Recently, the launching ceremony of the pilot program for real-name payment of digital RMB car insurance in Shijingshan District was held in Beijing. With the support of the Digital Currency Research Institute of the People’s Bank of China and the Shijingshan District Government, Postal Savings Bank of China, together with PICC Payments and China Bank Insurance Technology Management Co., Ltd., jointly released the digital RMB car insurance real-name payment plan (referred to as the plan). This plan helps to bridge the various links of digital RMB payment, real-name authentication for car insurance, and insurance payment, and has achieved the first application of digital RMB in the insurance real-name payment scenario nationwide.
The plan follows the regulatory requirements of the insurance industry and, based on customer demand, provides digital RMB real-name verification and payment services by digital RMB operating institutions such as Postal Savings Bank. PICC Payments is connected to the China Bank Insurance real-name authentication platform and the PICC Property and Casualty Co., Ltd. payment system, and has innovatively launched the real-name payment service for car insurance, filling the gap in the application of digital RMB in the insurance field.
The active practice of Postal Savings Bank and PICC Payments in the digital RMB car insurance real-name payment scenario further enriches customer payment methods, enhances payment security and convenience, helps insurance companies such as PICC Property and Casualty Co., Ltd. save payment costs, improve fund settlement turnover efficiency, and provide effective support for the wider application of digital RMB in the insurance industry.
Source: Financial Sector Information
