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Digital RMB Payment Available for Upcoming E-commerce Shopping Festival

By RAN ZHENGICHONGQING|Apr 29,2022

Chongqing- The 2022 Chongqing 618 E-commerce Shopping Festival kicked off on April 28 and will run until June 28, introducing the digital RMB payment method, according to the Chongqing Municipal Commission of Commerce.

Digital RMB

From April 29 to June 5, consumers can scan the code at Chongqing Banan Wanda Plaza to open the digital RMB wallet of the Postal Savings Bank. Agricultural Bank of China Chongqing Branch launched a couple of activities, such as a nine-yuan discount for every ten-yuan digital RMB payment.

Chongqing is the third batch of digital RMB pilot cities in China. This activity encourages platforms and enterprises to explore the digital RMB pilot. They will provide favorable digital RMB payment channels in promotional activities.

E-commerce and rural revitalization

The e-commerce festival is divided into two series of activities. One is the online shopping festival, and the other is e-commerce boosting rural revitalization. During the period, local citizens could receive consumption coupons, participate in the second kill, and complete reduction activities. Enterprises will see beautiful sales figures at the same time.

Vipshop will open a particular area on the home page for Chongqing and offer ten yuan and 20 yuan coupons. JD.com will launch the “Jingdong Chongqing E-commerce Festival” and issue 200,000 coupons for platform stores. Yonghui Life and Hema supermarket will distribute coupons across the city.

The livestream e-commerce brand "President Is Coming" showed up at the 2021 Chongqing 618 E-commerce Shopping Festival.

The live stream e-commerce brand “President is Coming” showed up at the 2021 Chongqing 618 E-commerce Shopping Festival. (iChongqing file photo)

Livestreaming e-commerce and e-commerce resources docking will also attract attention. Tiktok will set Chongqing as the first destination of the Moving City in China, where it will hold the Reading the New Consumption Data of Chongqing conference and launch the Heartbeat Consumption Festival to create a city marketing model. Wulong District and Chengkou County will have the local Livestream e-commerce festival during the period to sell its local products all over the country.

To reduce the logistics pressure of district and county e-commerce, logistics platforms such as China Post, SF Express, and JD.com will give preferential support during the event.

In addition, the Chongqing Municipal Commission of Commerce will cooperate with Yunnan Province, Guizhou Province, and Sichuan Province to launch an e-commerce competition for The King of Livestream E-Commerce in Western China will reserve more Livestream e-commerce talents for the industry.

Livestream e-commerce combines instant purchasing of a featured product and audience participation through a chat function or reaction buttons. In China, Livestream e-commerce has transformed the retail industry and established itself as a major sales channel in recent years.

Opportunity for international companies

The 618 festival is the second-largest and most important Shopping Festival in China, which is a prime opportunity for international brands to get a glimpse into the biggest market in the world and prepare to experience the incredible buying power of the Chinese middle class.

International travel continues to be restricted for Chinese people but not for products. After one of the most challenging years in recent history, 618 offers a way to bring the essence of foreign countries to Chinese consumers. it is an excellent chance for foreign brands to understand what the Chinese market can mean for them in the long term.

Hopefully, after the two-month e-commerce festival, many brands could offset the losses brought on by the pandemic.

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