With the promotion of the digital yuan accelerating in 2021, whether it covers cities, application scenarios, or the number of wallets opened, it has ushered in a substantial increase. At the 2021 Hong Kong Fintech Week, Mu Changchun, director of the Digital Currency Research Institute of Chinese Bank, said that as of October 22 last year, China had opened 140 million digital RMB personal wallets and 10 million corporate wallets, and the cumulative number of transactions reached 150 million, with a transaction volume of nearly 62 billion yuan.
Just into 2022, the digital yuan is a key step away from its full promotion. On January 4, the "Digital Yuan (Pilot) App" officially launched on the major Android app stores and Apple AppStore.
According to the official introduction, the Digital Yuan (Pilot Version) App is the official service platform for the pilot of digital yuan in China, which is a legal tender currency in China, and will provide users with the opening and management of digital yuan personal wallets and the exchange and circulation of digital yuan.
Based on this, Rhythm BlockBeats tested all the functions of this app, and found that compared with the previous version, the page layout was optimized, visually clear at a glance, and new user registration was more convenient; at the same time, in use, the App experience was more "light" and faster, there was no cumbersome feature recommendation of general third-party payment tools, and the experience was more friendly. Next, we will bring the reader a related test introduction.
How to register for the Digital Yuan (pilot) app
First of all, although the Digital Yuan (pilot version) app is currently available for public download in major app stores, registration is still limited to users in 11 locations, including Shenzhen, Suzhou, Xiong'an, Chengdu, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian and the Winter Olympics scene (Beijing, Zhangjiakou).
In addition, new users can only use the mobile phone number to complete the registration, without entering personal information such as name, ID card number, bank card number, etc., the whole process is more convenient and smooth. At the same time, in order to ensure the normal use of the user account, after successful registration, only one account is supported to log in to one device, and when the user logs in on other devices, the current device will automatically log out.
With the internal beta version to a large-scale pilot version, the digital yuan has opened a new stage of full application in the market. It is expected that in the next period of time, the digital yuan will be more widely adopted and gradually enter the era of full circulation of legal tender digitization.
The listing of major app stores also shows that the digital yuan app has the necessary functions and conditions that are more mature and can be market-oriented. At the same time, users will also be able to search for digital yuan apps more quickly and download them through formal channels. In addition, to a certain extent, it also prevents the illegal acts of defrauding users before the Digital Yuan App has not yet been listed.
Introduction to digital RMB wallets
Open and report the loss of the digital wallet
After successful registration, after entering the App page, you can see that there are three major sections below "Home, Services, and My", which have been upgraded in functions and partitions compared with the previous version, and the App is more beautiful in interface design and smoother to use. Next, users can open or add a digital rmb wallet in the "Homepage".
It can be seen that there are currently 9 banks supported by the digital rmb wallet, namely: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank of China, China Merchants Bank, MYbank (Alipay) and WeBank (Alipay).
Immediately afterward, Rhythm BlockBeats successfully registered a digital wallet of "Industrial and Commercial Bank of China" by verifying the mobile phone number and setting a wallet name. However, it should be noted that the "wallet name" set does not necessarily represent the real identity and is not unique, so the user should not use it as the main basis for identifying the identity of the other party; it will be displayed to the other party when receiving and paying, and the user can modify the wallet name in the wallet management.
Then, Rhythm BlockBeats tested transferring 100 yuan to the wallet, which can be transferred in two ways, one is directly transferred through a savings card, and the other is to open the mobile banking app to transfer.
In addition, if the user's mobile phone is lost or the account is at risk, the loss can be reported in time. There are two types of reporting loss:
1) Only report the loss of the account. After the account is reported lost, the account can only be reported as lost through "More Options" - "Unreported", and the operations such as account login and password modification cannot be carried out; however, the wallet bound to the account can operate normally and is not affected by the account loss report.
2) Report the loss of the account and the loss of the wallet at the same time. After the account is reported lost, the account can only be reported to be lost through "more options" - "unreported", and the operations such as account login and password modification cannot be carried out; however, the wallet bound to the account can be deposited, cannot be withdrawn, and the basic functions of the wallet (such as modifying the wallet payment password, modifying the wallet nickname, etc.) can be restored to the normal state by unwinding the wallet loss report function.
Wallet type
In order to classify and manage digital RMB wallets, the operating agency divides digital RMB wallets into four categories according to the customer's identity recognition strength:
1) A type of wallet: the identity information of the applicant needs to be verified on the spot, including the verification of identity documents, mobile phone number and my domestic bank account information; the user can bind his domestic bank account, which will support the transfer of digital yuan and bound account deposits in the personal digital yuan wallet, and there is no transaction restriction, and the real name degree is the highest.
2) Type II wallet: remote opening, you need to verify the identity card, mobile phone number and your domestic bank account and other information; support the transfer of digital yuan and bound account deposits in the personal digital yuan wallet, and the real name degree is high. However, the balance of the second type of wallet is capped at 500,000 yuan, the single payment limit is 50,000 yuan, and the daily cumulative limit transaction is 100,000 yuan.
3) Three types of wallets: remote opening, need to verify identity documents, mobile phone numbers and other information, no need to bind bank accounts, real name degree is weak. At the same time, the balance of the three types of wallets is capped at 20,000 yuan, the single payment limit is 5,000 yuan, and the daily cumulative limit transaction is 10,000 yuan.
4) Four types of wallets: remotely opened, only verify the mobile phone number, no need to bind a bank account, for anonymous wallets. The balance of the four types of wallets is capped at 10,000 yuan, the single payment limit is 2,000 yuan, the daily cumulative limit transaction is 5,000 yuan, and the cumulative payment limit is 50,000 yuan per year.
Sub-wallet
Under the digital wallet, users can also open sub-wallets, which are more convenient and fast through sub-wallets, as well as functions such as limit payment and privacy protection.
First of all, users can choose as many as 52 merchants that support push sub-wallets, including JD.com, Meituan, Tmall Supermarket, and Didi Chuxing, and users can open them according to their own needs. And in order to facilitate users to manage the use of funds, each sub-wallet can also set a separate limit.
Hardware wallets
The hardware wallet is a digital RMB wallet based on a security chip that can make "bump" payments on the offline terminal POS.
At present, digital RMB dual offline payment has completed technical verification and entered the design stage of supporting standards and specifications. However, in order to ensure a unified user experience, the current version does not provide the public with dual offline payment functions. In addition, users can apply for a standard hardware wallet card and use the "Sticker" function to recharge and manage.
What features does the app have?
Transfer
Users can transfer money directly to others through their mobile phone number or digital RMB wallet number.
Receipt and payment
By using it, it can be found that the payment and receipt function of the Digital Yuan (pilot version) App is similar to that of WeChat and Alipay. When the user collects the payment, show the other party his money collection code, and the other party scans the two-dimensional code to pay the user. When making a payment, the user simply shows the other party their payment QR code or barcode, or starts scanning the payment by scanning it.
However, there are still some differences between the digital yuan and general electronic payments such as Alipay and WeChat Pay. General electronic payment is a third-party payment means, stored by commercial banks in currency settlement, there is a very small probability of bankruptcy risk, there is no legal compensation, this user can not support Alipay or WeChat Pay.
However, the digital yuan is legally compensatory, the user may not refuse to accept the digital yuan, and the digital yuan can achieve offline payment with a higher degree of security and amount than Alipay and WeChat Pay. In addition, the design of the digital rmb also takes into account the advantages of physical RMB and electronic payment tools, which not only has the characteristics of payment and settlement and anonymity of physical RMB, but also has the characteristics of low cost, portability, high efficiency and easy counterfeiting of electronic payment tools.
Touch it
At present, "touch" is limited to Android and Apple mobile phones that support NFC function.
Users can complete a payment transaction by moving their phones close to the POS terminal NFC area, or by touching two NFC phones to each other. At the same time, "Touch and Touch" supports two modes of online and offline, offline mode can be used under the network, disconnected network, when using the user can do mode switching as needed.
Stick it
"Sticker Sticker" uses the mobile phone NFC read and write function, which can read the device loaded with the digital yuan hardware wallet, and provide basic management functions such as transfer in, transfer out, query and other basic management functions for the hardware wallet, but the user should ensure that the NFC is open when using.
red envelope
In addition, the Digital Yuan (pilot version) app also has a built-in "red packet" function. Red envelopes are divided into ordinary red envelopes and consumption red packets, ordinary red envelopes are equivalent to wallet balances, which can be used in any scenario that supports digital yuan; consumer wallets can only be used under some restrictive conditions, including validity periods, restricted scenarios, payment amounts, etc.
It is worth mentioning that when users register for the digital RMB wallet of China Postal Savings, they can receive a red envelope of 10 yuan, and the latest collection time is until 23:59 on February 28.
summary
Since the establishment of the legal digital currency research group in 2014 by Chinese Min min bank, the establishment of the digital currency research institute in 2016, the construction of digital currency prototypes, and in 2021, the test of multiple places and multiple scenarios has been carried out, and the research and development test of the digital yuan has basically completed the work from top-level design to functional research and development and system debugging. With the official launch of the Digital Yuan (pilot version) App, this will greatly reduce the threshold for users to open registration, and the Chinese Digital Yuan pilot will continue to expand to more new scenarios, and the relevant ecology will be more perfect.
At present, major economies are also actively considering or promoting the research and development of central bank digital currencies. According to the latest survey report of the Bank for International Settlements, about 86% of the central banks of 65 major countries or economies have carried out digital currency-related research, such as the United States, the United Kingdom, France, Canada, Sweden, Japan, Russia, South Korea, Singapore and other central banks and the European Central Bank in recent years in various forms of consideration and plans for central bank digital currencies, and some have begun or even completed preliminary tests.
The main function of the digital yuan is to improve the level of financial facilitation, with the first landing of China's digital yuan, or will have a profound impact on the global business form, financial form. And on the whole, the digital yuan solution promoted by China is relatively stable as a whole, the layout is based on the long term, and the technology is mainly based on two aspects: security and convenience, which can ensure the security of the transaction process and payment efficiency; in terms of scene integration, it is expanded step by step, covering not only a variety of scenarios such as "eating, living, traveling, traveling, shopping, and entertainment", but also includes green and low-carbon, government services and financial services.
Next, the popularization of education on digital yuan related knowledge will be further increased, and users will cultivate payment habits through various incentives to maintain and consolidate the status of digital yuan. As a country that plans the layout in advance in the fiat digital currency, it is expected to become a bull's ear holder in more fields with the first-mover advantage, and we will also have the opportunity to witness the arrival of this new round of history.