The country’s first digital RMB prepaid consumption platform has come to choose the education and training industry to see what is different?

I believe you are no stranger to prepaid consumption, but have you experienced digital RMB prepaid consumption? On May 6, a reporter from Beijing Business Daily learned that the country’s first digital RMB prepaid consumption platform was launched in Futian, Shenzhen, and the education and training industry was preferred for pilot projects.

The country's first digital RMB prepaid consumption platform has come to choose the education and training industry to see what is different?

Image source: Beijing Business Daily

Under the guidance of the Shenzhen Central Sub-branch of the People’s Bank of China and the Shenzhen Local Financial Supervision and Administration Bureau, on May 6, the Futian District Government and Shenzhen CCB held the launch and signing ceremony of the country’s first prepaid platform for digital RMB education and training institutions. Shenzhen CCB Signed a digital RMB cooperation agreement with the first batch of cooperative education and training institutions, marking the successful implementation of the project in Futian District.

This is the first digital RMB prepaid consumption platform in the country, and it is also an important measure for Futian District to build a digital RMB demonstration zone. Shenzhen CCB said that the project provides another replicable and popularized “Shenzhen experience” and “Futian experience” for the integrated application of smart contract technology in the field of digital renminbi, which reflects the role of digital renminbi as a financial infrastructure in helping the development of inclusive finance. It has important strategic significance for accelerating the development of various digital renminbi pilot projects in Futian District and even Shenzhen.

This time, the digital RMB smart contract platform first chose to carry out a pilot project in the prepaid consumption scenario of education and training institutions. It is understood that prepaid consumption is a consumption model that has been widely recognized in the market and covers a variety of industries. However, traditional prepaid consumption has such pain points as the difficulty of terminating consumption and refunding, closing business and closing the door, and providing evidence for consumer rights protection. Smart contract technology can solve the pain points of the industry.

Specifically, for industry authorities, digital renminbi smart contract technology can empower supervision methods to achieve the goal of complete prepaid transaction information and transparent links; for consumers, digital renminbi prepaid funds are regulated by smart contracts and cannot be tampered with. It ensures the security of prepaid funds, minimizes the risk of “prepaid”, and prevents the legitimate rights and interests of consumers from being infringed; for prepaid consumer institutions, the application of digital RMB smart contracts provides the public with a better consumption experience.

Taking advantage of the digital renminbi smart contract technology advantages, the Futian District Government and Shenzhen Construction Bank launched a pilot program with high-quality education and training institutions in Futian to promote the construction of a prepaid platform for digital renminbi education and training institutions. After consumers pay with digital RMB on the platform, the prepaid funds will be “frozen” in the digital RMB wallet, and the prepaid funds can be realized through the underlying technology of digital RMB according to the number of classes and other write-off methods. release”. If the contract cannot be fulfilled due to institutional problems, when consumers apply for a prepaid refund, the platform can quickly refund the amount that has not been written off, which is conducive to protecting the legitimate rights and interests of consumers and property safety.

Wang Pengbo, a senior analyst in the financial industry of Broadcom Consulting, told the Beijing Business Daily that there are two bright spots in Futian’s digital renminbi smart contract technology . The first is that the originally expected digital renminbi is equipped with smart contracts in the pilot. The real landing scene can give full play to the greater value of digital renminbi. The second is that the prepayment of the education and training industry has been very controversial. It is not transparent to use more funds, and refunds are difficult to become the norm. This time the pilot is ingenious. It takes advantage of the characteristics of digital renminbi and combines the real demand scenarios.

Shenzhen CCB said that under the guidance of the Shenzhen Central Sub-branch of the People’s Bank of China, Shenzhen CCB, as one of the first designated digital renminbi operating institutions, actively responded to the call of the country’s digital economy construction, and used new financial concepts to promote digital currency through the “circle chain” service model. The renminbi is developing to a wider level and a deeper area.

According to reports, up to now, Shenzhen CCB’s digital renminbi digital renminbi active wallets, the number of transactions, and the amount in circulation have continued to lead the local industry in core indicators, accounting for more than 40% of the market. The platform will be piloted in the first batch of education and training industries in Futian District, Shenzhen. After the pilots are mature, it will be comprehensively promoted across the city, including prepaid industries such as education and training, beauty salons, and sports and fitness.

“The most important breakthrough this time is to explore opening openings in specific scenarios, so that the bottom-up digital renminbi can truly become a rigid demand for payment in this scenario, which is of great significance for the promotion of digital renminbi.” Wang Pengbo said.

At present, with the continuous advancement of the pilot program, the digital renminbi is infiltrating and expanding to more small-value high-frequency scenarios, and it is also continuously innovating service functions around consumers’ daily life. Data shows that by the end of 2021, there have been more than 8.0851 million digital RMB pilot scenarios, a total of 261 million personal wallets have been opened, and a transaction amount of 87.565 billion yuan.

In addition, as of the end of 2021, more than 50 third-party Internet platforms have supported optional digital renminbi for consumer transactions , initially forming a number of replicable and popularized application scenarios, and gradually building a digital renminbi payment ecological network.

From the perspective of the industry, the digital renminbi is currently advancing in a three-dimensional manner, breaking through spatial regions and expanding into a wide range of daily life scenarios. The use of digital renminbi also fully reflects its safety, efficiency and convenience. In the future, all localities will actively combine various consumption pain points, continue to enrich consumption usage scenarios, promote digital renminbi, and innovate and develop various digital renminbi wallets.

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