During the 2022 Spring Festival holiday, citizens in 12 locations piloting the new digital RMB were able to experience for the first time the convenience and ease of use the new form of currency offers. As of Monday, within the seven days of the Spring Festival holiday, the daily average number of digital RMB transactions on Meituan increased by 56.4% from the week before the festival, while the average daily digital RMB transaction amount on Meituan increased by 68.54% compared with the week before.
With the expansion of the pilot scope of the digital RMB, consumers in pilot urban areas can now use the digital RMB to pay both online and offline. This holiday is also the first large-scale Spring Festival consumption season with the digital RMB involved.
During the Spring Festival, Meituan launched a series of measures to ensure supply and promote consumption. Meituan‘s “flash purchase” service was available during the Spring Festival to ensure the supply of drinks, fruits and snacks and other products that consumers prefer during the holiday. Meituan Waimai launched the “Spring Festival Shopping Experience” to provide consumers with a wide variety of choices and a 30-minute delivery service.
A variety of red envelopes and subsidies of the digital yuan promoted consumption throughout the Spring Festival. According to Meituan, during the holiday, digital RMB transactions in fields such as groceries and catering were particularly active. The daily average number of digital RMB transactions in grocery orders increased by about 20% compared with the week before the festival.
Watching movies has always been one of people’s favorite entertainment choices during the Spring Festival holiday, and it was also an important opportunity for the entertainment industry to recover from the epidemic. According to the latest statistics released by the National Film Bureau, the box office of Chinese movies during the Spring Festival totalled more than 6.035 billion yuan ($948 million).
Before the new-year-themed movies were released, Meituan fully opened the digital RMB payment channel for movie performances while also distributing discount coupons to attract more viewers. Data shows that during the Spring Festival, the average daily number of digital RMB transactions for movies on Meituan increased more than four times compared with the week before the festival.