Payment platforms adopting digital RMB in new partnerships

Huifu Payment Ltd is promoting the adoption of China's digital currency by teaming up with time-honored brands and destinations that have gone viral online.

The payment solution provider has entered into a partnership with Shanghai's New Xuhui Group, under which the pair will modernize payment, membership management and marketing efforts digitally under one roof.

One highlight of the partnership includes supporting payments in digital renminbi, the official electronic currency of China whose pilot use has been advocated in a growing number of commercial scenarios.

The novel payment method is available in Qiaojiashan, a traditional Shanghai pastry chain, and Wuzhong Market, which gained fame online following an agreement with luxury brand Prada earlier this year. Both entities are under the auspices of the New Xuhui Group.

Upon payment via e-renminbi, merchants stand to analyze data of consumers and set up a membership system to optimize business operations.

"Time-honored brands need to get a digital boost to attract new customers and retain existing ones," Huifu chairman Zhou Ye said.

"This particular payment method is going to attract younger people, and the launch (of digital renminbi payment) in traditional stores would make it more accessible to the older generation."