Digital RMB Enlightens New Life

Tech 2023-10-06 09:46:05 Source: Network

During the Mid Autumn Festival holiday, besides "playing and playing", there is also a natural need for "buying and buying". During the Double Festivals this year, many places held themed consumption promotion activities and distributed red envelopes for digital RMB consumption vouchers

During the Mid Autumn Festival holiday, besides "playing and playing", there is also a natural need for "buying and buying". During the Double Festivals this year, many places held themed consumption promotion activities and distributed red envelopes for digital RMB consumption vouchers.

In recent years, the pilot project for digital RMB has been continuously promoted, and relevant policy support, application scenarios, and supporting services have been increasingly improved. The digital renminbi is gradually entering daily life, allowing consumers to truly feel convenient and affordable.

Continuously expanding application scenarios

Recently, I learned to pay subway tickets in digital RMB. By opening the Tianjin Metro app and signing an online China Construction Bank digital currency agreement for payment, I can use the app to scan the QR code and pass through the gate, achieving automatic deduction without confidentiality. "said Wang Xiaoqin, a resident of Liqizhuang Street, Xiqing District, Tianjin.

There are many similar application scenarios for digital RMB in Tianjin. Since being approved as the third batch of pilot cities for digital RMB in April 2022, Tianjin has implemented the application of digital RMB in all 16 general and characteristic scenarios, including retail, public transportation, salary distribution, fund transfer, digital exhibitions, and port logistics.

In the past three years, the pilot work of Shenzhen's digital RMB has successfully achieved three major leaps from tasting to commonly used, from payment to intelligent payment, and from product to industry. "Sun Rongjian, Director of the Currency Issuance Department of the Shenzhen Branch of the People's Bank of China, said that the Shenzhen digital RMB ecosystem is becoming increasingly perfect, gradually achieving full coverage of six major fields of digital RMB application scenarios, including daily consumption, daily payment, transportation, education and medical care Sports, tourism, government services, and other fields.

Li Wenfeng, Vice President of Postal Savings Bank Shenzhen Branch, stated that in recent years, Postal Savings Bank Shenzhen Branch has continued to make efforts in promoting the incremental expansion of digital RMB applications and improving the ecosystem, achieving innovative application scenarios in fields such as smart government, transportation, and retail supermarkets, and successfully distributing the first digital RMB salary in the construction and decoration industry nationwide, Jointly with the Luohu Shuibei Jewelry Business District, we have created the first fully covered application scenario for the gold jewelry industry chain in China.

As one of the first pilot cities for digital RMB in China, Chengdu has orderly promoted the construction of application scenarios in various fields such as living expenses, catering services, transportation, and shopping consumption. The "14th Five Year Plan for the Development of the Financial Industry in Chengdu" proposes to rely on the advantages of digital RMB pilot projects, improve the application ecosystem of digital RMB, build a digital RMB application space for all scenarios such as rural benefits, smart people's livelihoods, and government services, and accelerate the implementation of branches of the People's Bank of China's Digital Currency Research Institute.

Recently, Chengdu opened a digital RMB small and micro merchant business for taxis and proposed to gradually promote it to taxis throughout the city. Previously, although some cities have promoted digital RMB in taxi ride scenarios, promoting the digital RMB taxi payment scenario to the entire pilot city is still a national initiative.

Accelerated improvement of supporting services

With the rapid application of digital renminbi, how to keep up with the relevant supporting software and hardware has become one of the problems facing pilot cities.

Not long ago, Tianjin's first digital RMB hardware wallet was launched, becoming the first attempt by the "operating institutions+2.5 layer cooperative banks" in the China Construction Bank system to jointly issue hard wallets. What is a 2.5 story cooperative bank? The first layer of cooperative banks refers to the People's Bank of China, while the second layer refers to multiple pilot commercial banking institutions designated by the People's Bank of China. 2.5 layers, usually referring to commercial banks, non bank payment institutions, and other cooperative participants outside of the digital RMB 2 layer operating institutions, composed of small and medium-sized banks and non bank payment institutions such as joint-stock banks, urban commercial banks, and rural commercial banks that are not operating institutions, such as Minsheng Bank, Suzhou Rural Commercial Bank, Didi, UnionPay, Lakala, and other institutions.

Li Wanlin, General Manager of Product Innovation and Management Department of China Construction Bank Tianjin Branch, introduced that digital RMB wallets are divided into soft wallets and hard wallets based on carriers. The hard wallet issued this time adopts a quasi account standard card model design, and the product form is an IC card, which has characteristics such as anonymity and real name recognition. At the time of issuance, the value of digital RMB is recorded anonymously in the form of an account by the operating institution, and is not associated with the user's identity. It supports the "paste one paste" function of the digital RMB app to associate the quasi account hard wallet with the personal soft wallet, achieving functions such as binding and recharging. It supports offline payment of orders, and can be consumed at offline acceptance terminals that support the hard wallet function.

In order to further leverage the intelligent advantages of digital RMB and create a good consumption environment, in June this year, the Shenzhen Branch of the People's Bank of China, in conjunction with relevant departments, officially issued the "Pilot Promotion Plan for Digital RMB in the Field of Prepaid Business in Shenzhen". By loading smart contracts on prepaid funds, taking into account the bilateral demands of consumers and operators, the plan achieves an organic balance between the safety, liquidity, and profitability of prepaid funds, It can effectively prevent various road running risks and promote the healthy and standardized development of the industry. At present, more than 300 merchants in fields such as education and training, catering, cultural and sports, beauty and hairdressing, and pet services have reached cooperation intentions with relevant pilot operating institutions.

Pilot digital RMB in the field of prepaid business, using digital RMB smart contracts for prepaid fund management, effectively ensuring that prepaid funds are not misappropriated, providing evidence protection for consumers to recover losses in the face of extreme situations such as potential prepayment operators' 'explosion' and 'running away'.

During the 31st Summer Universiade in Chengdu, Industrial and Commercial Bank of China distributed digital RMB hard wallets to Chinese athletes, coaches, and officials from overseas. This is the first large-scale physical media hard wallets issued under the conditions of international competition scenes, becoming a new highlight of service guarantee for the Chengdu Universiade.

Continuously launching preferential policies

In order to cultivate the consumption habit of Tianjin citizens using digital RMB for transportation, China Construction Bank Tianjin Branch has launched a series of activities around subway users, such as "Jian" you with a few coins, and taking the subway at a minimum of 0 yuan per day. These activities include binding the first China Construction Bank digital currency wallet on the subway app to obtain 2 unlimited mileage electronic tickets, and using the wallet to pay can enjoy daily random deductions, which are exposed in the gold column of the Tianjin subway app.

As a major commercial and consumer area in Shenzhen, Luohu District is the first pilot application area of digital RMB in China. In October 2020, Luohu launched its first 'Gift Enjoy Luohu' digital RMB red envelope worth tens of millions of yuan nationwide, "said Huang Tuo, Director of the Financial Services Department of Luohu District, Shenzhen. After three years of development, Luohu has been working together in both online and offline digital RMB scenarios, gradually expanding from small and high-frequency retail scenarios such as catering services, shopping consumption, leisure and entertainment, transportation, to industrial internet, digital government, supply chain finance Cross border consumption and other fields.

In order to accelerate the pilot expansion and improve the digital RMB application ecosystem, Luohu has issued the "Work Plan for Jointly Building a Digital RMB Application Ecological Demonstration Zone" through urban linkage, and correspondingly launched the "Several Measures for High Quality Construction of a Digital RMB Application Ecological Demonstration Zone in Luohu District". It will invest 100 million yuan in special support funds over three years to promote the industrialization development of digital RMB; Taking key regions as a breakthrough point, promote innovation in the full scenario application of digital RMB, and achieve the goal of jointly building an ecological demonstration zone for digital RMB application.

It is worth mentioning that in February of this year, the first digital RMB hard wallet self-service card issuing machine in China was officially launched in Luohu District, achieving the first interconnection between digital RMB and the mainstream small payment tool Octopus in Hong Kong, and also exploring the large-scale use of digital RMB hard wallets for overseas populations. Since the Digital RMB Cross border Consumption Carnival was held in Luohu District on February 12th, 22000 Hong Kong residents have benefited. Starting from September 7th, Luohu District, in collaboration with Bank of China (Hong Kong) Limited and Bank of China Shenzhen Branch, held the first "Shenzhen Hong Kong Cross border Shopping Festival" in China, distributing "Enjoy Luohu" digital RMB red envelopes to people traveling north to Shenzhen and Hong Kong. Bank of China Hong Kong also distributed consumption red envelopes to mainland residents traveling south to achieve digital currency "customs clearance".

Zhou Lin, Yang Yangteng, Liu Chang

(Economic Daily)

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