digital RMB is only at the red envelope level. It is obviously not a long-term and effective method. To truly stimulate new users and maintain user activity and stickiness, it still depends on an Internet platform with rich scenarios.
Written by | Zhang Haodong
Produced by | Payment Encyclopedia Recently, the Digital RMB APP (pilot version) ushered in the iOS version 1.0.12 update. The update log shows that the digital RMB payment service is upgraded, and the wallet is added to the bank card, which is more convenient to charge as you use. After the update of
is completed, there will be a service upgrade prompt when logging into the Digital RMB APP, which shows that in order to better provide digital RMB services and improve payment experience, the wallet service has been upgraded.
If the user's wallet is associated with a bank card, if the balance is insufficient when payment is paid (including payment using a subwallet in the merchant), the money will be automatically recharged from the associated bank card to the wallet and completed the payment. The amount of the money recharge is the part that needs to be supplemented when the payment is paid. If multiple bank cards are associated with
, they will try to recharge money in the order of the bank card. If the user does not want to use the service, they can be closed in "Wallet Management" - "Bank Card Management". Since its launch, the Digital RMB APP (pilot version) has undergone multiple version updates and iterations. In previous version updates, facial recognition functions, accessibility services, and login password recovery process have been optimized and improved.
Digital RMB APP (pilot version) is downloading more and more, reflecting that the number of users using digital RMB is increasing, but the digital RMB is still facing the problem of a large number of users but low frequency of use.
01
City, scenes bloom everywhere
In fact, since this year, the achievements of the digital RMB have blossomed everywhere. Whether it is pilot areas or scenes, they are entering a stage of deepening. The research and development and application of the digital RMB have pressed the fast forward key for the development of the digital economy of my country.
In March this year, the People's Bank of China held a pilot work symposium on the development of digital RMB. On the basis of the early pilot areas, the People's Bank of China added Tianjin, Chongqing, Guangzhou, Fujian Province, Fuzhou City, and Xiamen City, and Zhejiang Province to host the Asian Games as pilot areas, and the pilot scope was expanded again. After the third batch of pilot cities for digital RMB was announced, many pilot cities have launched digital RMB red envelope activities to encourage users to use digital RMB wallets for daily payment and consumption in the form of red envelope discounts.
Not long ago, Central Bank also absorbed Industrial Bank as a designated operating institution. Industrial Bank became the 10th digital RMB operating institution after Industrial and Commercial Bank , Agricultural Bank of China, Bank of China , Construction Bank, Bank of Communications, Postal Savings Bank , China Merchants Bank , Online Merchants Bank ( Alipay ), and WeBank (WeChat Payment).
In July this year, Zou Lan, Director of the Monetary Policy Department of the People's Bank of China, introduced that in the first half of the year, the People's Bank of China, in accordance with the requirements of the "14th Five-Year Plan", in conjunction with all participating institutions, with the strong support of the governments in the pilot area, has solidly and steadily promoted the pilot test of the digital RMB.
As of May 31 this year, the cumulative number of transactions through digital RMB in pilot areas of 15 provinces and cities was about 264 million, with an amount of approximately 83 billion yuan, and the number of merchant stores supporting digital RMB payment reached 4.567 million.
In addition, the digital RMB, as the legal digital currency , has also been applied to Gonggong transportation, wage payment, provident fund loan and other aspects.10 bus routes in Guangzhou have piloted the function of directly paying for rides by digital RMB payment codes. Part of the salary of personnel in many cities is paid in the form of digital RMB. Xiamen Housing Provident Fund Center issued the first digital RMB housing provident fund loan in the country.
02
has the advantages of both mobile payment and cash
A survey shows that due to the similarity in experience, many users mistakenly believe that digital RMB is the same type of tool as WeChat Pay and Alipay, which leads to the fact that many users have not opened the digital RMB APP after downloading it.
digital RMB is actually an important basic financial innovation, with the characteristics of "financial inclusiveness". Its purpose is to maintain financial stability. For earlier mature mobile payments, there are essentially obvious differences between the two.
In recent years, illegal and criminal activities such as money laundering and terrorist financing have frequently occurred, which has brought certain risks to financial stability. In addition, users cannot do without the "cash" in the digital era and cash management and circulation costs, which has promoted the birth of the digital RMB.
From the perspective of account logic, digital RMB is the "money" in the wallet, while online payment methods such as WeChat Pay and Alipay are "wallets". There is no competition or replacement relationship between digital RMB and online payment methods such as WeChat Pay and Alipay.
In addition, the digital RMB has no physical form. It uses new technology to digitize M0, which is equivalent to banknotes and coins. It completes transactions through electronic payment, and has a national credit endorsement, and has a higher security level.
On the other hand, the digital RMB has the characteristics of payment, settlement and anonymity of physical RMB. It is a need for the development of the digital economy and a supplement to the existing electronic payment system, meeting the needs of individual anonymous payment.
In the era of big data, users pay more attention to personal privacy. Even though electronic payment represented by mobile payment has become the mainstream now, many users still choose cash payment and transactions for the sake of protecting their personal privacy. The digital RMB of has the advantages of both cash and electronic payment. While it has the convenience of mobile payment, it also fully respects user privacy and personal information.
03
Internet platform has become the main entrance
From the pilot test at the end of 2019 to 23 regions in 15 provinces, cities and 23 regions, the application scenarios of the digital RMB have covered life payments, retail supermarkets, transportation, consumption, government services and other fields.
In order to promote the digital RMB, many cities across the country have issued digital RMB red envelopes, and red envelopes for consumption have been "spreading continuously". As the first city to issue digital currency red envelopes, Shenzhen issued two rounds of digital RMB red envelopes in April and May this year.
You can see that red envelopes and consumption coupons are the main ways to promote digital RMB at present, and this form also kills multiple goals. It can not only promote the recovery of the consumer market, but also further increase the stickiness of users in using digital RMB.
As the trend of accelerated popularization of digital RMB, many Internet institutions have joined the ranks of supporting digital RMB, gradually expanding digital RMB payment into their own ecosystem, synergize with digital RMB, and join forces with banks to open discounts such as discounts, immediate discounts and payment cashbacks, becoming the main entrance for users to contact and use digital RMB.
As of the end of 2021, more than 50 third-party Internet platforms have supported optional digital RMB for consumption transactions, and this number is still increasing. The access to Internet platforms has greatly contributed to the promotion of digital RMB.
On the one hand, platforms such as WeChat Pay and Alipay are widely used in urban and rural areas, and have network effects. Users have a dependence on WeChat Pay and Alipay for payment habits and paths. Adding central bank currency in WeChat Pay and Alipay wallets will undoubtedly increase the transaction frequency of digital RMB, and users will be more convenient and adaptable to use it.
On the other hand, if the promotion of digital RMB only stays at the level of red envelope promotion, it is obviously not a long-term and effective method. To truly stimulate new users and maintain user activity and stickiness, it still depends on Internet institutions with rich scenarios.
04
WeChat supports digital RMB
Since the development of digital RMB, the Internet platform has been constantly exploring the digital RMB. For example, in 2018, Tencent participated in the digital RMB project, and participated in multiple links such as design, research and development, and operation, providing support for the implementation of the digital RMB project.
In addition to participating in the research in the early stage, WeChat has participated in the issuance of digital RMB red envelopes in Shenzhen and Hangzhou respectively, and customized red envelope distribution mini programs for the government. In April, Shenzhen’s 15 million yuan digital RMB red envelopes were distributed through the WeChat mini program "Digital RMB Red Envelope Assistant".
Also in April this year, WeChat Pay supported digital RMB payment in all pilot areas that have been implemented. As long as users open WeBank wallet in their digital RMB account and perform real-name authentication, keep the mobile number of the wallet opened and the mobile phone number is consistent with WeChat, and the real-name information is consistent with WeChat payment, they will see a significant digital RMB entrance on the WeChat "Wallet" and "Pay Scan Code" page. users can manage their wallets and see their wallet balance, wallet subwallets and transaction records.
In order to cooperate with the third batch of pilot projects and digital RMB promotion. At that time, WeChat pushed the WeChat Moments advertisement for the digital RMB activation guide, and set up the "Digital RMB Usage Guide" on WeChat "Seyisou" to facilitate users to query and use.
In June this year, Hangzhou issued 2 million digital RMB red envelopes, and once again chose to cooperate with WeChat, using the "Digital RMB Red Envelope Assistant" to carry out activities and receive awards, and online connect the digital currency red envelopes issued by local governments and the digital RMB APP, helping to improve the digital RMB application ecosystem.
In July this year, Tencent further opened up the integration of its own products and digital RMB, and multiple products were connected to digital RMB payment. In that month, Tencent Video distributed 50,000 digital RMB red envelopes worth 10 yuan on the Android client.
various actions show that Internet platforms represented by WeChat use their own scenarios and traffic to fully support the promotion of digital RMB. WeChat is a huge ecosystem with 1.2 billion users. Opening of interfaces with prominent locations can itself help the expansion of digital RMB.
also extends the service tentacle of the digital RMB, which is more stable than relying entirely on discounts to drive the number of wallets, and has the long-tail effect . For the digital RMB, only by forming actual transformation can the ultimate goal of digital RMB promotion be achieved.
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