What you want to know about digital RMB, we experienced it all

Digital RMB is not rare, just download the app and you can experience it~

  1. The online payment experience of digital RMB is not much different from that of bank cards, Alipay and WeChat.

The main inconvenience of using digital RMB online is that users have to be very clear about how much balance they have in each wallet, otherwise they will encounter the dilemma of insufficient balance when paying, because it is equivalent to a cash wallet and cannot be overdrawn like a credit card.

3, from the “IT Times” reporter’s offline experience, once the mobile network is closed, you can not achieve payment, transfer and other operations, can not use offline payment. The promised “offline payment” function has not yet been realized.

Which festival is the hottest in the Magic City right now? It is undoubtedly the second Shanghai “May 5 Shopping Festival” which spans the second quarter.

This year’s “May 5th Shopping Festival” has a particularly strong digital flavor, with digital RMB signs on the counters of many businesses on Nanjing Road Pedestrian Street. This year’s “May 5th Shopping Festival” has become a “litmus test” for the digital RMB.

At present, the pilot areas of digital RMB are “10+1”, including Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian and the Beijing Winter Olympics.

Digital RMB is becoming a “regular” around us.

In fact, not only offline, some internet platforms have also opened digital RMB payment channels, alongside WeChat Pay, Alipay Pay and Cloud Flash Pay.

How is the payment experience of digital RMB online and offline? Recently, a reporter from IT Times conducted a test.


What you want to know about digital RMB, we experienced it all

Photo source: IT Times

Both pay and pay party fees
To use digital RMB online, the first step is to open a sub-wallet.

In the “More” section at the top of the home page, click on “Sub-wallets” and you will see more than 20 internet platforms that have access to digital RMB, such as Drip, Ctrip, Jingdong, etc. However, the number of times you can open a digital RMB sub-wallet is limited, as shown in the IT Times. The reporter’s current test found that the maximum number of sub-wallets opened by each bank is 2, and none of the sub-wallets keep digital RMB.

As you can see on the Digital RMB App, among the Internet platforms accessed

Travel category includes Meituan Riding, Drip Travel, Qingtang Bicycle, Tianfu Pass (Chengdu Bus and Metro), Qingdao Metro App.

The e-commerce category includes Jingdong, Jingxi, Suning Tesco, Tmall Supermarket.

Travel category includes Ctrip, Tuniu Travel.

Fresh food takeaway category including hungry, Meituan, box horse fresh, food line fresh.

Courier category currently only Shunfeng.

The financial category includes Jingdong Finance, Petrochemical Finance.

Charging category includes special caller, star charging.

The entertainment category includes Beili Beili.

After opening the sub-wallet, the digital RMB can be paid online on the corresponding app.

In addition, major banks have also launched their own product pilots, such as Construction Bank’s e-commerce platform Shanrong Commerce and Postal Reserve Bank’s Postal Reserve Life.

The digital RMB online payment experience is not much different from bank cards, Alipay and WeChat. When making a transaction, choose any bank’s wallet to make the payment, and after entering the password, the digital RMB App will top prompt this transaction. After the payment, you can open the digital wallet to see the transaction record and a string of transaction voucher numbers.

Party fee payment is also the main entrance of the Digital RMB App, but the function is currently only open to some party branches on a pilot basis, for example, Sinopec has already used Digital RMB to pay party fees.

Avoiding insufficient balance
Digital RMB is still in the pilot stage, so there are certain restrictions for each app to pay with digital RMB.

For example, e-commerce apps and Jingdong apps can only use digital RMB to pay for their own products, Meituan has opened three zones for biking, grocery shopping and takeaway, of which only Beijing and Shanghai can use digital RMB for grocery shopping, and Beili Beili can only be used by Android cell phone users when topping up their B-coins, etc.

The main inconvenience of using digital RMB online is that users have to be very clear about how much balance they have in each wallet, otherwise they will encounter the dilemma of insufficient balance when paying, because it is equivalent to a cash wallet and cannot be overdrawn like a credit card.

Assuming you have three bank cards with digital wallets, you have three cards and three digital wallets, and you need to remember multiple balances. In addition, it is recommended to set the same transaction password when opening multiple digital wallets so that there is no confusion.

NetShares Bank (Alipay) and WeChat Bank (WeChat Pay) will also join the digital RMB wallet operators one after another. NetShares Bank is currently open to add the digital wallet function, but it cannot be used in the central bank’s digital RMB App for the time being, while WeChat Bank shows “opening soon”.

What you want to know about digital RMB, we experienced it all

Photo source: IT Times

According to the media, Alipay has already started the digital RMB pilot, and invited users can realize the functions of transferring in, transferring out, transferring money, receiving money and making payments on the Alipay App side after opening.


What you want to know about digital RMB, we experienced it all

Image source: IT Times

The entrance is clear, but offline is still “missing”
A month or so ago, IT Times reporter had an offline experience of digital RMB usage scenario and process, at that time, the reporter opened digital RMB in Agricultural Bank App, from the experience, the digital RMB payment entrance hidden in the bank App is deep, unlike Alipay and other payment entrance on the home page.

In the Central Bank Digital RMB App, the payment portal is on the home page, which shows the balance of a bank’s digital RMB that you have opened, slide down to receive payment and slide up to pay.

On Nanjing Road Pedestrian Street, which is a “key experimental neighborhood for digital RMB”, a number of long-established food stores have opened digital RMB payment channels, including the First Food Store and Shen Dacheng Nanjing Pedestrian Street Store.

After the IT Times reporter bought something, he showed the cashier the digital RMB payment code, swiped it, and entered the payment password to pay successfully.

However, like using digital RMB online, it is important to avoid running out of balance. In this case, you can use the “Wallet Filling” function to convert the funds in your bank account into digital RMB in your digital RMB wallet.

On the digital RMB payment page, there is also a “touch” function. If there is a “touch” sign on the digital RMB payment sign in the store, you can pay by touching your phone to the sensor area on the sign, which is more convenient than showing a QR code. It’s more convenient than showing a QR code.

However, not all stores that have opened digital RMB payment have the touch function, and the IT Times reporter did not see the sign with the “touch” logo in some stores on Nanjing Road Pedestrian Street and Putuo Global Port.

According to some media reports, the digital RMB can complete the verification of the user’s identity and the confirmation of the transaction information to complete the transaction even if there is no internet connection under the “touch a button” mode.

The digital RMB has been in the limelight since its pilot, with its “anonymous and controllable” and “double offline” features. However, from the offline experience of the IT Times reporter, once the mobile network is turned off, the payment and transfer operations cannot be realized, and the page will show “Current network is not available”, and the QR code cannot be displayed, and the offline payment cannot be used, which is the same as the reporter’s experience more than a month ago.

A research report by CICC pointed out that from the viewpoint of payment methods, the current digital RMB test app uses QR code as the payment method, and QR code cannot be loaded offline.

Tips: Digital RMB, what you must know

  1. Opening method
    In Shanghai, for example, the first wave of the pilot is mainly embedded in the mobile banking of six major banks for the whole public. From the opening experience is more convenient, commonly used bank cards can almost pass on mobile banking in seconds, but if not commonly used cards, it is likely that they are not included in the whitelist and need to go to the bank counter to open the digital wallet.

The IT Times reporter tried to open the digital wallets of four banks, of which ICBC and Construction Bank signed up to pass in seconds on the mobile banking side, while Bank of China and Postal Savings Bank did not pass online.

However, the central bank digital RMB App download and opening requires a targeted invitation and is not open to the entire public in the application market.

  1. Inter-transferable between digital wallets
    The IT Times reporter has three digital wallets on the Digital RMB App: ICBC, CCB, and NetShares Bank. The ICBC digital wallet can transfer money to the CCB digital wallet by filling in the cell phone number or digital wallet number.

As WeChat Bank is not yet open, we are not yet ready to try whether it can be transferred with NetTrade Bank.

  1. Bank cards and digital wallets cannot be transferred
    For example, if you want to use your ICBC bank card to transfer money to your CCB digital wallet, you cannot. On the Digital RMB App, digital wallets can only use the Bank’s bank card when transferring in and out.
  2. How does anonymity work?
    When transferring funds using the Digital Wallet number, the interface will indicate that “inter-institutional transfers cannot be verified by the recipient’s real name, please proceed with caution”.

When you first open the account, you can choose the anonymous wallet, but the anonymous wallet does not support incoming or outgoing transfers, only transfers and spending. The balance limit of the digital wallet is 10,000 RMB, the single payment limit is 2,000 RMB, the daily payment limit is 5,000 RMB, and the annual cumulative payment limit is 50,000 RMB.

  1. Multiple types of wallets with different amounts
    The digital wallet opened by the IT Times reporter is a secondary wallet, and the digital wallet balance of each bank is capped at 500,000 yuan, with a single payment limit of 50,000 yuan, a daily payment limit of 100,000 yuan, and an unlimited annual cumulative payment limit.

The digital RMB is divided into multiple types of wallets according to the degree of real name, with the strong real-name class of wallets having the highest authority in terms of payment limits, etc.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-you-want-to-know-about-digital-rmb-we-experienced-it-all/
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