Since carrying out the pilot work of digital RMB in Hainan, it has deepened from shopping and consumption to salary payment and other fields. According to Bank Of China Limited(601988) Hainan Branch, many enterprises and institutions such as Sanya central sub branch and Dongfang central sub branch of the people’s Bank of China have paid wages and salaries in digital RMB through Bank Of China Limited(601988) using digital RMB. Among them, all employees of Sanya central sub branch of the people’s Bank of China have paid wages and subsidies in digital RMB, realizing the full coverage of digital RMB salary.
Digital RMB is a legal tender in digital form issued by the people’s Bank of China. It is equivalent to banknotes and coins and has value characteristics and legal compensation. Digital RMB payroll is to pay the wages, bonuses, benefits and other funds to employees in batches in the form of digital RMB to the wallet designated by the customer according to the wishes of corporate customers.
Bank Of China Limited(601988) digital RMB payroll has five advantages: full coverage of channels ( Wuxi Online Offline Communication Information Technology Co.Ltd(300959) full coverage), full coverage of collection wallets (collection wallets can be Bank Of China Limited(601988) wallets or wallets of other banks), complete free of charge, no need to open bank cards, and information security (unified management of the people’s Bank of China and operating institutions, no risk of information leakage).
At present, more than 40 enterprises and institutions in Hainan Province have used Bank Of China Limited(601988) digital RMB payroll products. Through digital RMB payroll, the pain points such as cumbersome card opening, long payroll process and large expenses have been solved. Employees can efficiently complete the whole process without leaving home, reducing the work of collecting employee data, card opening, card distribution and activation in the past, and improving the level of employee salary management, Reduce the operating costs of enterprises and serve the development of the real economy with financial strength.
