Jinan boosts digital RMB application

Jinan aims to achieve a total transaction volume of digital RMB exceeding 4 billion yuan ($562 million) by the end of 2023, with 4 million digital RMB wallets for individuals and 50,000 digital RMB wallets for public used, according to an implementation plan issued recently.

This plan will fully mobilize enthusiasm on both the supply and demand side for digital RMB, actively expanding its application scenarios in transportation, medical health, government services, people's livelihood security, cultural tourism and sports, schools and enterprise parks, and other industries to achieve the goal of full coverage for major payment scenarios in Jinan and basic coverage for other payment scenarios.

For transportation, it supports the use of digital RMB to pay for subways, buses, taxis and other public transportation tickets and fares. In related consumer fields such as car charging and refueling, it focuses on connecting with service providers' settlement systems, upgrading existing hardware and software infrastructure, and supporting digital RMB settlements.

In terms of campus consumption, the plan supports using digital RMB to pay tuition fees, and creating digital RMB scenarios in payment platforms, scholarships, student canteens, campus supermarkets, and surrounding campus merchants, in order to establish an internal payment system within the campus and expand the digital RMB function of the campus ID card.

In addition, the plan has made arrangements for various scenarios such as inclusive loans, public welfare donations, consumer subsidies, sci-tech finance, and the allocation of fiscal funds.