Produced by | SanYan Finance Author | DorAemon

　　Today, the Digital RMB (Trial Version) App has officially been launched on various Android app stores and the iOS App Store, with pilot areas including Shenzhen, Suzhou, Xiong’an, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian, and the Winter Olympics scene (Beijing, Zhangjiakou).

　　Today, SanYan Finance had a detailed experience with this App. In short, from the user’s perspective, the payment experience with digital RMB is quite similar to WeChat Pay, Alipay, and other electronic banking payment methods.

　　Currently, the digital RMB is still in the regular testing stage of the development process, and some functions of the digital RMB (Pilot Version) App are not yet open. Therefore, the experience of this test is based on the current functions provided by the App, but does not represent the complete performance of digital RMB.

　　How to activate?

　　Firstly, in the iOS App Store, users must search for the full name of this App to find and download it, that is, ‘Digital RMB (Pilot Version)’, developed by the People’s Bank of China’s lottery and How to find it Research Institute.

　　Next, users need to confirm that they are within the pilot areas mentioned above.

　　After downloading the digital RMB (Pilot Version) App, the first step is to register and activate an account using a phone number; then, users are required to select an operating institution that provides services to activate the digital RMB wallet.

　　Currently, users can activate wallets through institutions such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank, and China Post Savings Bank, as well as e-commerce banks like Alipay and WeChat Pay (WeChat Bank).

　　It is worth noting that users can simultaneously activate multiple wallets provided by the above operating institutions without any quantity limit. For example, in this test, the author activated Alipay, ICBC, China Merchants Bank, Agricultural Bank, and other wallets at one go.

　　On the other hand, digital RMB wallets are divided into four types, each with different transaction limits and different requirements for processing.

　　By default, users are assigned to Type 4 wallets when they activate for the first time, which is not real-name registered and can be processed with just a phone number; the balance limit for Type 4 wallets is 10,000 yuan, and the single payment limit is 2,000 yuan;

　　Type 3 wallets are实名制 (real-name registered), requiring a phone number and ID card; the balance limit is 20,000 yuan, and the single payment limit is 5,000 yuan;

　　Type 2 wallets are also实名制 (real-name registered), requiring a phone number, ID card, and personal bank card; the balance limit is 500,000 yuan, and the single payment limit is 50,000 yuan;

　　Type 1 wallets are实名制 (real-name registered), requiring a phone number, ID card, and personal bank card, and need to be processed on-site at the operating institution; there are no transaction restrictions for Type 1 wallets.

　　How to recharge and make payments/receipts?

　　After the digital wallet is activated, wallet information can be seen on the homepage of the App, and different operating institution wallets can be selected by swiping left and right on the tabs; users can also set their favorite nicknames for each wallet, and personal real names will not be leaked during payment and transfer operations, only nicknames are displayed.

　　The wallet designs provided by different operating institutions are mainly differentiated by color, with the digital RMB logo marked with ‘People’s Bank of China’ above the tabs, and the names of the operating institutions below; the wallet nickname is on the left at the top of the page, and the ‘Tap and Pay’ and ‘Scan and Pay’ function entries are on the right.

　　The tab also provides a recharge entry, and currently, users can recharge using mobile banking or bank cards. However, if bank card recharge is used, the wallet must be upgraded to a second-class wallet.

　　In addition, if users choose WeChat or Alipay as the operator provider, they can still only recharge through mobile banking and bank cards, and cannot use WeChat payment or Alipay payment.

　　Users can enter the payment and collection code page by clicking the ‘collection/payment’ button; they can also enter by swiping the tabs: swipe up to enter the payment code page, and swipe down to enter the collection code page.

　　The operation logic of the digital RMB payment and collection codes is similar to that of WeChat and Alipay’s payment and collection codes, where users can show the corresponding code to merchants or others for payment and collection.

　　The digital RMB wallet also supports transferring funds to your own other wallets or others through phone number, wallet number, and other methods. When transferring, the interface will display whether the recipient’s account is verified, and the operational logic is also similar to WeChat and Alipay.
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　　In addition to the aforementioned ‘traditional’ payment or collection methods, the digital RMB (试点版) App also has ‘tap-to-pay’ and hardware wallet functions.

　　So-called ‘tap-to-pay’ means that you can complete the payment by placing the phone on the tag with the relevant function provided by the merchant. However, according to the App instructions, currently, only merchant tags are supported, and not the POS or mobile terminal.

　　The hardware wallet refers to storing the private key of digital assets separately in a chip, isolated from the Internet, plug and play. That is to say, the digital RMB hardware wallet can realize ‘dual offline’ transactions, that is, both parties can complete the transaction even if they are both offline.

　　However, currently, the digital RMB (试点版) App does not support dual offline payment.

　　SanYan Finance’s test found that when the mobile phone is in flight mode and the network is disconnected, the ‘hardware wallet’ function can be used normally; however, the ‘tap-to-pay’ function that requires network services prompts ‘The network is a bit lazy, please try again later’.

　　How to trade?

　　Offline transactions of digital RMB can be completed in the same way as WeChat and Alipay through scanning codes and other methods, but there are some differences online. The specific reason is that WeChat and Alipay are just payment tools, while digital RMB is essentially a legal currency.

　　After users have opened a digital RMB wallet, they need to perform the operation of pushing the wallet to the merchant for payment, which is also known as the sub-wallet system.

　　Currently, there are more than 50 third-party applications that support digital RMB, including e-commerce platforms, food delivery platforms, video platforms, and more commonly used platforms.

　　Users need to select the corresponding third-party App, set up payment password, wallet operator, payment limit and other operations according to the page process. Then, users can use digital RMB payment on the selected third-party platform.

　　Taking JD.com as an example, SanYan Finance has set up an Agricultural Bank wallet for the JD.com App, with a single payment limit of 1000 yuan, and it is also possible to view historical transaction records.

　　After completing the sub-wallet setup, when shopping on JD.com, you can choose to pay with digital RMB. Users can directly see the corresponding wallet information.

　　But there are the following points that need to be paid extra attention to:

　　1. Even if the third-party app supports the use of digital RMB payment, not all scenarios can be used.

　　In the third-party merchant selection interface of the digital RMB (trial version) app, there is a detailed payment scenario description below each app. If the user does not submit an order in the corresponding scenario, digital RMB payment cannot be used.

　　For example, JD.com’s restriction is ‘can be used to purchase JD.com’s self-operated goods’, which means that currently, users can only use digital RMB at JD.com’s self-operated stores. If it is not a self-operated store, it cannot be used.

　　2. There are restrictions on the operating institutions that support the use of digital RMB wallets by third-party apps, but the same third-party app can simultaneously open multiple wallets.

　　In addition to usage scenario restrictions, there are also certain restrictions on the wallet operators that each third-party app can use at present.

　　For example, Sanyan Finance has opened wallets for ICBC, Agricultural Bank, Alipay, China Merchants Bank, etc., but when pushing sub-wallets to JD.com, it only supports the use of digital RMB wallets from ICBC, Agricultural Bank, and Postal Savings Bank, while Alipay and China Merchants Bank are not supported.

　　And all the above digital RMB wallet operators support Meituan.

　　Therefore, when setting up sub-wallets, users need to use wallets that support the corresponding third-party merchants.

　　However, although some wallet operators do not support all third-party apps, the same third-party app can simultaneously open multiple wallets provided by different operating institutions.

　　Taking Meituan as an example, Sanyan Finance has opened three sub-wallets for Meituan – ICBC, China Merchants Bank, and Agricultural Bank. When placing an order on Meituan, you can choose any of these sub-wallets to complete the payment.

　　It can be seen that when placing an order on Meituan and paying with digital RMB, you can choose from multiple preset sub-wallets to complete the order.

　　What exactly is digital RMB?

　　Digital RMB is a legal currency in digital form issued by the People’s Bank of China, operated by designated operating institutions and exchanged with the public, based on a broad account system, supporting the loose coupling function of bank accounts, equivalent to paper currency and coins, with value characteristics and legal tender status, and supporting controllable anonymity.

　　The concept of digital RMB has two key points. One is that digital RMB is a legal currency in digital form; the other point is that it is equivalent to paper currency and coins, and digital RMB is mainly positioned as M0, that is, the cash and coins in circulation. It is mainly positioned as cash-like payment instruments (M0), which will coexist with physical RMB for a long time, mainly used to meet the public’s demand for digital cash and promote inclusive finance.

　　The definition of digital RMB may seem too ‘complicated’ for non-professionals, especially since the current user experience of digital RMB is not significantly different from what the public is familiar with in terms of payment methods, which adds difficulty to the public’s understanding of digital RMB.

　　This is mainly because digital RMB is still in the pilot testing stage at present, and its ‘complete form’ has not been officially launched. In short, the core difference between digital RMB and online transaction methods such as WeChat and Alipay is that WeChat and Alipay are payment methods, while digital RMB is legal currency.

　　WeChat, Alipay, and other payment methods are no different from bank card payments and cash payments, and they are a means of payment. Users trade currencies through WeChat, Alipay, bank cards, or cash and other means;

　　Digital RMB is not a payment method; it is currency itself. It is just that unlike the tangible paper money, digital RMB exists in the virtual world. Therefore, just like currency can be traded through the aforementioned various methods, digital RMB can also be traded through various channels.
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　　Currently, the wallet in the digital RMB (trial version) App still needs to be recharged from the bank; but once the digital RMB system is completely built, it can achieve the ‘digital issuance’ of currency. At that time, everyone’s salary and income can be directly deposited into the digital wallet in the form of digital RMB, without relying on cards and other media.

　　What will the future usage scenarios be?

　　In terms of usage scenarios, it is precisely because of the monetary attributes of digital RMB that it can provide more convenient choices for future people.
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　　Digital RMB itself is a legal Online casino and How to find it, which means its form can be very diversified, and its carrier is not limited to mobile phones.
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　　For example, ‘hardware wallet’, it is not necessarily a mobile phone, it can be any electronic device, adapting to different life scenarios.

　　In November, according to media reports, our country’s independently developed ‘lottery and How to find it’ wallet has passed the test. The report states that this ‘lottery and How to find it’ wallet, developed by a company in Zhuhai, can be unlocked with a fingerprint, and supports functions such as ‘lottery and How to find it’ payment and collection, balance inquiry, and transaction information display.

　　For the elderly who have difficulty moving or foreign friends who do not speak the language, after opening the related services of digital RMB, they do not need to use mobile phones or other devices for travel and shopping. They can complete payments and other transactions by using various forms of hardware wallets and through fingerprint, facial recognition, and other methods, with the mobile phone being just one of the carriers.

　　Similar plots can be seen in many movies, games, and cultural and entertainment works describing the future world: people’s deposits, transactions, and transfers are all digitalized; even just to buy a bottle of pure water, scanning a fingerprint can automatically complete the payment, simple and rough.

　　So, we believe that after the popularization and promotion of digital RMB, there will be more interesting and convenient usage scenarios that will change our lives.