Covering catering services, living payment, shopping consumption, transportation and other scenarios
Digital RMB is getting closer and closer to us (Online China)
You don’t need to bind a bank card, you can pay with a “touch”, and it’s as easy as leaving the Internet; funds arrive in the account in real time, no waiting, no handling fees; transactions are controlled and anonymous, and consumer privacy is protected...Digital RMB is working with us His life is getting closer.
Experts said that as a new payment method in the digital economy era, the digital renminbi has huge potential.
Just touch it and the payment is complete
"Just touch it and the payment will be completed. How convenient." Mr. Liu, 60 this year, visited the Boao Lecheng International Medical Tourism Pioneer Zone in Hainan a few days ago when he happened to run into a digital RMB experience event.
The old man wears a watch that supports digital renminbi payment. When shopping in the store, he only needs to touch the POS machine of the merchant with the watch, and the payment is successful.
"This'wallet' is easy to use." Pointing to the smart watch on his wrist, Mr. Liu was full of surprises. He hoped that this new payment method would become popular as soon as possible.
For merchants, especially retail stores, digital renminbi brings great convenience.
Recently, citizens who live near the Shanghai Xinzhen Ning Vegetable Market came here to buy groceries. They found a new payment code for "digital renminbi" next to the WeChat and Alipay payment codes at each stall.
The stall owner, Ms. Chen, said: “The daily turnover is automatically returned to the bank account and transferred to suppliers and family members through digital RMB. The account is received in real time without any handling fees, which is very affordable.”
What is a digital renminbi?
It is essentially a legal tender issued by the People's Bank of China with a national credit guarantee. It is digital cash, which is completely equivalent to banknotes and coins.
At the end of 2019, digital renminbi will be piloted in Shenzhen, Suzhou, Xiong’an New District, Chengdu and future Winter Olympics scenarios. By October 2020, six pilot testing areas will be added in Shanghai, Hainan, Changsha, Xi’an, Qingdao, and Dalian. The scope gradually expanded in an orderly manner.
Experts said that one of the major characteristics of the digital renminbi is its convenience and speed.
Since there are only payers and payees, this payment method can be credited to the account in real time; in an offline state, it can also be paid in the same way as cash.
More importantly, due to the realization of controllable anonymity, merchants and third-party platforms have no right to obtain the identity information and payment data of consumers, and the privacy is higher.
Mu Changchun, director of the Digital Currency Research Institute of the People’s Bank of China, said that controllable anonymity, as an important feature of the digital renminbi, is not only conducive to ensuring the public’s reasonable anonymous transactions and personal information security, but also helping to prevent, control and combat money laundering and terrorist financing. , Tax evasion and other illegal and criminal acts to maintain financial security.
Zhou Xiaochuan, vice chairman of the Boao Forum for Asia, recently stated that China, with a population of 1.4 billion, has a very large retail market. The digital renminbi can provide the public and merchants with a more convenient and effective payment method, which is conducive to the upgrading of the retail system.
Will show its talents in the real economy
"The consumer experience is very good." As one of the pilot cities for digital renminbi, Ms. Xu, a citizen of Chengdu, recently won a red envelope of 238 yuan.
She immediately took her family to a hot pot restaurant that accepts digital renminbi for consumption.
"The payment method is similar to Alipay and WeChat payment." Ms. Xu said that now some restaurants, bookstores, supermarkets, e-commerce platforms, and subway travel all support digital renminbi, and the coverage is getting wider.
In pilot cities, with the in-depth participation of many banks, digital renminbi has covered multiple usage scenarios such as catering services, living payment, shopping consumption, transportation and travel. Sight card-style "hard wallet", two-way exchange with cash and other payment modes.
Experts predict that the digital renminbi is expected to penetrate into online fields such as e-commerce and short videos in the future, and to show its talents in the real economy fields such as corporate trade and supply chain finance.
Why research and develop a digital renminbi?
"In the era of digital economy, digital currency has huge potential for development, which can help improve economic operation efficiency, and may also give birth to new economic formats and economic models." Mei Xinyu, a researcher at the Institute of International Trade and Economic Cooperation of the Ministry of Commerce, told reporters. China has many advantages in developing digital currency.
On the one hand, the infrastructure and payment system required for the development of digital currency in China are relatively complete; on the other hand, Chinese consumers and merchants have a higher degree of acceptance of electronic payments.
In addition to convenience and security, what changes will digital currency bring to people's lives?
"The large-scale promotion of digital currency will bring major changes to the current payment system and currency pattern." Song Xiangqing, deputy dean of the Institute of Government Management of Beijing Normal University, told reporters that in the era of digital currency, people will prefer payment and transactions. , Because digital currency brings maximum convenience, security and privacy protection, which may lead to changes in people’s payment habits, lifestyle habits, and financial management concepts.
Mei Xinyu believes that the new crown pneumonia epidemic has caused consumers around the world to develop new consumption and payment habits, and digital currency will improve the efficiency of cross-border settlement.
At the same time, innovation in the financial and commercial fields will accelerate, and personalized solutions will become possible, ultimately helping consumers, families, and companies improve their financial health.
Large-scale applications still need time
Li Bo, vice governor of the People’s Bank of China, said at the Boao Forum for Asia 2021 annual meeting that the central bank will do a good job in three areas: one is to do a good job in pilot projects and expand the scope of pilot projects; the other is to further improve the digital renminbi infrastructure and further Improve the safety and reliability of the system; the third is to establish a relevant legal and regulatory framework.
Song Xiangqing said that the mainstreaming of digital currency may take some time.
The main reason is that the basic supporting facilities and basic laws and regulations of the digital renminbi still need further planning, design, demonstration, construction and testing. The large-scale application in the future depends on the establishment and improvement of the relevant ecology.
"The digital renminbi is about the stability of the financial system, about consumers' experience and trust in the new currency, and even more about the industrial development and economic situation. It must be prudent to make decisions and start steadily." Song Xiangqing said.
With the mainstreaming of digital currency, will it replace paper money and electronic payments?
Mu Changchun said that the issuance of digital renminbi is not achieved by administrative compulsion, but in a market-oriented way.
In the foreseeable future, paper currency, electronic payment and digital renminbi will coexist at the same time.
Peng Xunwen
Peng Xunwen