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The 20 million yuan red envelope test in Suzhou has “new ideas.” Hong Kong and mainland cross-border payment are undergoing technical testing
Digital Renminbi Expected To Retest Late Pilot Expansion
The digital renminbi is in an orderly implementation of controllable judgments. Following the Shenzhen digital renminbi red envelope pilot, a large-scale digital renminbi red envelope pilot was officially launched in Suzhou. The event will issue 20 million digital RMB consumer red envelopes to eligible Suzhou citizens. Compared to the Shenzhen pilot, this red envelope pilot is not only larger in scale and more participating banks, but also presents online consumer scenarios and performs offline wallet experience testing for the first time.
Industry experts suggest that digital renminbi pilot cities, banks, and application scenarios can be further expanded. It is worth noting that the Hong Kong Monetary Authority and the Digital Currency Research Institute of the People’s Bank of China are studying the use of the digital renminbi for technical testing of cross-border payments and making the corresponding technical preparations. In the future, the application of the digital renminbi in cross-border payment scenarios is worth waiting for.
The official WeChat account of the Suzhou Municipal Government Information Office announced on the night of the 4th that, in order to further promote the digital renminbi pilot test, Suzhou was combined with the “Double 12 Suzhou Shopping Festival” to carry out the consumption of digital renminbi red packets in the Suzhou area. The event will issue 20 million RMB consumer digital red envelopes to eligible Suzhou citizens. Each red envelope amounts to 200 yuan, with a total of 100,000 red envelopes.
The “Double 12 Suzhou Shopping Festival” digital renminbi consumer red envelopes are issued in the form of a “lottery draw”. The lottery registration channel will officially open at 0:00 on December 5 and will last until 24:00 on December 6. “The appointment is made! It will be done in a few seconds.” Mr. Gu, who works at the Suzhou government agency, “took” the signature amount for the digital RMB consumer red envelope at around 7 am on the 5th. registration is successful. We have to wait for the lottery result to know that we have not won the lottery. “
In October alone, the Shenzhen Municipal People’s Government and the People’s Bank of the People’s Bank of China launched a pilot digital renminbi red envelope, which issued 50,000 “Luohu digital renminbi red envelopes” for a total of 10 million yuan to individuals in Shenzhen. This event is the first time since the digital renminbi pilot. Large-scale “open beta”. By the end of the event, a total of 47,573 people had received red envelopes, representing 95.15% of the total number of winners. There were 62,788 transactions paid with red envelopes and the amount of payments in red envelopes was 876,423.23 yuan.
Compared to the Shenzhen pilot, the Suzhou pilot issued a greater number of red envelopes and used a wider range. This event will be held by selected merchants and designated online e-commerce companies who have completed equipment upgrades throughout Suzhou city. According to official information, the city plans to install about 10,000 consumer terminals that can use digital RMB consumer red envelopes, covering shopping malls and supermarkets, daily retail, catering consumption and life services. Suzhou People’s Mall is located in the central area of Suzhou Ancient City. Xie Xiongfei, assistant to the general manager of the mall, said that the training and equipment for more than 400 merchants and cashiers here have been improved. “POS machines are mainly updated remotely online by banks. Once the update is complete, the integrated cash register device is very convenient to use,” he said.
More importantly, online consumer scenarios were first introduced in this pilot. JD.com helps citizens use the digital renminbi to pay when purchasing autonomous explosives, becoming the first online arena to access the digital renminbi in the pilot. Furthermore, this event will also select some people to participate in offline wallet experience activities. The so-called offline wallet experience refers to the way that users do not connect to the back-end system when making transactions or transfers under the condition that there is no network or a weak network, but instead verify the identity of the user , confirm the transaction information and make the payment in the wallet. “This (the central bank’s digital currency) can pay without the network. We call it ‘dual offline payment’, which means that both parties can make payments offline. As long as the mobile phone has power, the payment is can perform even if the entire network is disconnected. ” Mu Changchun, director of the Digital Currency Research Institute of the People’s Bank of China, said earlier.
“The introduction of online scenarios and the test of ‘dual offline payment’ are very important. The expansion of online scenarios is more conducive to further promotion and use of digital renminbi in the future; offline payment it is one of the characteristics that distinguishes the digital renminbi from other mobile payment methods. I can highlight its advantages, “said Dong Ximiao, chief researcher at China Merchants Union Finance.
The activity carried out in the Suzhou area is just a routine test in the digital RMB research and development process, and does not mean that the digital RMB has officially landed. According to the official statement, there is no timetable for the launch of the digital RMB. Yi Gang, the governor of the People’s Bank of China, wrote a few days ago that “steadily advance the research and development of digital currencies, carry out controlled trials in an orderly manner, and improve the legal framework for legal digital currencies. “.
Currently, the digital renminbi is being piloted in Shenzhen, Suzhou, Xiong’an, Chengdu, and in future scenes of the Winter Olympics. Dong Ximiao said that the pilot test cities can be expanded in an orderly manner. On the one hand, cities with rapid development of the digital economy such as Beijing, Shanghai and Hangzhou, such as Beijing, Tianjin and the Yangtze River Delta, can be added; On the other hand, Lanzhou, Urumqi, Lhasa, etc. can be added. Western cities with a relatively weak financial infrastructure. He also said that the scope of the test banks can also be appropriately expanded, expanding the number of participating banks to the six large commercial banks and selecting some small and medium banks to participate.
In the next step, the digital RMB application scenarios are also expected to be further enriched. According to official information, at the end of August 2020, more than 6,700 pilot scenarios have been carried out nationwide, covering areas such as payment in life, catering services, transportation, shopping and consumption, and government services. At present, the Digital Currency Research Institute of the People’s Bank of China has entered into strategic cooperation with various institutions to jointly promote the construction of a digital RMB pilot test ecosystem. These institutions include JD Digital, Didi Chuxing, State Grid Xiongan Financial Technology Group, and Lakala. “Test scenarios can be further enriched, cooperation with all parties can be vigorously strengthened, innovation of the digital renminbi function can be accelerated, online and offline scenarios can be enriched, and an ecosystem of more complete digital renminbi, ”said Dong Ximiao.
The future application of the digital renminbi in cross-border payment scenarios is also worth waiting for. Yu Weiwen, Chairman of the Hong Kong Monetary Authority, said in the latest article that the Monetary Authority is currently working with the Digital Currency Research Institute of the People’s Bank of China to study the use of the digital renminbi for cross-border payments and to make the corresponding technical preparations. Yu Weiwen said that the use of the renminbi in Hong Kong is already very common, the digital renminbi is positioned as cash in circulation, and its use will bring more convenience to tourists from both places. Although there is no timetable for the launch of the digital renminbi, it is believed that it will provide more payment options for residents of the two places who need to conduct cross-border retail consumption.
Zou Chuanwei, chief economist at Wanxiang Blockchain, said that renminbi digital wallets do not need to be linked to a bank card, which is more open. When the digital currencies of retail central banks are used for cross-border payments, they can be completely independent of the intermediary function of commercial banks. In theory, foreign users can open digital renminbi wallets, own and use digital renminbi without having a domestic bank account. If foreign merchants have digital renminbi wallets, domestic users can directly use digital renminbi after traveling abroad. (Reporter Zhang Mo, Pan Ye and intern Wang Huimin)
