The integration of digital renminbi into daily consumption is accelerating

The integration of digital renminbi into daily consumption is accelerating

The integration of digital renminbi into daily consumption is accelerating. Although there will be more and more application scenarios for digital renminbi in the future, even if it is fully implemented, it may not be possible in the short term. Nor will it bring about large-scale changes. The integration of digital renminbi into daily consumption is accelerating. The integration of digital renminbi into daily consumption is accelerating1

Recently, the opening of digital renminbi wallets has shown a high growth rate, and wallet functions have been continuously enriched; at the same time, digital renminbi pilot scenarios have also shown rapid growth The expansion trend has covered many fields such as living payment, catering services, transportation, shopping and consumption, and government services.

It is understood that at the beginning of this month, the digital RMB wallet jointly developed by China Telecom and Bank of China was officially launched and can be used in a variety of application scenarios, mainly including the following seven categories: online payment, supermarket shopping, Telecom business hall, transportation, catering and accommodation, medical and health care and tourism.

Users can open China Telecom’s digital RMB wallet after completing real-name authentication and binding bank cards in the Yipay APP, enabling digital RMB deposits and transfers to banks, exchanges, transfers and other service operations, and can also enjoy phone recharges , financial management, living payment and a series of convenient services. Compared with mobile payment, it has higher security. As long as you have a digital wallet on your mobile phone, you can transfer funds without linking a bank account.

In the pilot city of Beijing, the city is promoting the construction of digital RMB consumption scenarios. China Telecom’s digital RMB wallet can be used in daily life scenes of citizens including Union Hospital, Anzhen Hospital, Quanjude, Haidilao, Wumart Supermarket, China Youth Travel Service, Home Inns, China Film Cinema, Old Summer Palace and other places. At present, many Wumart supermarkets in Beijing have posted "Welcome to use digital renminbi" signs. Compared with other payment methods, the digital renminbi payment process is more convenient.

Citizens’ daily dining environment is also one of the main scenarios for the open application of digital renminbi. Because various catering stores have the characteristics of “small amounts and high frequency” transactions, they are very suitable for the promotion and popularization of digital renminbi. Some citizens said that in addition to the original mobile payment, they also felt other conveniences brought by digital renminbi.

In order to allow digital renminbi to truly enter the lives of ordinary people, enable citizens to fully experience innovative new payment channels, and accelerate the integration of digital renminbi into daily consumption, China Telecom has also continued to expand its operator business and digital renminbi business. Integrated innovation, and launched a digital renminbi full discount activity. As one of the digital RMB pilot cities, Chengdu has recently launched a digital RMB red envelope discount activity, and launched three levels: 50 yuan off for purchases over 100 yuan, 25 yuan off for purchases over 50 yuan, and 15 yuan off for purchases over 30 yuan. The consumption scenarios that citizens can use include Sam's Club, Wal-Mart, Trust-Mart, Hongqi Supermarket, Xinjin Hope Outlet, Shengbei Dental Hospital, Derentang Pharmacy, Zhenghexiang Pharmacy, etc.

The digital RMB 5G-SIM card hard wallet created by China Telecom will be piloted in late October. It will implement multiple payment modes, both online and offline, and can be used in two ways: NFC and QR code scanning. It will provide small, medium and micro businesses with a safe, convenient and low-cost way to collect coins, thereby reducing social promotion and application costs. In addition, at the China Telecom business hall in Chengdu, citizens can also participate in the digital RMB red envelope event to purchase mobile phones and enjoy discounts of up to 4,320 yuan.

China Telecom also cooperated with Bank of China and State Grid to apply digital RMB hard wallets to new energy vehicle charging scenarios. By integrating digital RMB hardware wallets into Internet of Things modules, citizens in Xiongan, Hebei Province The service center has launched a public IoT wallet charging pile to realize electric vehicle charging-digital renminbi “plug and pay” applications and explore the implementation of physical payment scenarios.

The relevant person in charge of China Telecom said that as the digital renminbi brings more convenience to users, China Telecom will further explore in meeting user needs and expanding consumption scenarios, focusing on the digitalization of industry, digitalization of life, and governance. The integration and innovation of digitalization and digital RMB research and development will continue to help build a cyber power, digital China and maintain cyber security. The integration of digital renminbi into daily consumption is accelerating 2

my country’s innovative exploration of digital renminbi is continuing to deepen.

The "White Paper on China's Digital RMB Research and Development Progress" released by the People's Bank of China shows that as of June 30, there have been more than 1.32 million digital RMB pilot scenarios.

Currently, digital renminbi is being explored in different cities such as “11”. Most of them attract participants by issuing red envelopes. In the future, it is necessary to further expand application scenarios and do it in the existing “food, clothing, housing and transportation” Wider exploration and coverage will strengthen consumers’ initiative and enthusiasm for using digital renminbi. Recently, free digital renminbi was distributed to residents in nine pilot areas to ride Meituan bicycles, which is an in-depth exploration of the application scenarios of digital renminbi from the perspective of "travel".

In terms of further expanding the scenario, the existing regional tests have also brought valuable thinking. First of all, different cities can use digital renminbi to achieve misaligned development scenarios. For example, cities with a high degree of internationalization can explore cross-border consumption scenarios, cities in the central and western regions can explore applications in agriculture, forestry and animal husbandry, and regions with developed marine economies can explore applications in maritime logistics and oil trade. Secondly, most of the pilot projects for digital renminbi are regional activities. However, as a supplement to cash, digital renminbi needs to reflect the universality and versatility of cash when the pilot reaches a certain stage. Therefore, it is important to explore the interoperability of wallets and payment scenarios across regions. important direction. In addition, the digital renminbi has huge room for imagination in B2B, corporate settlement and cross-border payments. For example, two fuel trading companies in Dalian, Liaoning Province, completed the settlement of a fuel transaction on the shipping industry digital platform Hailian Mall through digital RMB payment, becoming the first B2B platform digital RMB settlement application.

While promoting the in-depth use of the scene, in addition to allowing consumers to have a more perceptual understanding of digital renminbi, it is also necessary to strengthen knowledge popularization and education. Consumers may be more concerned about two issues: first, the security of using digital renminbi; second, whether there are new features in the application. It is not difficult to find from the test that the technical and management security of digital RMB is relatively high, and it can also be seen that dual offline and payment-as-settlement methods make its application in certain scenarios where the network is not good. More convenient. Moreover, future programmability is also a feature worth exploring. In other words, the use of digital renminbi in the future will not only be a simple payment behavior, but also can be carried out under compliance conditions, in specific scenarios, at specific times, and in accordance with agreed conditions. Some kind of payment activity. This has the potential to bring some richer experiences to consumers, especially for young people who like a new digital life.

It should also be noted that although the digital renminbi will have more and more application scenarios in the future, even if it is fully implemented, it may not bring about large-scale changes in the short term. Because only from a technical perspective, digital renminbi has limited improvement in user payment convenience, and the user experience is basically the same as third-party payment. However, due to its potential value in anti-money laundering, cross-border payments, data sovereignty, etc., its long-term development potential is still worth looking forward to. In addition, whether it is the original electronic payment tool or the digital renminbi, it is unlikely to completely replace banknotes. In the future, it is more likely to be depository development.