Six of China’s top banks have tasked their employees with promoting digital yuan wallets to between 200 to 300 people a year.
Chinese banks have begun a hard sell of digital yuan wallets, asking staff to recruit hundreds of new users each year.
According to a translation of a June 6 article from Shenlian Caijing, employees of top banks such as the Industrial and Commercial Bank of China and the Bank of Communications, along with four other state-owned banks, have been instructed to promote digital yuan wallets to an average of 200 to 300 people a year.
To entice new users, employees are able to offer an odd variety of small gifts, such as “laundry detergent, data cables, card holders, Chinese knots, umbrellas, and tissues.”
The banks have included the task of promoting the central bank digital currency (CBDC) on employee evaluations, with the number of CBDC wallet recruits determining each branch’s end of year bonuses.
Essentially the banks have deployed an incentive scheme focused on mass recruitment of wallet users, and will reward branches and their employees with favorable performance reviews and monetary bonuses.
Employees of some Chinese commercial banks are required to promote digital renminbi wallets, and each person must promote 200 to 300 individuals. By Jiemian https://t.co/Trl8bF7I22
— Wu Blockchain (@WuBlockchain) July 6, 2021
From the Chinese government’s perspective, the ramp-up in digital yuan wallet adoption is part of a move to get a stronger hold over the financial tech market, as it will be in competition with payment service providers such as Alipay and WeChat, who reportedly account for 98% of the mobile payment market in China.
Cointelegraph reported on April 26 that in the lead-up to an online shipping festival on May 5, six of China’s largest banks promoted the CBDC as a better alternative to Alipay and WeChat.