With the growing use of digital RMB pilots, some banks in China are allowing users to withdraw cash from their digital RMB at ATMs.
Industrial and Commercial Bank of China (ICBC) has more than 3,000 ATMs in Beijing and the Agricultural Bank of China (ABC) has more than 10 ATMs in the Wangfujing area of Beijing that allow digital RMB to be exchanged for cash, according to Beijing Youth Daily.
ICBC is also the first bank in Beijing to go fully online with digital RMB cash transfers.
The process differs between the two banks, but both are very smooth, the report said.
Both digital RMB withdrawals and cash conversions to digital RMB take less than two minutes and require the opening of the bank's digital wallet and real-name verification prior to conversion.
There are various channels for interested citizens to apply for opening a digital RMB personal wallet, Beijing Youth Daily quoted a number of banks participating in the digital RMB test, including ICBC and ABC.
The most direct and effective way to open a digital RMB personal wallet is to apply at a branch. Bank staff will present a QR code, and after scanning the code, the staff will guide the customer through the application process. The wallet can usually be opened in 1-2 days at the latest, and some banks can open it immediately.
Many banks invite consumers to experience digital RMB at some events and open the access as quickly as possible.
Chinese residents can also try to apply through mobile banking channels. Several banks, including Bank of China, have recently sent unsolicited invitations to many of their target customers. Customers who receive the text messages can apply for access by logging into mobile banking.
