Local banking institutions actively invest in digital RMB business, and local digital RMB banking institutions actively promote the pilot work of digital RMB payment. At present, all operating banks are investing a lot of manpower, material resources and funds to seize the big cake of digital RMB business. Banking institutions operating in various places actively invest in digital RMB business.
Local banking institutions actively invest in digital RMB business 1 as legal tender supported by national credit, which has characteristics and advantages that ordinary electronic payment tools do not have, and will form a new pattern of digital payment in China, and at the same time open up a new space for the accurate implementation of China's monetary and fiscal policies, and will also help China's RMB internationalization.
The People's Bank of China has a positive and prudent attitude towards the introduction of digital RMB. From 20 14, the People's Bank of China set up a special group to conduct special research on digital currency. At the end of 20 19, digital RMB began to be piloted in several regions. At present, the pilot project of digital RMB has been expanded to "10+ 1" in an orderly manner, covering basically the Yangtze River Delta, the Pearl River Delta and the Pearl River Delta.
The main operators have expanded to nine banks, namely Bank of China, Agricultural Bank, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank, China Merchants Bank, Online Merchant Bank and Weizhong Bank, and other small and medium-sized banks will also provide digital RMB services.
The positioning of digital RMB in China is different from other digital currency. First, the positioning of digital RMB is legal tender in digital form, and it is cash in circulation. Statistically, it will enter M0 (cash in circulation) and will coexist with banknotes and coins for a long time to come.
Second, digital RMB is a new means of payment. The existing payment methods include UnionPay mode and third-party payment. Digital RMB is a new form of payment, and banks have changed from bookkeeping institutions to instruction transmission institutions. Third, the digital RMB makes full use of the existing resources of commercial banks and adopts a two-tier operation system, that is, the upper level is the central bank to commercial banks, and the lower level is the commercial banks to the public.
The pilot from 20 19 has effectively verified the technical design, system stability, product availability and scenario applicability of the digital RMB business, which is mainly reflected in the following aspects: First, the pilot has covered all fields of the existing payment system. In particular, the Beijing Winter Olympics provided an all-round pilot of digital RMB, covering seven key areas such as food, clothing, housing, transportation, shopping, entertainment and medical care, and successfully piloted cross-border payment in Hong Kong.
Second, through the pilot, the public's understanding of digital RMB has been enhanced, and the digital RMB has formed a certain scale. Up to 202 1, 65438+2, 3 1 day, the number of pilot scenarios of digital RMB has exceeded 8085 1 10,000, and 26 1 10,000 personal wallets have been opened, with a transaction amount of 87.565 billion yuan.
Third, the successful launch of the digital RMB APP further accelerated the promotion of digital RMB. On June 4, 2022, 65438, the digital RMB (pilot version) APP was launched publicly, which further accelerated the use of digital RMB, and many commercial banks were gradually accessing it.
The successful pilot of digital RMB is conducive to the internationalization of RMB.
In recent years, central banks around the world have actively carried out the research and development of the central bank digital currency. According to the report of the Bank for International Settlements (BIS), in July of 20021,at least 56 central banks carried out relevant research, 6 central banks issued digital currency, and 3 explicitly opposed the central bank digital currency.
The dollar has not yet reached a consensus. US Treasury Secretary Yellen pointed out that the advantages and disadvantages of central bank digital currency need further study. However, some Fed governors said that they should urgently develop digital dollars, and US President Biden also said that they would start the study of digital currency by the US central bank. The introduction of digital RMB will have a great impact on the international community and the international monetary system, mainly because:
China's economic strength has been further enhanced. On the one hand, in 20021year, China's total economic output reached114367 billion yuan, and its per capita GDP reached 80,976 yuan, which reached 1255 1 US dollar at the annual average exchange rate, which means that China has begun to enter the ranks of middle-and high-income countries, and its market demand in the future.
On the other hand, since 20 13, China has become the largest trading country in the world. Especially under the influence of the epidemic, China's foreign trade has grown rapidly. In 20021year, China's annual import and export of goods was 39. 1 trillion yuan, an increase of 2 1.4%, and the influence of digital RMB in international payment was further enhanced.
The international status of the RMB is constantly improving. With the strengthening of China's economic strength, the status of RMB in the international payment system and reserve system has been continuously improved, which makes the introduction of digital RMB more widely concerned.
From the perspective of international payment, in the ranking of 202 1 major currencies, the share of international payment of RMB rose to 2.70%, replacing Japanese yen as the fourth largest currency; Judging from international reserves, the share of RMB has been growing steadily. In the third quarter of 20021,the share of RMB in global foreign exchange reserves rose to 2.66%, ranking fifth in the world.
China has the largest application scenario in the world. China is the most populous country in the world. By the end of February, 2022, the number of mobile phone users in three basic telecommunications enterprises had reached 16.5 1 100 million, and the number of 520 million mobile phone terminals had provided more experimental scenarios for digital currency.
At the end of March this year, the People's Bank of China officially announced that six Asian Games host cities, namely Guangzhou, Tianjin, Chongqing, Fuzhou, Xiamen and Zhejiang, had been added as pilot areas of digital RMB, and banking institutions operating in digital RMB in various places were actively promoting the pilot work of digital RMB payment.
The same is true of banking institutions in Guangzhou. A banker in charge of business expansion told Du Nan that all operating banks are investing a lot of manpower, material resources and funds to seize the big cake of digital RMB business. In particular, only Shenzhen and Guangzhou in Guangzhou Province have become pilot cities. Due to the jurisdiction and other factors, the provincial bank attaches great importance to the development of digital RMB-related business in Guangzhou.
At present, various banking institutions operating digital RMB in Guangzhou are signing cooperation agreements with enterprises to introduce the way that consumers can enjoy instant rescue activities by using digital wallets, so as to accelerate the application of digital RMB.
Earlier, Du Nan reporter learned from Guangzhou ICBC that Guangzhou ICBC and Guangzhou Friendship Store had successfully accepted digital RMB payment, and Guangzhou Friendship Store became the first department store in the region to accept digital RMB payment.
The Agricultural Bank of Guangzhou also launched a digital RMB consumption reduction in Dongshan Department Store, and paid 100 minus 50.
Guangdong Provincial Bank and Guangdong Tourism Holding Group (hereinafter referred to as "Provincial Travel Control Group") signed a framework agreement on cooperation in digital RMB to jointly promote cooperation in the field of digital RMB. The White Swan Hotel, baiyun hotel, Asia International Hotel and Guangdong China Travel Service under the Provincial Travel Control Group have all opened digital RMB wallets, and all application scenarios of enterprises under the Provincial Travel Control Group will be able to use digital RMB.
At the same time, Guangdong Bank of China and Meituan launched a digital RMB consumption spree, and 40 yuan can receive the digital RMB consumption spree for free.
On the other hand, CCB Guangzhou launched a shopping spree in wanda plaza today, such as digital RMB consumption dinner/shopping in 200 yuan minus 50 yuan, light meals/retail in 20 yuan minus 18 yuan, etc. Previously, together with the business segment of Lingnan Business Travel Group, Baiguang Co., Ltd. and the tourism segment, Guang Zhi Tourism, we created a new experience of digital RMB payment.
In early April, Guangdong Bank of Communications landed at the acceptance site of digital RMB payment of the first property company in Guangzhou, and said that it will continue to launch digital RMB payment full reduction activities and red envelope welfare activities, so that more enterprises and citizens can experience convenient digital payment and quality financial services.
Guangzhou Branch of Postal Savings Bank launched its own shopping website to order full and reduced consumption activities.
It is worth noting that some banks' activities of "making profits and promoting innovation" will end on April 30, and citizens who want to get relevant discounts can pay attention to the information of banks.
Banking institutions operating in various places have actively invested in digital RMB business, and the battle for digital RMB users has started.
"The Bank has included the promotion of download and registration of digital RMB APP and the encouragement of customers to bind digital RMB APP to bank cards in the employee assessment indicators." An insider of the Guangzhou branch of a state-owned bank told the Times Weekly reporter.
In order to seize the market, major banks have launched multiple marketing activities, including issuing digital RMB consumption red envelopes, paying full reduction, and using digital RMB to pay subsidies. "Follow-up promotion will be further strengthened." The employees of the above-mentioned state-owned banks said that this behavior has cultivated customers' habits and actively expanded the digital RMB business.
Digital RMB has undergone three rounds of pilot projects. A few days ago, the central bank announced that it would once again expand the pilot scope of digital RMB. On the basis of the original pilot projects, six Asian Games host cities, including Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen and Zhejiang, were added as a new round of pilot projects. The number of pilot areas for digital RMB has increased to 23.
Insiders pointed out that the digital RMB is positioned as M0, and there is no handling fee for merchants to collect money and consumers to withdraw cash. Wechat payment and Alipay are the monetary settlement of commercial bank deposits, which belong to the digitalization at M 1 and M2 levels and have no legal effect at M0 level.
Generally speaking, digital RMB is "money", while WeChat payment and Alipay belong to "wallets". Digital RMB also supports dual offline transactions, which has a better experience and a wider range of usage scenarios under weak network conditions. These advantages will accelerate the promotion of digital RMB.
The continuous development of digital RMB has had a far-reaching impact on the payment pattern.
The 20021Research Report on the Development of Digital RMB in China pointed out that digital RMB will become an important way for commercial banks to acquire customers, and it will also bring challenges to their traditional business channels and data security system. According to media reports, as of mid-March 2022, 129 banks have confirmed their access to the digital RMB interconnection platform through city bank clearing.
People's daily lives will also be affected. In mid-April, the former central bank governor publicly stated that China's digital RMB was designed for retail to improve the convenience of people and businessmen. Many people in the industry believe that the impact of digital RMB on the payment market is limited in the short term, but in the long run, the continuous expansion of digital RMB will reconstruct the payment industry chain, and the market position of Alipay and WeChat payment will be affected.
It can be predicted that this battle for digital RMB users will intensify.
Start a battle for digital RMB
Digital RMB has a wide range of application scenarios, including living payment, catering services, transportation, shopping consumption, government services and other fields. Since Guangzhou was included in the pilot city, the pilot project of digital RMB has been promoted steadily, and it has been expanding in coverage, scene construction, participating institutions and user groups. Banking institutions vigorously promote digital RMB business.
"Now promoting digital RMB has become one of the indicators of bank work, requiring customers to open digital RMB wallets and bind bank cards." Times Weekly reporter recently visited a number of state-owned outlets in Guangzhou and learned that the opening process of personal digital RMB wallet is convenient, and the mobile phone can apply by scanning the code. Individuals who open the second to fourth types of digital RMB wallets do not need to pass the audit. To open the first type of wallet, you need to bring your ID card and bind the bank card to the outlet for verification.
In order to encourage users to open digital RMB wallets, banks have launched various marketing activities.
You can get a coupon of 10 yuan minus 9 yuan every day when you open CCB's digital RMB wallet. In Mingxiaopin and Wanning, 65,438 yuan is spent less than 30 yuan, and in Guangzhou, 60 yuan is spent less than 23 yuan. Open the digital RMB wallet of China Bank to receive the Meituan digital RMB red envelope with a total amount of 40 yuan; If you open the digital RMB wallet of Agricultural Bank of China, you can spend more than 65,438+000 RMB in Lu Qian Store of Guangzhou Dongshan Department Store, minus 50 yuan.
"Digital RMB is in line with the trend of digital transformation of banking institutions." The staff of a bank outlet said, "Promoting digital RMB is a good channel to obtain customers, which can enhance the activity of online banking and expand the customer base, which is more conducive to the in-depth cooperation between banks and customers."
The reporter of Time Weekly learned that the KPI for employees of a branch of a state-owned bank to open digital RMB wallets every month is 20. The staff of several bank outlets in Guangzhou said that the pressure on bank promotion indicators was not great, and they were surprised by the hard indicators. The attitude of banks in Guangzhou to digital RMB should be pushed to the extreme, mainly to promote the experience, educate users to use it and cultivate users' habits. In order to make the promotion more smooth, some bank outlets will also give small gifts to attract customers, such as umbrellas, water cups, sterile cotton and so on.
According to Su, a senior analyst at Analysys, it is not difficult to increase users in digital RMB. The challenge it faces is how to retain users, how to build a self-operated ecosystem and cultivate users' usage habits.
Scenarios of joint construction of banks and third-party institutions
Digital RMB adopts a two-tier operation structure, and commercial banks and third-party institutions jointly build consumer payment scenarios. Some commercial banks and third-party organizations do their best to speed up the digital RMB business.
According to the data of the central bank, by the end of 20021,the number of digital RMB pilot scenarios had exceeded 80855438+00000, and 26 1 10000 personal wallets had been opened, with a transaction amount of 87.565 billion yuan. Among them, CCB has accumulated more than 84.75 million transactions in digital RMB, with a cumulative amount of about 43.5 billion yuan, accounting for nearly 50% of the national total; ICBC has opened 3.56 million personal wallets and 700,000 corporate wallets. The number of personal wallet accounts opened by Bank of Communications also exceeded 6.5438+0 million.
In terms of scenario application, China Bank ranks first in terms of the opening scenario of digital RMB and the number of merchants. According to the annual report, in the number of scenes and merchant stores opened by China Bank, the market share is 34% and 36% respectively, ranking first among all operating institutions. At the same time, the number of digital RMB wallets opened by the bank increased by 202 1. In personal foreign exchange business, Bank of China exclusively supports the self-service of exchanging foreign currency cash for digital RMB in the industry.
Liu Bin, director of the Financial Research Office of Pudong Reform and Development Research Institute, told Times Weekly: "Large banks have achieved remarkable results in the scene application of digital RMB, the opening of personal wallets and corporate wallets, and the pilot effect is remarkable." He also pointed out that on the whole, the pilot project is still in its infancy. Compared with the existing users of banks, the number of personal and corporate wallets in digital RMB still has a lot of room for development.
"As a designated operating institution, large banks have made important contributions to the technological innovation, system construction, scene expansion and knowledge popularization of digital RMB." Dong Ximiao, chief researcher of Zhilian Finance, analyzed to the reporter of Times Weekly.
The industry generally believes that the expansion of digital RMB business will greatly change the payment pattern. For a long time, WeChat payment and Alipay have occupied the third-party mobile payment market, while JD.COM and Meituan have rich consumption scenarios, but the payment business has always been difficult to be effectively promoted. Digital RMB will bring new payment development opportunities for companies such as JD.COM and Meituan, and impact the market position of WeChat payment and Alipay to some extent.
Both JD.COM and Meituan have a strong desire to promote digital RMB business. In JD.COM, the pilot use of digital RMB began on June 5, 2038+February 2020. As of February 3 1, 202 1, more than 2 million digital RMB wallets have been pushed to JD.COM App, and more than 1 10,000 users have spent 3 million digital RMB, with a cumulative consumption of more than 200 million yuan, leading the Internet in terms of access users and transaction amount.
JD.COM also reached a strategic cooperation with the digital currency Research Institute of the Central Bank, becoming the first company to use digital RMB to pay wages and goods.
According to another data, as of June 5438+0, 2022, nearly 2.5 million digital RMB wallets have been pushed to Meituan App, and the platform has accumulated more than 2 million digital RMB users. 10 After the new round of pilot area expansion, Meituan APP added over 1.6 million users to "taste" digital RMB. During this period, the daily average number of digital RMB trading users of Meituan platform increased by more than 3 times compared with the 10 day before the announcement of the new pilot city, and the daily average digital RMB trading amount increased by more than 4 times.