Hainan realizes first digital RMB payment in cross-border import e-commerce

Guomian (Hainan) Technology Co., Ltd., a cross-border import e-commerce firm in south China's Hainan Province, finished a payment with digital RMB on Tuesday, marking the first application of digital yuan payment in the province's cross-border import e-commerce business.

It's learned that in this payment, the Hainan Branch of the Industrial and Commercial Bank of China (ICBC) was responsible for the digital RMB payment interface and operation services, while New Pay, a third-party payment platform of local airline company HNA Group, dealt with the technical support and merchant supporting services.

Compared with general e-commerce platforms, cross-border import e-commerce platforms have further verified the consistency between the subscriber and the payer on the basis of real-name authentication, which meets the supervision requirements of the customs, said Liu Xiaoli, the digital RMB project leader with New Pay.

Consumers can choose "digital RMB payment" in the final payment stage of the order, which realizes closed-loop settlement between the consumers and the platform, and makes the whole payment process more economical and secure, added Liu.

"The use of digital RMB in cross-border import e-commerce platforms enables merchants on the platforms to receive the full consumption amount without any service charges, greatly reducing the operating costs, and thus increasing the revenue," said Zhou Yehui, the person in charge of the e-commerce platform with Guomian (Hainan) Technology Co., Ltd.

The application of digital RMB payment in cross-border import e-commerce is an innovative breakthrough in the pilot of digital RMB in Hainan, which will not only reduce the service charges for payment of small- and micro-sized enterprises, improve the payment efficiency and enhance the protection of consumer privacy, but also better promote the free and convenient trade and capital flow in the Hainan free trade port, noted the person in charge of the digital RMB business of the ICBC Hainan Branch.