WeChat and Alipay have intervened, and the "digital yuan" is expected to restart the new pattern of mobile payment?

According to relevant information, about 872 million people in the mainland use mobile network payment methods, and the number of WeChat and Alipay users accounts for 90% of China's Internet payment market, which is in a monopoly position.

In order to solve this problem, Chinese Minmin Bank launched a digital yuan and conducted pilots in Shanghai and Shenzhen, with good results.

Songguo Finance was informed that according to the news of the Titanium Media App on January 17, as of 17:00 on January 17, data from Huawei, Xiaomi, OPPO, VIVO and other mainstream mobile app malls showed that the number of digital YUAN (pilot version) app downloads has exceeded 20 million times, almost double the number of downloads 10 days ago.

It is reported that during the Winter Olympics, domestic and foreign consumers can independently choose the Digital Rmb App or digital YUAN hardware wallet according to their own habits and usage preferences.

In the digital RMB App, the "paste a sticker" function allows the soft and hard wallets to be "interconnected", and the hardware wallet is managed on the mobile phone, and the digital YUAN app can not only read the device loaded with the digital RMB hardware wallet, but also set the payment password, recharge, balance and transaction details query, and redeem the hardware wallet.

According to central bank data, as of the end of October 2021, a total of 150 million digital RMB wallets have been opened (including 140 million personal wallets and 10 million corporate wallets), with a cumulative transaction of 150 million transactions, with a total amount of 62 billion yuan. There are 1.55 million merchants supporting digital RMB wallets, covering various fields such as utilities, food services, transportation, shopping and government affairs.

Shortly after the digital yuan received much attention, MYbank and WeBank also reached cooperation with the digital yuan, in short, the digital yuan can be used in WeChat Pay and Alipay.

With the advancement of the digital yuan, it will bring new changes to the payment field, break the monopoly pattern in the payment field, and promote the fairness and ecology of transaction payment. The open characteristics of the digital yuan determine that more and more market economies will join the digital yuan payment system in the future, so that digital yuan payment will penetrate all areas of social life, and will also promote the equality of the transaction status of market economy entities and break the monopoly pattern of several monopolies in the original transaction payment field.

In addition, the digital yuan will also promote the development of inclusive finance in the mainland, so that more people can share the dividends of financial scientific and technological progress, including playing a special role in providing convenient payments for farmers in remote areas and providing convenient channels for the issuance of various subsidies.