(Economic Watch) How will the digital renminbi continue to light up the Chinese market after the Winter Olympics?
China News Agency, Beijing, February 21 (Liu Wenwen) The digital renminbi is a highlight of the financial services of the Beijing Winter Olympics.
After the Winter Olympics, how will the digital renminbi continue to light up the Chinese market?
It is understood that since 1986, there have been only two payment methods in the official venues of the Olympic Games - cash and Visa cards.
This situation will not change until the 2022 Beijing Winter Olympics.
As one of the digital renminbi pilots, the Beijing Winter Olympics accelerated the implementation of the digital renminbi.
In the Beijing Winter Olympics Organizing Committee Park, innovative application scenarios such as unmanned vending vehicles, self-service vending machines, and unmanned supermarkets have been deployed on a pilot basis, and wearable devices such as payment gloves, payment badges, and Winter Olympics payment clothing have been launched.
With the opening of the Winter Olympics, these pilots effectively verified the stability of the digital RMB system and the ease of use of the product.
According to data released by the People's Bank of China, as of December 31, 2021, there have been more than 8.0851 million digital RMB pilot scenarios, a total of 261 million personal wallets have been opened, and a transaction amount of 87.565 billion yuan (RMB, the same below).
In fact, after entering January, with the upgrade of the digital renminbi, pilot scenarios and other related transaction data have risen significantly.
The transaction volume of 87.565 billion yuan only accounts for a few ten thousandths of the total national mobile payment amount, which indicates that the digital renminbi has a huge space for development.
Especially after the opening of the Beijing Winter Olympics, the radiation effect of the digital renminbi continued to appear.
Data shows that the digital renminbi covers more than 400,000 Winter Olympics scenes, with a transaction volume of 9.6 billion yuan.
At the same time, the digital currency sector in the capital market continued to ferment.
Among them, Zhengtong Electronics, Hengbao Co., Ltd., and Cuiwei Co., Ltd. continued to exert their efforts during the Winter Olympics, with several daily limits.
Zhang Yiping, a macroeconomic analyst at China Merchants Securities, believes that after the promotion of the Winter Olympics, the digital renminbi will be further familiar to the market, and both its industrial chain companies and traditional banking industries will benefit from it.
On the one hand, digital RMB hardware equipment vendors will benefit from the market opportunities brought by digital RMB hard wallets, while software developers will benefit from business growth brought about by the upgrade of domestic and foreign banking systems.
On the other hand, the cross-border application of digital renminbi will also benefit traditional banking businesses through "spillover effects", especially retail payments, foreign currency exchanges, and cross-border remittances.
According to a related report from iiMedia Research, with the popularity of digital renminbi, the average annual growth of mobile payments may approach or exceed 100 trillion yuan.
After the Winter Olympics, how will the digital renminbi continue to light up the Chinese market?
Liu Jin, President of Bank of China, said that this Winter Olympics, Bank of China is solely responsible for the digital currency pilot service within the red line, and has accumulated a lot of experience in the digital RMB pilot service. The RMB is a good opportunity.
Liu Jin said that during the Winter Olympics, Bank of China will provide two pilot services for digital renminbi, "soft wallet" and "hard wallet".
After the Winter Olympics, the digital renminbi will be promoted in more consumption scenarios.
On the one hand, the "soft wallet" on the mobile phone is easy to open an account, which is associated with the original bank account, and the automatic transfer becomes digital RMB.
On the other hand, there is a "hard wallet," a card just like a credit card that has a very small electronic display window that shows the balance.
Every time one spends, the number in this window will automatically change and deduct, which is very convenient to use.
Liu Jin said.
Russian experts believe that the digital renminbi showcases China's innovative achievements in the financial sector.
The reporter also learned that since the beginning of this year, the governments of Henan, Zhejiang, Chongqing and other places have actively strived for the pilot of digital renminbi.
The Winter Olympics may become a node, and the digital renminbi pilot is expected to be further expanded in the future.
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