Will digital RMB become an opponent of WeChat Alipay?

At present, WeChat and Alipay have more than 654.38 billion users and are absolute giants in the industry. Moreover, the number of active users of the platform is large, and the commercial value of the platform is also high. Previously, China UnionPay Express launched by UnionPay was endorsed by UnionPay and major banks. However, in the face of WeChat and Alipay, it is difficult to gain too much advantage from it, and the development space is constantly being squeezed. This also makes it difficult for it to develop rapidly in the market. Later, China UnionPay Express achieved its present scale by spending money to promote it, but the gap between Alipay and WeChat is still obvious.

In addition, when using digital RMB, you need to install a digital wallet on your mobile phone to facilitate various trading operations of digital RMB. Once this application is widely used, a large number of users can directly use digital RMB. Although the so-called payment wallets such as WeChat and Alipay have a large user base, they cannot prevent users from opening digital RMB accounts for transaction settlement.

In other words, the digital RMB wallet will compete directly with WeChat and Alipay.

According to relevant laws and regulations, domestic banks and payment transaction settlement institutions shall not refuse digital RMB for any reason. Wechat and Alipay will also connect digital RMB to their own systems, but then the digital RMB wallet will be similar to the function of banks now, and they will be able to communicate through digital RMB. The whole financial market will also undergo earth-shaking changes.

But after all, WeChat and Alipay have been operating in the industry for many years, have their own markets and users, and their internal systems are well established. Although digital RMB is very popular, it is not so easy to compete with WeChat and Alipay for the cake in the payment field. Now users are very lazy in operation. Maybe they can download the digital RMB wallet at first, but after a long time, there is no application consumption scenario to support it. How do they compete with WeChat and Alipay?