A recent giveaway of China’s in-testing CBDC has reportedly left recipients less than the wowed by the user experience.
As reported earlier, the town of Shenzhen, as well as the People’s Bank of China, launched a “red envelope” lottery earlier this month, giving away a gift of 20 Mln of the digital yuan [worth around $1.5 Mln] to locals.
2 Mln people were said to possess applied for a 200 digital yuan [$30 USD] share of the entire.
But consistent with Reuters, these early users of the trial virtual currency feel the central bank has more to try to if it wants them to modify over from existing payments apps like Alipay.
The news source polled users within a shopping district in Shenzhen, with one going by the surname Yuan saying she found the choice less convenient that she wouldn’t use the CBDC again unless it had been offered via another giveaway.
Another, surnamed Zhong, revealed to Reuters that the digital yuan infrastructure was almost like those from Alipay and WeChat Pay, which are “out for an extended time.”
Even though, she added that she may switch to using the CDBC if it seemed secure & convenient.
With the central bank playing catch-up to existing providers, it’s going to need to offer incentives to grow adoption of the digital coinage when it finally launches.
“It’s especially important to supply convenience and other benefits to market the utilization of digital yuan,” a senior economist at PwC China told Reuters.
For the Shenzhen lottery, over 3k stores were equipped with payment technology permitting the digital yuan winnings to be spent.
Point-of-sale devices at the stores’ checkouts would scan a QR code on the user’s wallet application to deduct their spending amounts.