB has a long-term driving effect on improving users' green and low-carbon consumption behaviors," Meituan revealed. Since January this year, nearly 90% of digital RMB red envelopes in Meituan's digital RMB pilot activities have flowed to daily consumption scenarios such as food delivery, grocery shopping, and catering, among which small transaction orders below 30 yuan accounted for the highest proportion, effectively driving the development of various types of people's livelihood consumption and offline small and micro physical merchants.

Recently, Meituan and its operating institutions have launched red envelopes for resumption of work and production after the epidemic in Xi'an with the help of smart contract functions. The opening of digital RMB payment channels for all offline consumption scenarios on the platform also confirms that "eating, drinking, living and traveling are all low-carbon". Digital RMB has achieved full coverage of online and offline scenarios on Meituan.

The inclusiveness of digital RMB is a natural fit for high-frequency consumption scenarios

As the "new infrastructure" of China's digital economy era, the digital RMB has the inclusive characteristics of low cost and zero fees, and its ability to reduce the costs of small and micro enterprises and serve the real economy is highly expected. Zou Lan, director of the Financial Markets Department of the People's Bank of China, pointed out that the research and development pilot of the digital RMB should be based on serving the real economy and people's lives, so that more enterprises and individuals can feel the value of the digital RMB and fully stimulate the enthusiasm of all parties in the industry.

It is reported that since the launch of the digital RMB carbon neutrality pilot in September last year, Meituan has continued to increase the application of digital RMB. As of January this year, nearly 2.5 million digital RMB sub-wallets have been pushed to the Meituan App, and the platform has accumulated more than 2 million digital RMB users. In the selection of Sina Weibo netizens, Meituan App was elected as the preferred service platform for user experience of digital RMB with 82% of the votes. "Using digital RMB on Meituan" has also become the mainstream consumption trend of residents in the digital RMB pilot areas.

Li Lihui, former president of the Bank of China, believes that scenarios such as food delivery and grocery shopping are linked to a vast number of small and micro businesses at the grassroots level. The next step should be to further promote them to all aspects of the real economy and people's lives, so that the inclusiveness of the digital RMB can fully empower the development of the real economy.

Chief researcher of CITIC Bank and part-time researcher of the Institute of Finance of Fudan University said that the starting point and end point of the research and development and pilot of digital RMB is to serve the real economy and facilitate people's livelihood. Meituan platform has opened digital RMB payment in all scenarios, using digital RMB as a link to efficiently and accurately link more than 600 million users, over 8 million small merchants and people's daily consumption needs, which will help further promote consumption, stabilize growth, and improve the efficiency of serving the real economy and the general public.

In the view of Mobile Payment Network, the digital RMB is inclusive and universal, and this is destined to be combined with high-frequency consumption scenarios. As a company that meets the full-scenario consumption needs of 670 million users in daily life online and offline, Meituan has a natural fit with the digital RMB.

A relevant person in charge of Meituan said that under the guidance of relevant departments, Meituan will continue to follow the direction of "green and inclusive + consumption scenarios" to design and explore digital RMB pilot activities in more business scenarios. At the same time, it will actively support the transformation of the digital RMB acceptance environment for offline merchants, and continue to explore new ways for digital RMB to boost people's livelihood consumption and promote the development of small and micro merchants, helping digital RMB to better serve the real economy and people's lives.