Shenzhen digital yuan pilot upgrade, no need to draw, users can download. A few days ago, the digital yuan (pilot version) APP officially launched on the major application markets and carried out pilots in 11 regions, including Shenzhen. Nandu reporter test found that the digital yuan (pilot version) APP has been open for download in the major app stores of Android and Apple mobile phones, and those who meet the conditions can register to open a personal digital wallet. At present, the digital rmb is the same as the physical RMB management method, and the People's Bank of China does not calculate interest on it, does not charge the designated operating institutions for exchange and circulation services, and the designated operating institutions do not charge individual customers for the redemption and redemption of digital yuan.
Since November 2019, the digital yuan has carried out the first batch of pilots in the country in 4 regions, including Shenzhen, and with the deepening of the pilot activities, analysts believe that after multiple rounds of pilots across the country, many payment scenarios have been verified, and the conditions for the full launch of digital yuan payment are basically ripe. At the same time, relaxing public use will help accelerate the process of payment applications, and the large-scale use of digital yuan will also provide more convenience for merchants and help the elderly break the digital divide.
"10+1" pilot pattern Sub-wallets connect multiple consumption scenarios
At present, the digital yuan (pilot version) is piloted for Shenzhen, Suzhou, Xiong'an, degree, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian and the Winter Olympics scene (Beijing, Zhangjiakou), and users positioned in the above regions can register to open a personal digital wallet. In addition, users can choose to open digital RMB wallets for workers, farmers, China, construction, communications, postal savings, china merchants, as well as online business banks (Alipay) and WeBank (WeChat Pay).
After successfully opening a personal digital wallet, users can recharge the wallet through two ways: bank card recharge and mobile banking transfer, and each user wallet has a separate receipt and payment code, which supports the digital RMB receipt and payment function.
Nandu reporter test found that the personal digital wallet has a sub-wallet service module, if the user pushes the sub-wallet to the merchant, it can be realized to use digital yuan for payment in the merchant consumption scenario.
Taking shopping as an example, Nandu reporter tested, pushed the sub-wallet to the Jingdong APP, selected the goods in the Jingdong self-operated store to place an order, and the payment column appeared in the payment method of "digital yuan", which can be paid directly without password after selection.
In addition to JD.com, in the sub-wallet, the optional APP also includes nearly 50 merchants such as Meituan, Ele.me, Didi Chuxing, Ctrip, SF Express, etc., covering daily payments in shopping, takeaway, online car-hailing, public transportation, electricity, party fees and other fields.
Is digital RMB payment secure? The sub-wallet introduction shows that after pushing the wallet to the merchant, you can adjust the payment limit or cancel the sub-wallet push at any time. In addition, the Digital Rmb APP will not transmit wallet and real-name information to merchants, ensuring privacy and security to the greatest extent.
According to reports, the digital yuan is China's legal tender digital currency, at present, the digital yuan (pilot version) APP is still in the conventional testing stage of the research and development process, the digital yuan designated operating agency selected pilot area whitelist users can register the APP.
Since 2014, the People's Bank of China has set up a legal tender digital currency research group to conduct special research on the issuance framework, key technologies, issuance and circulation environment and relevant international experience. At present, the R & D test has basically completed the top-level design, functional research and development, system debugging and other work, is following the principles of stability, safety, controllability, innovation and practicality, select some representative areas to carry out pilot tests.
The Agricultural Bank of China told Nandu reporters that the state proposed the development goal of building a "digital China", and the digital yuan, as a public product provided by the central bank for the digital economy, has outstanding advantages in supporting the development of the digital economy and improving the operational efficiency of the currency and payment system.
Nandu reporter noted that in the digital yuan system, banks not only assume the traditional service role, but also participate in the construction of related scenarios such as digital yuan fund supervision and targeted use, and promote the deep integration of digital yuan and various industry applications.
According to the Agricultural Bank of China, the bank took the lead in setting up the "Digital Rmb Innovation Lab" in the same industry to carry out digital RMB business and technology research according to market demand, carry out key project incubation and regional characteristic innovation, and has landed a number of pilot applications.
The Shenzhen branch of the Agricultural Bank of China told Nandu reporters that the bank recently launched the first smart contract product in the industry, aiming at the programmable characteristics of the digital yuan, leading the scene breakthrough with product innovation, and helping to solve the difficulties and pain points of the government and enterprises in the fields of capital supervision and targeted use of funds. At the same time, we will vigorously expand the application scenarios of digital yuan, deeply integrate digital yuan with various industry applications, use the characteristics of digital yuan, and focus on providing a safe, convenient and fast payment environment for Shenzhen citizens around small and high-frequency scenarios such as catering chains, consumer retail, transportation and travel, and life services, and implement the concept of financial services and people's livelihood.
According to the strength of customer identification, it is divided into four types of management
At present, personal digital wallets are classified and managed according to the strength of customer identification, and four types of wallet quotas are implemented.
Only mobile phone number registration, non-real name personnel are four types of wallets. The balance of personal digital wallet is capped at 10,000 yuan, the maximum single payment is 2,000 yuan, the daily cumulative payment limit is 5,000 yuan, and the annual cumulative payment limit is 50,000 yuan.
There are three types of wallets for mobile phone numbers and valid identity documents. The balance of personal digital wallet is capped at 20,000 yuan, the maximum single payment is 5,000 yuan, the daily cumulative payment is capped at 10,000 yuan, and the annual cumulative payment is unlimited.
When binding a personal bank account, the upper limit of the personal digital wallet balance is increased to 500,000 yuan, the maximum single payment is 50,000 yuan, the daily cumulative payment limit is 100,000 yuan, and the annual cumulative payment is not capped.
On the basis of the second type, the user needs to go to the operating agency for on-site interview to upgrade to a first-class wallet, and after the upgrade is completed, the wallet is not limited in the above four dimensions.
Digital Yuan will coexist with physical currency for a long time Banks do not charge service fees to individual customers
At the media briefing on the development progress of China's digital yuan held in July 2021, Fan Yifei, deputy governor of the central bank, introduced that the digital yuan is mainly positioned in cash payment vouchers (M0) and will coexist with physical yuan for a long time.
The digital yuan is a legal tender currency in digital form issued by the People's Bank of China, which is mainly used to meet the needs of domestic retail payments. In addition, the digital rmb is managed in the same way as the physical renminbi, and the People's Bank of China does not charge interest to the designated operating institutions for the exchange and circulation services, and the designated operating institutions do not charge individual customers for the redemption and redemption of the digital renminbi.
In addition, the digital rmb adopts centralized management and two-tier operation, and the digital rmb exchange and circulation services used by the public are provided by the operating institutions designated by the People's Bank of China.
The People's Bank of China is in a central position in the digital rmb operation system, responsible for issuing digital yuan to commercial banks as designated operating institutions and carrying out full-life cycle management, and designated operating institutions and related commercial institutions are responsible for providing digital yuan exchange and circulation services to the public.
At present, the operating institutions involved in the research and development of the digital yuan mainly include ICBC, ABC, BoC, CCB, Bank of Communications, Postal Savings Bank, Mobile and ICBC, Unicom, Telecom and BOC have set up joint project teams to participate in R&D, and Ants and Tencent are also involved in R&D. China Merchants Bank has also recently been approved to join.
Expert opinion
It is conducive to promoting the process of payment application and breaking the digital divide for the elderly
In November 2019, Shenzhen became one of the first four digital yuan pilot areas in the country. In October 2020, Shenzhen took the lead in launching the pilot project of large-scale external controllability of digital yuan, and carried out the first pilot activity of external controllable digital yuan in China. Since then, the scale and participation groups of Shenzhen digital yuan pilot activities have been expanding, and as of now, Shenzhen has carried out 4 large-scale external controllable pilot activities.
According to data from the People's Bank of China, as of June 30, 2021, the number of whitelist users invited to the digital yuan pilot has exceeded 10 million, 20.87 million personal wallets and 3.51 million public wallets have been opened, and the cumulative number of transactions has reached 70.75 million, with an amount of 34.5 billion yuan. There are more than 1.32 million pilot scenarios, taking into account both online and offline, covering wholesale and retail, catering and cultural tourism, education and medical care, public transportation, government payment, tax collection, subsidy issuance and other fields.
With the deepening of the nationwide digital yuan pilot activities, people from all walks of life believe that after many rounds of pilots across the country, many payment scenarios have been verified, and the conditions for the full launch of digital yuan payment are basically ripe. Relaxing public use will help accelerate the process of payment applications. At the same time, the large-scale use of digital yuan will also provide more convenience for merchants and break the digital divide for the elderly.
Liu Xingliang, president of DCCI Internet Research Institute and Internet expert, is also one of the experiencers of the digital yuan APP. He said that the promotion of the digital yuan may accelerate the elimination of paper money, including paper money-related businesses such as ATMs, money detectors, etc., and may also be phased out. In addition, in the past, most mobile payments were provided by commercial institutions, and some elderly people were more resistant to this, worried about the security of payment. The digital yuan has a national endorsement, which further eliminates the concerns of the elderly about the use of digital currency and breaks the digital divide. Finally, the large-scale use of the digital yuan also provides more convenience for merchants. Now, merchants need to consider providing a variety of payment methods such as UnionPay, Alipay, WeChat, etc., and they no longer need to consider so much in the future.
Zheng Lei, chief economist of Baoxin Financial, said that after multiple rounds of pilots in various places, many payment scenarios have been verified, and the conditions for the full launch of digital yuan payment are basically ripe. In this case, consumers must have a digital wallet if they need to use digital yuan payment, which is the basic tool for digital yuan payment, open to the public for unlimited download and use, which helps to accelerate the process of payment application.
Zheng Lei believes that the first phase of the digital yuan should be to become a domestic payment instrument parallel to the renminbi banknotes, and this goal is likely to be achieved within a year or two. It is necessary for the central bank to consider starting a pilot issuance of digital yuan to form a digital currency system parallel to the issuance of paper money.
Written by: Nandu reporter Ye Linfang trainee reporter Yan Zhaoxin
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