The application scenario is "new"! The digital yuan can also be used in this way
China Foundation News reporter Zhao Gang
The application scenario is expanded, and the spot clearing business of bulk commodities can use digital yuan!
SSE announced that the bulk commodity spot clearing business of Interbank Market Clearing House Co., Ltd. will launch the digital RMB clearing and settlement service on June 26, 2023, and adjust the operating hours to 9:00-18:00 on working days. At the same time, in order to reflect the design concept of digital RMB inclusive finance, the digital currency settlement service is temporarily free of charge.
Industry insiders believe that the use of digital yuan for commodity clearing can reduce intermediate links to save clearing time and costs, improve clearing efficiency, enhance the transparency and security of transactions, help promote the facilitation of international trade and the openness of the financial market, and promote the development of trade commodity trade.
New scenes accelerate the landing
Recently, the application scenarios of digital RMB have been expanding, and now it has taken into account both online and offline, covering wholesale and retail, catering, cultural tourism, education and medical care, public transportation, government affairs payment, tax collection, subsidy issuance and other fields.
In May, the digital RMB APP added the "Boarding Code" function to the service bar to support subway travel in many cities in Zhejiang, marking the landing of the country's first digital RMB "Boarding Code" application scenario.
In addition to the "boarding code", the payment of digital RMB traffic scenarios has also been extended to the state of "no network and no electricity". On June 20, the application of digital RMB no-network and no-electricity payment was officially piloted at Zhangcun Station and Keyuan Jingqilu Station of Qingdao Rail Transit Line 4, and the project realized the passage of digital RMB hard wallet subway under the condition of no network and no electricity.
On the same day, Suzhou Public Transport Group Xiangcheng Road 877 and 811 Road also successfully landed to pilot the application of digital RMB without network and electricity in the public transport field.
According to reports, users add Unicom or Telecom SIM card digital RMB hard wallet to the digital RMB APP, associate the hard wallet with the Bank of China personal digital RMB soft wallet, and the mobile phone can be paid through the NFC function "touch" in the state of no network and no power, and there is no need to recharge the wallet.
The digital yuan is also used in scenarios such as payroll and housing provident fund loans. Since May, Changshu City, Jiangsu Province has implemented the full digital RMB payment of salaries to civil servants (including public service personnel), public institution personnel, and personnel of state-owned units at all levels, becoming the first application scenario in China for the full digital RMB salary payment of civil servants in administrative organs.
The Guangzhou Housing Provident Fund Management Center also issued the first batch of loans using digital RMB in June, marking the official landing of the Guangzhou Housing Provident Fund digital RMB loan issuance application, realizing full coverage of digital RMB applications in major business scenarios such as housing provident fund deposit, withdrawal, and loan.
Ping An Securities commented that considering that wages are the main source of income for ordinary residents, and that the wage agency business also has the role of public-private linkage, we believe that promoting the use of digital currency from the source of income will play a good penetration effect on both residents and enterprises, and is expected to be promoted in a larger region in the future.
On June 25, Paul Chan, Financial Secretary of the HKSAR Government, published a Secretary's essay on the HKSAR Government's website saying that the Hong Kong Monetary Authority is studying the application of the digital Hong Kong dollar; The "Multi-Central Bank Digital Currency Cross-border Network" (mBridge) has also moved from the experimental stage to the trial stage; The cooperation with the People's Bank of China on cross-border retail payments in digital yuan has also entered the second phase of testing, with the goal of adding value to digital yuan wallets through FPS in the future.
The next three years are expected to usher in a period of rapid development
CICC's research report pointed out that recently, many places have successively launched digital RMB pilot work plans, further clarifying the main objectives, promotion steps and guarantee mechanisms for promoting digital RMB pilots in the future. As various localities further clarify the promotion goals of the digital RMB pilot work, the "flywheel effect" of digital RMB may be taking shape, and it is expected to usher in a period of rapid development in the next three years.
Regarding the future development of digital RMB, CICC further pointed out that, first of all, some financial institutions and enterprises may have certain demand for the upgrade of the digital RMB system, and relevant infrastructure service providers are expected to take the lead in benefiting.
Secondly, the short-term impact of digital RMB on the payment industry may be limited, and the long-term impact remains to be seen, among which wallet-side Alipay and WeChat Pay are expected to continue to lead, and acquirer-side head institutions and high-quality merchant service providers may be expected to leverage more scenarios and increase market share.
Finally, with the extension of the application field of digital RMB and the innovation of products and services, it may also have great potential in the field of non-C2B payment, which may be expected to promote industrial digital collaboration and empower more digital economy segments in the long run.
Ping An Securities also said that from the current national digital RMB pilot progress, it has moved from the preparation stage to the promotion stage of more sound mechanism construction and deeper application scenarios, on the one hand, the regions represented by Jiangsu and Zhejiang took the lead in completing the formulation and refinement of the digital currency pilot plan, which is expected to lead more regions to establish a working mechanism and further promote the implementation of the digital currency pilot.
On the other hand, the digital currency pilot is accelerating the landing in new scenarios such as payroll and people's livelihood payment, and the model of digital currency penetrating from the F end to the C end and the B side is expected to achieve good promotion results, and it also has strong replicability, which may become the next major model of national digital currency promotion.
In this context, with the increase of the user base of digital RMB and the deepening of application scenarios, it will drive the demand for software and hardware system transformation, and it is also expected to break the monopoly of third-party payment in mainland China and build a new payment pattern, so Ping An Securities believes that all participants in the payment industry chain (commercial banks, third-party payment institutions, and related manufacturers) should actively embrace the opportunity of digital currency promotion.
Regarding possible risks, Ping An Securities believes that there are three aspects, namely, the implementation of digital RMB is not as expected, the risk of immature technology underlying digital currency, and the risk of financial technology policy supervision.
Liao Hekai, an analyst at Jinle Function, also told reporters: "At present, the digital yuan is mainly a domestic application pilot, with relatively limited coverage and relatively limited acceptance, and security and privacy for users remain to be seen." Participating in cross-border transaction settlement also faces legal, technical, regulatory and other challenges. ”
Editor: Captain
Reviewed: Chen Siyang