Everything you want to know about digital RMB is here.

Open the "Digital RMB APP" and you can easily complete the payment even if the mobile phone has no network. This kind of payment point-to-point real-time settlement saves the electronic transaction settlement of bank accounts of traditional payment tools (such as Alipay and WeChat), which is more convenient and safe, and effectively protects the privacy of users.

More specifically, through the "Digital RMB APP", each of us has an electronic coin purse, and payment and transfer are no longer settled by banks. It can be said that the use method is almost equivalent to paper money and coins.

Recently, with the access of digital RMB to Alipay and its application in "10 city+1 scene", it is getting closer and closer to people's lives.

According to several media reports, on May 8, the digital RMB APP activated the "online merchant bank" in the wallet operation organization, marking the official opening of the digital RMB Alipay channel.

What exactly is digital RMB? How will it change our lives?

The digital RMB was born. The biggest question is, what is the difference between it and WeChat and Alipay? Digital RMB is the legal tender issued by the People's Bank of China, which is completely equivalent to paper money and coins, while WeChat and Alipay are essentially payment tools for mobile payment.

Taking the transfer from A to B as an example, payment tools such as Alipay and WeChat need to go through the process of "A user-payment tool-bank settlement-payment tool -B user", and digital RMB really realizes the connection of "A user digital RMB wallet -B user digital RMB wallet", just like using paper money and coins.

The digital RMB we usually refer to generally refers to digital currency DECP issued by the People's Bank of China, whose full English name is digital currency Electronic Payment, that is, digital currency Electronic Payment.

As mentioned above, the underlying logic of payment tools such as WeChat and Alipay is inseparable from the bank's settlement system, and it is essentially electronic transaction settlement based on bank accounts. This also explains that even if you transfer money or send and receive red envelopes, you need to go through the real-name authentication of the bound bank card.

In contrast, the transaction of digital RMB adopts point-to-point real-time settlement. Compared with the electronic transaction settlement of bank accounts, it saves many intermediate links (such as reconciliation and audit) and brings more convenient transaction experience.

This transaction feature makes the digital RMB have a real offline payment function, and even if the mobile phone has no network, we can use the digital RMB normally.

Since the end of 20 19, digital RMB has been tested in several cities. Residents from Shenzhen, Suzhou, Xiong 'an and Chengdu to Beijing Winter Olympics, Shanghai, Hainan and Changsha, 10 cities and 1 scene (Winter Olympics) have taken the lead in experiencing the convenience of digital RMB.

A blogger from Li Li shared his digital RMB consumption history. After applying for the trial of digital RMB and winning the 200 yuan Digital RMB red envelope, people will receive a short message to install the digital RMB APP, and after completing the installation of the APP, they will receive a trial bonus ranging from tens to hundreds of yuan. Whether in the vegetable market, restaurants or shopping malls, where digital RMB is supported, you only need to open the digital RMB APP and sweep it to easily complete the payment.

"Recharge" into the digital RMB APP is a bit similar to "withdraw money", except that we get digital currency instead of paper money.

There are already payment tools, so why develop a set of digital RMB? Different from the previous online payment tools, digital RMB has the characteristics of "controllable anonymity".

"Anonymity" will fully guarantee users' privacy, while "controllability" will leave room for protecting users' rights and interests and tracking illegal activities.

Say "anonymous" first. How long has it been since you used paper money? Please remember that when we do small business with paper money, we don't need to provide personal information. But your information will be recorded in every transaction of the payment instrument. Fortunately, digital RMB is technically anonymous.

Don't underestimate the protection of personal information. At the moment of data explosion, small transactions can clearly describe who you are, what you do, what your income is, what your consumption habits are, and even spread to your family, friends and colleagues ... This information has been collected and used by criminals. The use of digital RMB can greatly enhance the privacy and security of users.

Say "controllable" What is "controllable anonymity"? This is a function specially reserved to prevent people's digital currency from being targeted by criminals and becoming a tool for illegal transactions. For example, if the central bank finds suspicious transactions or the public security organs receive reports, they will contact financial departments, communication operators and other institutions to jointly conduct investigations and crack down on illegal and criminal activities such as money laundering.

Regarding whether Alipay and WeChat will be replaced by e-wallets, Li Lihui, head of the blockchain working group of China Internet Finance Association and former president of Bank of China, said in 2020 that the status of WeChat and Alipay will not be shaken in the short term.

After all, behind the "payment connection" business of Alipay and WeChat payment are two deep foundations of e-commerce and social interaction respectively. Digital RMB has no direct competition with the above two competing products, so it is hard to say that it will be replaced.

Undoubtedly, with the help of science and technology and the enthusiastic support of the people, China has reached the forefront of global digital payment. We will wait and see what form the digital RMB will continue to enter our lives in the future.

# Digital RMB access to Alipay #

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