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Exploring Suzhou Digital RMB Pilot Project: Online payment takes only 0.5 seconds e-CNY "blossoms" both online and offline



"I feel like I'm possessed by a koi carp, and I'm very happy to participate in this digital renminbi pilot activity." Mr. Wang, a consumer, told the "Securities Daily" reporter excitedly.

At 20:00 on December 11, the Suzhou Digital RMB Red Packet Pilot Program officially started. A reporter from "Securities Daily" visited the offline pilot project in Wuyue Plaza (hereinafter referred to as "Wuyue Plaza") in the high-speed rail new city of Xiangcheng District, Suzhou City. There are many users who use digital renminbi to checkout and pay, all of which have achieved instant payment and no lag.

"It feels very good, and the speed is very fast." Mr. Zhang, a consumer, expressed his consumption experience to the "Securities Daily" reporter after completing a digital RMB payment.

"Securities Daily" reporter communicated with many consumers and found that most consumers were very positive about participating in this pilot activity. "I opened the digital RMB wallets of 6 banks at the first time. There is no obvious difference." Mr. Wang, the above-mentioned consumer, told reporters, "The opening process is very convenient, and there is no very cumbersome verification process."

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Regarding the characteristics of the Suzhou digital renminbi pilot, Guo Yanhao, deputy director of the Local Financial Supervision and Administration Bureau of Xiangcheng District, Suzhou, told the "Securities Daily" reporter that a total of 100,000 digital renminbi consumption red envelopes were issued this time, and the number of distributions was two times that of the Shenzhen pilot. Times, in the application scenario, more than 10,000 offline merchants participated. "At the same time, we have ushered in the cooperation with JD Digits. Some citizens will also be able to participate in the experience of the characteristic 'dual offline payment' function."

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He emphasized that the Suzhou digital renminbi pilot has multiple innovative scenarios, including smart parking and parking payment, which are basically fully implemented in Xiangcheng District, Suzhou.

After the start of the Suzhou digital renminbi pilot project, a reporter from the "Securities Daily" visited a number of pilot shopping malls and merchants. In Wuyue Plaza, the reporter noticed that there are many promotional signs about digital renminbi at the entrance of the shopping mall, and roll-up banners are placed in front of the merchants that support digital renminbi payment, and "Welcome to digital renminbi e-commerce" is also posted on the wall. CNY” logo, small standing signs with QR codes and “Touch and Touch” induction signs are placed on the counters in the store.

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Ms. Shen, the store manager of Jingdong Home, told the reporter of Securities Daily, "As one of the pilot merchants of digital RMB red envelopes, we have been preparing for about a month. The staff of Jingdong Digits will carry out POS machine transformation and use training for merchants. In fact, There is no difficulty in using it, and it is more convenient and faster than before, and I feel that the payment is completed in less than a second."

Lu Yunhan, the digital renminbi project manager of JD Digital, admitted to the "Securities Daily" reporter that since participating in the digital renminbi project before, he has also been exploring corresponding technologies. "We will not re-take a new experience path. We hope that for the merchant's B-side, we can ensure the user experience, reduce the user's learning cost, and better communicate with users."

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It is understood that as important operating institutions, the six major banks of Industry, Agriculture, China, Construction, Communications, and Postal Savings Bank have all participated in the digital renminbi pilot test, and have successfully completed the first transaction of the Suzhou digital renminbi pilot.

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Guo Yanhao told the "Securities Daily" reporter that the six major banks have fully participated in the pilot project in Suzhou. "The banking institutions participating in the pilot are all supporting and cooperating with all their strength."

According to the digital renminbi wallet shown to reporters by Mr. Liu, a Suzhou citizen who won the lottery, taking the digital renminbi wallet of China Construction Bank as an example, in the operation page of viewing the digital renminbi wallet, there is no bank card number displayed, only the wallet number is displayed, and the daily limit is 10. RMB 10,000, a single transaction limit of RMB 50,000, and a balance limit of RMB 50,000. Inside the wallet, there are 9 management functions including depositing into wallet, transferring out of wallet, transaction details, wallet upgrade, binding account, changing transaction password, forgetting transaction password, canceling wallet, and viewing wallet.

In the CCB digital RMB wallet of another Ms. Su, it shows that the upper limit of her digital wallet balance is 10,000 yuan, the single payment limit is 2,000 yuan, the daily payment limit is 5,000 yuan, and the annual cumulative payment limit is 50,000 yuan.

In addition, it is worth mentioning that a reporter from the "Securities Daily" found that in the digital RMB APP, sub-wallets can be opened under the wallets of the six major banks, and some APPs can be pushed to access.

"During the Suzhou digital renminbi pilot payment process, became the first and only scenario that can connect the six major banks." Peng Fei, general manager of the enterprise payment product department of the JD Digital Payment Business Department, told the "Securities Daily" reporter.

Regarding the characteristics of the sub-wallet, Lu Yunhan said frankly, "Protecting personal privacy is one of the advantages of opening a sub-wallet. For an app like, it is impossible to obtain personal sensitive information, which can ensure that the user's privacy will not be leaked."

As an important highlight of the digital renminbi pilot, the "dual offline" payment function has attracted much attention from the outside world. This function allows both the payer and the payer to complete the transaction without a network environment.

At 11 o'clock on December 12, a reporter from "Securities Daily" interviewed Ms. Lu who had just used the "dual offline" function to complete the payment at Tianhong Shopping Mall in Suzhou. She said that she saw the publicity before and knew about this new feature, so she activated the flight mode of her mobile phone when paying and tried it out. "The payment is completed in about 1-2 seconds. It feels very good and convenient. It really solves the problem that the payment cannot be completed without the network."

The receiving merchant also completed the collection without the Internet. Mr. Ma, the store manager of the Three Squirrels, told the reporter of the Securities Daily, "Our store is on the first floor of the Tianhong shopping mall, and the network signal is not stable. This function ( Dual offline) is very convenient for merchants." He also showed to the "Securities Daily" reporter that from the launch of the Suzhou digital renminbi pilot at 20:00 on December 11 to 11:04 on December 12, consumers used digital renminbi in the store. The situation of RMB payment. The collection equipment terminal shows that the total amount of its digital RMB collection is 585.37 yuan.

In addition to experiencing the offline scene, the Suzhou digital RMB pilot program is connected to the consumption scene of the e-commerce platform for the first time - Jingdong Mall, which has become an important breakthrough in this pilot program.

JD Digits told the "Securities Daily" reporter that at 20:00:02 on December 11, the country's first e-commerce platform digital RMB consumption was born. It is understood that this consumption came from a post-90s consumer in Suzhou who placed an order on and paid in digital renminbi. The payment process took only 0.5 seconds.

The Suzhou Digital RMB 24-hour battle report released by JD Digits shows that nearly 20,000 orders in the JD scene were paid in digital RMB, and the largest single online payment amounted to more than 10,000 yuan.

According to the disclosure, among the first batch of digital RMB users in the Jingdong scene, men accounted for more than women, and the younger generation became the absolute main force. The total proportion of post-80s and post-90s was close to 80%. And out of curiosity about the new payment method of digital renminbi, half of the users placed orders within one hour of the event.

Lu Yunhan said frankly, "In the Suzhou digital renminbi pilot, is the first online e-commerce scene in the country to access digital renminbi and access 6 banks at the same time. After receiving the task, the time is tight and the task is heavy, and there is no reference for the time being." objects and objects to draw upon, we are forging a path.”

However, it is worth noting that although the research on my country's digital renminbi is deepening, many analysts believe that digital renminbi is still some distance away from widespread popularization.

"The Suzhou digital renminbi pilot is carried out in conjunction with the 'Double Twelve Suzhou Shopping Festival', with a high degree of openness and a wider range of participants and merchants. On the basis of the continuous maturity of the pilot, the scope of the pilot will be further expanded in the future, and it will continue to cover daily M0 Various scenes in use." Yu Baicheng, president of Zero One Research Institute, told the "Securities Daily" reporter.

"The digital renminbi pilot is advancing in an orderly manner. More factors need to be considered for the official launch. According to the central bank's caliber, it is carried out according to the original plan. The time point for the actual launch is not clear." Chen Wen, director of the Digital Economy Research Center of the School of Finance, Southwestern University of Finance and Economics, told Reporter said.

Liu Bin, director of the Financial Research Office of the China (Shanghai) Free Trade Zone Research Institute, also admitted to the "Securities Daily" reporter, "The digital renminbi pilot is the work that must be done before the launch of the digital renminbi, and it does not mean that the digital renminbi is not far from the real launch. Yes. The real implementation of the digital renminbi still needs many conditions, including the supporting laws and regulations, widespread awareness and support from the society, the cooperation of various ministries and commissions, the central bank’s reserves of technology and talents, and supporting infrastructure.”

Our reporter Li Bing, trainee reporter Zhang Bo


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