What new features have been introduced this year for the launch of digital RMB as a "first charge before use" foreign card

Tech 2023-10-06 02:23:30 Source: Network

On the occasion of the Hangzhou Asian Games, the digital RMB has launched the "first charge before use" function for foreign cards, and the payment service for overseas Chinese people has been further upgraded.The "charge before use" function of the foreign card launched this time refers to the convenience of payment

On the occasion of the Hangzhou Asian Games, the digital RMB has launched the "first charge before use" function for foreign cards, and the payment service for overseas Chinese people has been further upgraded.

The "charge before use" function of the foreign card launched this time refers to the convenience of payment. Overseas visitors to China can register and open a digital RMB wallet using their overseas mobile phone number, first recharge the wallet through Visa and Mastercard's foreign cards, and then make payment. If there is any balance in the subsequent wallet, it can be saved back to the overseas card. At the same time, overseas visitors to China can also go to bank service outlets to recharge their digital RMB wallets with cash.

In addition to the latest online wildcard card "charge first and then use it", since the beginning of this year, the digital RMB has achieved multiple new launches and "re upgrades", such as the realization of no network or electricity payment function, the use of digital RMB for daily payment and mobile phone recharge, etc. At the same time, many regions across the country are actively promoting and expanding the use of digital renminbi, such as using digital renminbi to pay salaries to public officials.

Online functions such as no internet or electricity payment, "WeChat payment" wallet quick payment, etc

In January, the Digital RMB App officially launched the function of no internet or electricity payment, which is suitable for some Android models. Among them, no electricity payment refers to the ability to use the mobile phone's "touch" payment terminal to complete payment even when the phone is turned off. Users can activate the no electricity payment function in the digital RMB app and set the number of times and amount of payments that can be made after shutdown.

Image from Digital RMB App

In March, the Digital RMB App added a "WeChat Payment" wallet quick payment function. Subsequently, WeChat further expanded the usage scenarios of digital RMB, with WeChat video accounts and more mini program scenarios supporting digital RMB payments.

In July, the digital RMB SIM card hard wallet function was launched, which uses the telecommunications operator's super SIM card as the wallet carrier and can be used in situations where the phone is disconnected, turned off, or powered off.

In September, the Digital RMB App launched functions such as daily payment and mobile phone recharge, further enriching users' usage scenarios. The daily payment function covers various payment scenarios such as water, electricity, gas, heating, fixed phone/communication, and cable TV fees.

Image from Digital RMB App

On September 3rd, Mu Changchun, the director of the Digital Currency Research Institute of the People's Bank of China, stated at the 2023 China International Finance Annual Forum that digital RMB should be used as a payment tool in all retail scenarios.

Wider application scenarios for digital RMB smart contracts

In terms of smart contracts, digital renminbi has also made new progress.

In May, the Jiangsu Provincial Department of Education issued the "Implementation Plan for the Pilot Implementation of Digital RMB in the Education Field of Jiangsu Province", which mentioned the use of smart contract functions to explore the application of digital RMB in areas such as prepaid consumption fund management in education and training, and government special fund supervision.

In June, the Ministry of Human Resources and Social Security issued the "Implementation Plan for Digital Human Resources and Social Security Construction Action", which mentioned exploring and promoting the loading of digital RMB payment functions on social security cards. A prominent figure once told Pengpai News (www.thepaper. cn) that loading the digital RMB payment function on social security cards can expand the application scenarios of social security cards and increase the utilization rate of non social security applications; On the other hand, utilizing the unique advantages of digital RMB smart contracts, we can achieve efficient and accurate distribution of financial subsidy funds.

In September, the Digital RMB App launched the "Yuan Manager" store, with 20 merchants currently settling in. The "meta butler" focuses on the field of prepaid consumer services, which can prevent merchants from misappropriating funds.

Digital RMB App "Yuan Manager" Mall Page.

Suzhou has also made new breakthroughs in the application of smart contracts this year, achieving the first application of digital RMB in the field of driving school training fund custody, and opening up the "E driving fund" digital RMB payment; Implement the loading of smart contracts for the first time in the Huinong Loan and Personal Consumption Loan businesses; The implementation of scenarios such as wage agency for migrant workers, supply chain financing targeted payment loans, union welfare fees, and smart management of flexible employment platform wallets; The smart contract prepaid fund management product "Small Mail Card" in the consumer field has been launched.

Last September, Mu Changchun stated that digital RMB smart contracts had been successfully applied in fields such as government subsidies, retail marketing, and prepaid fund management. In the same month, the Digital Currency Research Institute of the People's Bank of China (hereinafter referred to as the Institute) officially released the digital RMB smart contract prepaid fund management product "Yuanguan", which can be used to prevent merchants from taking away prepaid funds and running away.

Promote digital RMB salary distribution in multiple regions across the country

Since the beginning of this year, various regions across the country have promoted the issuance of salary figures in RMB for government agencies, institutions, state-owned enterprises, etc., including Suzhou, Suqian, Xuzhou, Jinan, etc.

In February, the Local Financial Supervision and Administration Bureau of Taicang City announced on its official WeChat account that Taicang City has achieved full coverage of digital RMB salary payment for all employees of government agencies and institutions.

In March, the Xuzhou Municipal Government Office issued the "Xuzhou Digital RMB Pilot Implementation Plan", which mentioned the coordinated promotion of the partial payment of salaries to administrative and public institution staff in the form of digital RMB.

In May, the People's Government of Suqian City announced the "Notice of the Municipal Government Office on Issuing the Implementation Plan for the Pilot Work of Suqian City's Digital RMB", which mentioned striving to make digital RMB one of the main settlement methods for the public and enterprises and institutions in the city by the end of 2025, and promoting various levels of financial budget units to open digital RMB wallets, and studying the use of digital RMB to distribute partial wages in government agencies and institutions with conditions Subsidies.

In May, Changshu implemented the full payment of wages in RMB for civil servants, public institutions, and personnel of state-owned enterprises at all levels.

In June, the Jinan Municipal Government issued the "Implementation Plan for the Pilot Work of Jinan Digital RMB", proposing to guide employees of government agencies, financial institutions stationed in Jinan, and state-owned enterprises to open digital RMB personal wallets, use digital RMB to distribute partial wages, subsidies, and allowances, and gradually expand to different scales and levels of groups.

The Jiangsu Provincial Department of Industry and Information Technology also issued the "Pilot Implementation Plan for Digital RMB in the Industrial and Information Technology Fields of Jiangsu Province" in May, proposing to strive to achieve basic coverage of industrial enterprises on the scale of digital RMB accounts by 2025.

New Progress in the Digital Currency Bridge Project of Multilateral Central Banks

In terms of international cooperation, it is worth noting that in June this year, the five major initiators of the multilateral central bank digital currency bridge project gathered in Beijing.

The advanced network topology of the 'Currency Bridge' project. The image is from the report "Currency Bridge Project: Connecting Economies through Central Bank Digital Currency (CBDC)".

According to the news on June 29 on the official WeChat official account of the People's Bank of China, recently, the initiators of the multilateral central bank's digital currency bridge project (ProjectmBridge, hereinafter referred to as the money bridge project), such as the Bank for International Settlements, the Hong Kong Monetary Authority, the Central Bank of Thailand, the Central Bank of the United Arab Emirates and the People's Bank of China's Digital Currency Research Institute, held a series of meetings in Beijing to discuss the research and development of the minimum feasible product (MVP) and its phase landing.

Sun Yang, Senior Researcher of Financial Technology at Jiangsu Suning Bank, once stated to Pengpai News (www.thepaper. cn) that MVP can be understood as establishing a usable product prototype in the fastest and most concise way, The multilateral central bank digital currency bridge project will seek a minimum set of products that are acceptable to all parties. It is a significant transformation from pilot to practical application, with the aim of promoting the rapid landing of the multilateral central bank digital currency bridge and achieving a breakthrough from 0 to 1

On the overseas side, Hong Kong Financial Secretary Chen Maobo stated in June that the Hong Kong Monetary Authority is studying the application of the digital Hong Kong dollar and has entered the second phase of testing its cooperation with the People's Bank of China on cross-border retail payments in digital renminbi.

Image from the official website of the Financial Secretary of the Hong Kong SAR Government

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