Mobile payment has become quite popular in China in recent years, but it has not yet been able to truly replace cash payment methods such as renminbi and coins. A few days ago in China, an app called “Digital RMB” was put on the shelves of all major app stores, including the Android and iOS versions of the app, which were launched at the same time and opened to the public for download. However, since the program is still in the testing stage, only “whitelisted” users in the pilot areas and scenarios can register and use it.
The “Digital RMB” mobile app was developed by the People’s Bank of China Digital Currency Research Institute and is China’s legal digital currency. The official service program of digital renminbi provides personal wallet opening and management of digital renminbi, as well as digital renminbi exchange and mobile services. Although the application is currently open to the public to download, the digital renminbi is still in the routine testing stage of the research and development process, so only whitelisted users in the pilot areas and pilot scenarios can register for the trial.
Currently, only 9 institutions provide services for opening digital RMB wallets through the “Digital RMB” program, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Construction Bank, Bank of Communications, Postal Savings Bank, China Merchants Bank, WeBank and Internet Banking The pilot areas are Shenzhen, Suzhou, Xiong’an New District, Chengdu, Shanghai, Hainan, Changsha, Xi’an, Qingdao, Dalian, as well as venues for the Beijing Winter Olympics.
Source: People’s Daily Online
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