On January 4, the Digital Yuan (pilot version) app was launched in major Android app stores and Apple AppStore.
Digital Yuan (Pilot Version) App developer is the Digital Currency Research Institute of Chinese Min min bank, digital yuan is still in the regular testing stage of the research and development process, and users of the pilot area selected by the digital yuan development and operation agency can register the app.
At present, the designated operating institutions of the digital yuan include ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank, China Merchants Bank, WeBank, MYbank, etc., while the pilot areas include Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian, Shenzhen, Suzhou, Xiong'an New Area, Chengdu and the Beijing Winter Olympic Venue.
The surging news reporter visited the outlets of some operating institutions in Shanghai and learned that there are two main ways to open a personal digital RMB wallet: one is to use the institutional outlets to scan the code to open, and the other is to directly download the digital rmb (pilot version) App for operation.
In practice, in the case of not passing the bank scan code opening process, the digital yuan (pilot version) App cannot directly open an account, and the opening of the wallet still requires the authentication process of the "white list".
At an bank outlet in Huangpu District, the surging news reporter experienced the whole process of scanning the code to open a digital yuan wallet. The so-called "white list" is that at the beginning of the opening of the personal digital wallet, the user first needs to complete the "Digital Yuan Pilot Invitation Letter" - confidentiality tips and information collection, providing mobile phone numbers, mobile phone types and names. The entire application process is simple and efficient, and the actual certification time does not exceed one minute. After that, users can open a personal digital RMB wallet through their mobile phone number and carry out operations such as transfer, receipt and payment.
"It is recommended that users come to bank outlets to scan the code to open, the whitelist will also encounter problems in the review, most of them are invalid for the mobile phone version and the authentication is invalid, and the elderly also need the guidance of the staff when opening an account." A branch worker of the Industrial and Commercial Bank of Huangpu District told the surging news.
Sun Yang, a researcher at Suning Institute of Finance, told the surging news that the controlled download from the bank link for the pilot population in the pilot area is a more cautious pilot, and this time through the App Store, the public can download is a relatively large change in the distribution channel, indicating that the digital yuan research and development has made new progress, entered a new milestone, and can face the public through the mass application distribution channel.
"Distribution through public channels and bank link download are quite different, which puts forward higher requirements for customer identification KYC and anti-fraud, and from the perspective of app use, this version has significantly improved compared with the previous version in terms of experience, function and security." Sun Yang said that with the launch of the digital yuan app store, it will be easier to apply for a whitelist in the future, and the scope of the pilot may be further expanded.
"The previous pilot was actually mainly banks and financial institutions that cooperated with the People's Bank of China to develop digital yuan, and the limitation of this situation is that banks or financial institutions that do not cooperate with the People's Bank of China have not entered the pilot and contacted the digital yuan." Zhao Xijun, a professor at the School of Finance and Finance of Chinese Min University, also told the surging news that digital wallets can now be obtained through the App, the audience can be further expanded, and the scope of the pilot and the application of scenarios can be further expanded.
In terms of digital wallet recharge, users can currently deposit funds through the mobile banking App of major operating institutions, and can also bind bank cards to the Digital Yuan (pilot version) App for recharge.
It is worth noting that in the case of unbound bank accounts, directly using the mobile banking App to transfer a certain amount, the user's digital wallet will be set to four types of wallets by default; while the bound bank card will upgrade the digital wallet to a second-class wallet, and the real name of the approval process is also higher.
The staff of a China Merchants Bank outlet in Huangpu District revealed that four types of wallets are non-real-name wallets, while one to three types of wallets are real-name wallets, and the degree of real name also increases with the type of wallet. Among them, a type of wallet requires the user to go to the bank branch to sign, the process needs to verify the valid identity card, mobile phone number and other information, and bind the personal bank account.
In terms of transaction restrictions, the restrictions of digital wallets (including wallet balance, consumption, single/day limit for transfer out, consumption, annual cumulative limit for transfer out, single/single day limit for withdrawal) decrease with the degree of real name. Among them, the balance limit of the first to fourth types of wallets is unlimited, 500,000 yuan, 20,000 yuan and 10,000 yuan respectively; the first and second types of wallets support a single/single-day withdrawal limit of 1,000 yuan, while the third and fourth types of wallets do not support withdrawals.
In terms of the application of the digital rmb App, some staff of the Industrial and Commercial Bank of Huangpu District said that there are currently many merchants docking the application of the digital yuan, and some staff of the Bank of China in Huangpu District said that the digital wallet has been promoted in entities such as agricultural, industrial and commercial supermarkets, and the promotion activities have attracted many users.
Sun Yulin, a senior researcher at Ouke Cloud Chain Research Institute, told the surging news that the various functions that look relatively simple on the App are actually condensed behind a lot of design and testing work, in addition, the digital RMB App wallet can already dock most of the mainstream shopping, travel, life, tourism and other daily payment scenarios, on the one hand, it shows that the early pilot results are rich, on the other hand, it has made full preparations for further expanding the pilot work in the future.
"The open download of the App is an attempt to further enrich the use of the main body, especially the foreign athletes, coaches and tourists of the Winter Olympics can easily experience the important achievements of China's digital economy development without opening a RMB account, which is an all-round display of the innovative achievements of the digital rmb and has a good role in promoting the expansion of the influence of the digital yuan." Sun Yulin said.