Digital RMB pilot speed up: banks in Beijing have opened up



On March 23, a news about the promotion of digital RMB wallets by six major state-owned banks aroused market concern. A reporter from Beijing business daily investigated the promotion in Beijing. At present, Agricultural Bank of China, postal savings bank of China and Bank of communications have opened C-terminal white list application, including online banking app and offline QR code application. In addition, on the consumption scene, the reporter learned exclusively that some banks are preparing to access the characteristic scenes of chain catering, shopping and logistics, and some banks have launched a series of merchant services in the process of promoting digital RMB wallets, mainly by cooperating with b-end institutions to reach C-end consumers.


数字人民币试点提速:北京地区银行已开放

Several banks open white list applications

On March 23, a reporter from Beijing business daily learned that at present, including Agricultural Bank of China, postal savings bank of China and Bank of communications, they have opened the application of digital RMB white list to the C-terminal. This also means that consumers only need to apply according to the process, then they can apply for the white list and have the opportunity to participate in the digital RMB test and consumption experience.

Different banks operate in different ways. Taking a branch of Bank of communications in Chaoyang District as an example, after Beijing Business Daily reporter put forward the demand of applying for digital RMB wallet, the staff of the bank showed a two-dimensional code (equivalent to the invitation code of the bank) to the reporter by mobile phone. After wechat scanning, the application interface for the pilot use of digital RMB app appeared, and the applicant needs to register personal information. The registration interface shows that “this application is to apply to the central bank for participating in the pilot qualification through the channels designated by Bank of Communications (only including mobile banking, outlets and customer managers of Bank of Communications)”.

According to the staff of the bank, once consumers fill in their personal information, they will receive further SMS notification once the application is approved. Consumers can install “digital RMB app” according to the notification guidelines, and they can make consumption and transfer by bundling their bank cards. However, according to the staff of the bank, not all customers can pass the application. Generally, they can receive SMS within one day. If they can’t receive the SMS verification code, it means that the application has not passed.

Similarly, Beijing business daily learned from a staff member of a branch of the Agricultural Bank of China that the application for digital RMB wallet can be open to the public. However, when non white list customers click on digital RMB, they will be reminded that “they are not in the white list and have no access rights”. In this case, users can provide the staff with information such as name, ID card, mobile phone number, full name of the company, email address and client type to apply for white list.

“Although the application conditions are not relaxed, the application objects are not as strict as before. After the implementation of electronic examination and approval, the follow-up examination and approval speed will be faster and faster.” A staff member of postal savings bank also disclosed to Beijing Business Daily that at present, combined with the relevant industries in the Winter Olympic Games scene, there are two main ways for the bank to open the application of digital RMB white list to the citizens in Beijing. One is that users of registered postal savings bank’s mobile client or wechat bank can directly fill in the mobile phone number, enter the login password, and obtain the password through the QR code recommendation The application of login code is also available. Users who have not registered can also sign the code by scanning the code, fill in the personal information such as the mailbox, ID number, mobile phone number and other personal information, and follow the “confidentiality undertaking” to further apply for the white list.

From the earliest internal pilot of the six major banks, to the local pilot in the form of red envelopes in various regions, and now many banks open the white list application of digital RMB, in the view of industry insiders, the pilot process of digital RMB has obviously accelerated since 2021.

As pointed out by Jiang Zhaosheng, director of blockchain research at zero one think tank and researcher of digital assets research institute, most of the previous pilot work of the six major banks in various places was carried out through the way of directional white list, and there was not much change in the way of pilot work, but now the pilot work is obviously more open, and the number of users who can participate in the pilot work is expected to increase significantly.

Su Xiaorui, an expert in financial science and technology, also said that the customers of digital RMB, from the “specific group” who win the lottery to the wide group who can apply for the white list, show that the users are expanding orderly, which can not only reflect the maturity of digital RMB wallet technology of state-owned banks, but also show that digital RMB is gradually reconstructing the payment system.

Special scenes to look forward to

After applying for the white list of digital RMB, the most attractive is undoubtedly the consumption scene experience. In fact, in February, the pilot digital RMB red envelope consumption scenario covered multiple channels of “offline + online”, supporting the whole scene consumption of food, housing, transportation, tourism, shopping and entertainment for the Winter Olympics.

From the interview, at present, the staff of ICBC, BOCOM, CCB, ABC and other banks all told Beijing Business Daily that the staff of the six major banks have started the internal test, but there are no more consumption scenarios, and there are few opportunities to use digital people’s currency.

However, a reporter from Beijing business daily learned from a person familiar with the situation that some banks are preparing to access the characteristic scenes of chain catering, shopping and logistics. Some banks have launched a series of merchant characteristic services in the process of promoting digital RMB wallets, mainly by cooperating with b-end institutions to reach C-end consumers.

In addition, a customer manager of a state-owned bank also said, “it was used on the designated merchants in Wangfujing and the app of Jingdong in the past. In the future, all merchants should be able to use it, just like the current wechat payment code scanning consumption.”.

Beijing Business Daily reporter learned that at present, there are many Internet giants such as Jingdong, meituan and Gome in these b-end cooperation institutions. In the process of cooperation, in addition to the access of e-commerce platform consumption pilot scenarios, it can also help merchants upgrade their cash register machines, get through the ERP systems of their stores, and improve their use experience and cash collection efficiency.

“The introduction of digital RMB is a systematic project, which will have a huge impact on the whole economy and society. For commercial banks, the new technology, new scene and new business brought by digital RMB may bring great challenges to the existing operation mode of banks. Commercial banks need to obtain technology and scenario empowerment from the outside in order to get more certainty at the same time of their own innovation and transformation. ” Jiang Zhaosheng said that in the short term, banks can still promote digital RMB wallets through cooperation with b-end institutions.

For scenario access, Su Xiaorui believes that the previous pilot projects mainly focused on the payment scenario of small retail, and the subsequent large retail consumption scenario is also worth looking forward to. It is expected that the subsequent digital RMB will be further expanded in the fields of public payment, enterprise commerce and government services.

Privacy security is better

According to Jiang Zhaosheng, the pilot project of digital RMB is progressing continuously. According to Jiang Zhaosheng, there are many new actions, which show that the pilot project of digital RMB is progressing smoothly and the scene development has achieved phased results. In addition, the digital RMB wallet system and technology of many banks have been relatively mature and are accumulating experience for the comprehensive market-oriented operation in the future.

“Now is the internal test of the six major banks, some customers can be registered and tried, and the future digital RMB payment will become a popular payment method, which is the same as the popularity of WeChat Alipay.” The customer manager of a state-owned bank also said.

In addition to the consumption function, the transfer function of the digital RMB wallet is also highlighted by the account manager. According to the customer manager of Bank of communications, now there are six banks in the digital RMB wallet. During the internal test, they can transfer money directly in each other’s wallets. Other banks have not been authorized by the central bank, but they should be able to use it in the future.

In this regard, the Beijing Business Daily reporter carried out the corresponding recharge, transfer and other functions, multiple functions can be completed in a few seconds, and the overall operation experience is smooth, which is no different from the popular third-party payment.

On the basis of consistent payment experience, accelerate the promotion of pilot digital RMB, which is better than third-party payment in terms of user privacy and security. As Mu Changchun, director of the digital Monetary Research Institute of the central bank, recently said, the current payment tools, whether they are bank cards or WeChat and Alipay, are all tied up with the bank account system. The bank accounts are real name system, which can not satisfy anonymous demands. The loose coupling between digital RMB and bank account can realize small amount anonymity and large amount traceability in technology. In addition, the central bank has designed many technologies and systems to ensure the privacy and security of users.

However, with the deepening of the pilot work of digital RMB in 2021, it seems to many people in the industry that the market competition of subsequent commercial banks around digital RMB may become more and more fierce.

According to Jiang Zhaosheng’s prediction, commercial banks and other institutions and enterprises may gradually compete around digital RMB and its related industries, accumulate experience, and compete for market discourse in the future. In view of the follow-up development of institutions, Jiang Zhaosheng suggested that, on the one hand, commercial banks should, according to their own actual situation, rebate users’ and merchants’ acceptance and use of digital RMB through subsidies, concessions and other behaviors, so as to gradually cultivate the public’s payment habits and accelerate the operation and promotion of digital currency; on the other hand, commercial banks can strengthen and have the interconnection of strong payment demand scenarios With the help of the technology, scene and service capabilities of such institutions, the promotion of digital RMB will be accelerated.

“Digital RMB will deepen retail application in the future, and steadily expand cross-border payment to supply chain settlement.” Sun Yang, director of the financial technology research center of Suning Financial Research Institute, pointed out that relevant institutions can reduce the payment costs of merchants and promote merchants by acquiring new customers. On the other hand, in terms of users’ enthusiasm, they can strengthen the rights and interests aggregation and integral construction, actively improve the payment experience and protect users’ privacy.

Beijing Business Daily reporter Yue Pinyu Liu Sihong Ma Di

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