All you need to know | Digital RMB wallet ready for use in Guangzhou

Do you know that you can use the digital yuan wallet now in Guangzhou? Have you downloaded the App?

[Photo: Nanfang Daily]

It is reported that some supermarkets and shops in Grandview Mall (正佳广场) of Tianhe district, Guangzhou, received the payment through the digital yuan wallet on March 31^st.

“People shopping at MINISO can use the e-CNY of China Construction Bank and Agricultural Bank of China,” said a cashier.

1. What does the e-CNY app look like?

The e-CNY app, or digital yuan wallet, is developed by the People's Bank of China's (PBOC) digital currency research institute.

It is free to download at app stores in 12 pilot cities, including Beijing, Shanghai, Shenzhen, and Chengdu.

Guangzhou is one of the new bunch of cities to pilot the digital RMB app. According to the 2022 government work report, the province is expediting the building of an experimental zone for AI and digital economy in Guangzhou while promoting pilot projects of digital RMB and national projects for the innovative application of block chain.

2. Differences between the e-CNY app and other online payment tools

The e-CNY is essentially a digital banknote and makes up a portion of the country’s overall cash supply.

It has the highest level of security ratings as an online asset. It can conduct value transfer without relying on a bank account.

Users can spend the cash in their digital wallets even when not connected to the internet as the app uses NFC (near-field communication) technology.

In addition, it offers “managed anonymity” and adheres to “anonymity for small value and traceable for high value”, which means users can make small transactions without disclosing personal information.

This is different from Alipay and WeChat Pay, which require real-name verification even for small transactions.

3. How to use the e-CNY app?

Step 1: Download through an app store

Step 2: sign up with your phone

Step 3: Open a wallet by choosing an authorized bank

Step 4: Select a nickname and set the payment pin

Step 5: Swipe up to receive payments and swipe down to pay someone else

4. Who operates the digital yuan app?

The operators are commercial banks that have been approved to provide digital wallet and e-CNY exchange services to the public.

There are currently seven commercial banks and two online banks that are eligible to provide e-CNY:

●ICBC

●Agricultural Bank of China

●Bank of China

●China Construction Bank

●Bank of Communications

●Postal Savings Bank of China

●China Merchant’s Bank

●WeBank (WeChat Pay)

●MyBank (Alipay)

Author | Fanny

Editor | Wing, Olivia, Jerry