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All of the statements in this article are based on reliable sources and are reproduced at the end of this article
On April 28, the official account released a message saying that the pilot of the digital yuan was carried out smoothly and achieved certain results. Perhaps soon, it will be popularized, into more cities, into the lives of consumers.
In this way, the biggest impact is the WeChat and Alipay that consumers are now using, and some people even say that it may replace these two payment methods that consumers have long been accustomed to and become the new mainstream of payment.
What exactly is the digital yuan? Will it really replace QR code payment methods?
Digital Yuan
This new payment method seems to be a new word, but in fact, the concept of digital yuan has been proposed a long time ago, in 2014, the Bank of China has been planning, but it has always been a pilot, ordinary people have not yet come into contact with it, so it is a little unfamiliar.
With the passage of time, the pilot has been from a small scope to 170,000 offline investments in Beijing, and more and more pilots have been implemented, which means that the use of scenarios is more extensive, and perhaps it will be popularized soon.
Source: Beijing News-"Digital RMB Pilot "Incremental Expansion", Nearly 170,000 Offline Application Scenarios in Beijing Have Been Implemented" (2024.4.28)
There are two forms of renminbi in the mainland, one is the cash that people usually use, and the other is the digital yuan, both of which are put into use after being allowed by the state, and have the same legal status and economic value.
The e-CNY does not pay interest and is mainly used for some retail payments, which does not conflict with banking business and does not have a competitive relationship. Due to its large volume, it may lead to inflation problems, so when trading, the upper limit will be limited, and the digital yuan can be regulated through back-end data analysis.
Obviously, it is in the form of RMB, why was there only cash on the market before, but there was no such payment method? In fact, it is also for the sake of consumer needs.
Information source: The Paper - "The digital yuan has been promoted for four years, why are there so few people using it?" 》（2023.9.12）
For consumers, some elderly people can't keep up with the development of the times, and they can't learn how to use mobile phones, although some have mobile phones, they can only make calls, send and receive text messages, so in the lives of consumers, the main use is cash, which can be carried on the body, and it is convenient to use to meet people's daily needs.
Because it is inconvenient to carry cash, replacing a large denomination of banknotes with countless small denominations undoubtedly increases the load bearing of people's wallets and increases the risk of loss. Although it is convenient, there are certain drawbacks.
As we all know, this kind of payment method needs the support of the network to complete the transaction, but when there are many people, the network speed slows down, and the transaction is difficult to complete, and sometimes there is no cash convenience.
The emergence of the digital yuan has made up for this shortcoming, even if the network is not smooth, or there is no network, it can pay smoothly and complete the transaction. This is one of the things that sets this fiat currency apart from other mobile payments.
At the same time, compared to other mobile payments, this new payment method is more secure. Users must open a real-name account, so that the whereabouts of each money are clear, and even if they are accidentally deceived, the possibility of recovering it is greater.
The digital yuan, which is so easy to use and has many advantages, is not very fast to build, and it has not yet become popular, which is following the principle of security and controllability. Slowly scale up the pilot to assess its impact on consumers' lives, as well as financial markets.
Of course, it is also necessary to consider the relationship between it and mobile payments such as WeChat and Alipay. Only by properly handling this matter can it be popularized.
The possibility of substitution
Nowadays, consumers most often use WeChat and Alipay payment, even if the bank card is more convenient, cash payment is more participatory, but everyone still prefers to use a mobile phone to scan the code, and only need to bring a mobile phone with electricity and Internet to go out.
Previously, people went out shopping and carried cash, which was easy to cause counterfeit money to circulate in the market, and the risk of loss was greater, whether it was in the pocket or in the wallet, it was a burden. Swiping a card is equally annoying.
Compared with thick cash, there is only one bank card, and sometimes I don't feel it in my pocket, and I don't know when I lost it. Moreover, it is also very troublesome to report the loss to the bank and then reissue the bank card.
The emergence of mobile payment has greatly improved people's lives, provided greater convenience for the people, enriched people's lives, and is suitable for various scenes.
When these mobile payment methods are slowly accepted by people and become an indispensable existence in life, a new type of payment method suddenly appears, even if it is more secure and more convenient, but at the beginning, people may not be able to accept it quickly. Especially the elderly, it is more difficult to get used to it, which is the necessity of the pilot.
Although the digital yuan has great advantages compared with mobile payment, for ordinary people, if nothing too big happens, it is just one of the means of payment, and there is not much difference from scanning the code payment, just choose one of them.
Of course, some people who are worried about their savings, or who have bookkeeping needs, may prefer this safer, traceable method.
Unless this payment method is more in demand for consumers, and when it is popularized in the future, it is possible that there will be more users, and even become a mainstream payment method, otherwise it is difficult to shake the current status of WeChat and Alipay payment.
The biggest possibility is that in the future, these payment methods coexist, and consumers can choose a more suitable method according to their personal needs and different environments, just like some people like to use cash and feel more conceptual about money, while some people are troublesome and prefer mobile phone payment.
To be clear, there is an essential difference between the digital yuan and these mobile payment methods.
The former represents "money", which is currency and RMB, while the latter is more like the existence of a "wallet", with a greater role of storage.
Information source: Guangming Network - "One Picture to Understand丨Many places to promote consumption have it! What exactly is the digital yuan? 》（2020.8.10）
The former is a way of existence of RMB, no matter what the user buys or who to pay, the recipient cannot find a reason to refuse to accept it, while the latter is a means of payment, and the merchant has the right to choose whether to accept it or not.
The emergence of the digital yuan marks the transformation and change of the payment field, which will definitely have an impact, the positive aspects are self-evident, and the negative issues should also be paid great attention to.
Write at the end
No matter what kind of payment method, it has its own meaning of existence, and it also has its own shortcomings. It is precisely because of complementarity that coexistence can be achieved.
Regardless of whether the digital yuan can replace the QR code, all in all, it is another form of existence of the yuan in addition to cash, in addition to the realization of mobile phone payment, it is still legal tender, it is "money", and there is a certain difference from QR code payment.
If it is popular, it means that the technology is mature, and you can also try this new payment method. After all, it's more secure and more protective of your money.
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