Acceleration of RMB digital promotions, relaunch of thiab bank Internet Mogul Payment Wars

He stepped up the QR code to scan all statuses and know the whole ecological payment with just one app.

Last year's red envelope war is now back with the rapid rise of the digital renminbi.

On January 4, the digital RMB application (pilot version) was released to the mass market, building on the previous experience. The RMB digital app announced the list of free apps downloaded from Apple's App Store immediately after its release, and within days, the number of RMB digital wallet users going through Meituan increased nearly 20 times. per day, and the number is higher. 10 times the number of JD.com users.

At the same time, competition from large companies is also increasing. On January 5, Meituan announced the launch of a digital RMB payment channel for instant messaging events, and on January 6, Tencent launched digital RMB services for its customers, as well as existing customers. JD.com announced the completion of all digital renminbi services on January 7.

This is just a configuration, last year JD.com and Meituan joined more than 10 RMB digital red envelopes, but WeChat and Alipay are rarely seen in these activities.

Two big companies relying on QR numbers as a national payment instrument to create a "miracle in China" have led the outside world to believe that today's digital yuan will soon pass.

The red envelope has rained again

JD.com announced on Jan. 5 that it will attend the Chinese Lunar New Year Tiger CCTV 2022 gala and distribute 1.5 billion yuan of red envelopes and accessories.

It is not surprising that stepping-stonedari.com participates in the Chinese New Year gala this time. One of the first companies involved in the renminbi pilot, JD.com is the largest online internet giant in digital renminbi red envelopes.

Two months after the first announcement of the digital RMB public beta in Shenzhen Luohu in October 2020, JD.com joined the red envelope of the digital RMB "Double 12 Suzhou Store" that appeared in October February 2020.

Since then, JD.com has engaged in digital yuan red envelope business in Beijing, Chengdu and Shanghai, etc., and in August and September 2021, accordingly, launched the "Soviet Union Movement of Shanghai ", special digital red yuan envelope JD. Announced November 2021. "Double 11" digital RMB red envelope activity in 11 projects.

According to statistics from "Lianxin", since the end of 2021, JD.com has 8 digital RMB red envelopes and 6 large companies (Bank of China, Industrial and Commercial Bank of China, Construction Bank of China). , Telecommunications Bank, Agriculture. Bank of China and Postal Savings Bank of China).

JD.com also explored several renminbi digital applications. On January 7, JD.com announced the completion of all renminbi events, as well as online and offline events such as JD.com app, JD.com financial app, Jingxi app and Qixian. The store is fully tied to the digital renminbi. Previously, JD.com also operated digital services such as digital yuan payments and bank payments.

According to data from JD.com, as of December 31, 2021, more than 2 million RMB digital sub-wallets have been integrated into the JD.com app, and more than one million users have used 3 million RMB digital marketing. The turnover is over 200 million yuan.

Meituan is another online business involved in the RMB red envelope campaign, but nine months later, JD.com.

In September 2021, Meituan launched the low-cost RMB red envelope digital bicycle at nine driving stations, including Chengdu. As a latecomer, Meituan revolutionized gameplay and launched the concept of "low carbon". Initially a “low carbon bike”, he then spread out to realize, no utensils thrown away and order green bags during his races.

The promulgation of Meituan's "low carbon" strategy associated with the digital renminbi has not only been praised by bodies like the Central Commission for Disciplinary Inspection, but also recognized by identical users. At the 21st Century Asian Finance Annual Meeting held on November 3, 2021, Meituan Vice President Bao Ta said that since Meituan set up renminbi experiment, more one million users have opened personal digital renminbi wallets and frequently use the digital renminbi. green circle.

There were also major banks involved in the Red Envelope War.

Following the digital renminbi's public beta, major banks have invested heavily in personnel, equipment and capital to seize the opportunity, and the digital renminbi's red envelope is incredibly superior.

According to incomplete data from "Lianxin", since the end of 2021, the total number of red envelopes placed at 11 gas stations across the country has exceeded 370 million yuan. And after the red envelopes exploded everywhere, many big companies clashed in secret.

According to "Lianxin" statistics, Chinese banks participated the most in the distribution of red envelopes in yuan, 12 times, and the other 5 major banks 7 or 8 times.

As venture capital firms must rely on events to prop up the digital yuan, the big banks have opened up new opportunities to take over. , has also appeared in support of the big banks.

According to the white paper, as of June 30, 2021, ICBC and China Construction Corporation are the largest of the six largest banks, and the yuan itself. Public portfolios and portfolios opened by two banks that own the whole country. The Construction Investment Corporation of China accounts for 54.8% of the country's total, while more than half of the total.

"Lianxin" found that out of 25 public announcements, new announcements for the digital yuan in the past two months, Chinese banks accounted for 7, mobile banks accounted for about 8, and "Lianxin". When accounting for more than half of patients, ICBC and CCB have 3 and 1 patients respectively.

Pay attention to the new battle

Surprisingly, big payment giants Tencent and Alipay were very low on the rise of the digital renminbi and fell out of the red envelope. In fact, Tencent and Alipay have long been involved in the research and development of digital renminbi.

In April 2021, Tencent announced that since February 2018, it has been engaged in extensive research on the digital renminbi project and has supported the full implementation of the digital renminbi project. Among the "May 5 Happy Sale" available in Shanghai during the month of May 2021, MYbank, the Alipay retailer, has become a digital RMB agent.

Changchun Mu, director of the Central Bank's Digital Currency Research Institute, once interpreted the relationship between the digital yuan and WeChat and Alipay, and said that WeChat, Alipay and the digital renminbi are not the same level.

He said that WeChat and Alipay are financial and wallet apps, and the digital renminbi is a payment tool and wallet content. In the case of electronic payments, the wallets of WeChat and Alipay have business deposits. . . At the same time, all of Tencent and Ant companies also have staff, so there is no competition with the digital yuan.

However, the intrusion of digital yuan in WeChat and Alipay campsites is an exception.

The reason is unity.

Traditional internet giant WeChat and Alipay have spent years creating an ecological impact. According to a 2020 report by iResearch, the joint venture between Alipay and WeChat payments in third-party payments is more than 90%.

People take a long time to open Alipay when shopping on Taobao. When you enter the WeChat store, you are assured that you will be charged for WeChat.

In this case, people are not satisfied until WeChat and Alipay announce that they will pay the cash withdrawal fee, but they have no choice but to choose not to withdraw or less, and to pay the balance in cash. As much as possible, use Alipay and WeChat to expand your wallet.

However, the payments market has opened up further, and this difference is no exception. The advent of digital renminbi wallets supports this notion. He stepped up the QR code to scan all statuses and know the whole ecological payment with just one app.

Yu Jianing, rotating chairman of the China Telecommunications Industry Association's Blockchain Special Committee, told Lianxin that the announcement of the digital yuan will help streamline payment processing and restructure payment stores. Third-party payment companies such as WeChat and Alipay impose various payment restrictions in the process of actual use, causing many problems and risks for users and customers. The digital renminbi is a digital form of fiat currency issued by the People's Bank of China.

For regular users, one of the most recommended results would be the removal of deletion issues. For traders, channel costs can also drop as a result.

Yu Jianing said that JD.com's advantage in digital RMB competition is mainly focused on B-side services and applications. He said that this B-side based service ecology is JD.com's strength in the field of digital renminbi and a new business development opportunity. . However, Alipay and WeChat Pay have gained a lot of users in mobile payments, and as MYbank and WeBank establish themselves as owners of digital RMB, he believes that B will be able to enjoy more benefits through the payment and the fixity of users. future aspect. good.

the stage is everything

On the evening of December 31, 2021, "Shenzhen New Year Happy Sale 2022" was announced. The six major banks announced their support for the digital yuan during the Lunar New Year and Lunar New Year holidays, with a total of 25 million digital RMB. distributed to the public.

Unlike the handing out of red envelopes at registration, this event was more food-focused and big companies were starting to make a difference in supplies. Advertising also shifts from boosting usernames to diet promotion to increase user retention.

According to Caijing, relationships between banks and institutions in the region have also changed slightly as the renminbi's market capitalization accelerated. In the process of cooperation, it will be strong in the process of cooperation with enterprises, and enterprises will have to modify or replace all the old point-of-sale technology, and the cost is entirely at their own risk.

For banks, the digital yuan itself will not bring direct benefits, but the main benefits for banks are deposits, loans and credit cards. However, digital renminbi application scenarios have become more widespread, which is particularly important for banks.

On the other hand, increasing digital renminbi application scenarios will make digital renminbi more and more close to traditional debit card application scenario, and more people will choose digital renminbi wallet, which will reduce the risk and cost of using a real card.

On the other hand, in the opening and payment of cards, the retrieval and management of digital RMB has become transparent, and the burden on the bank has been reduced.

Li Lihui, chairman of the China Internet Financial Association's Blockchain Research Group and former governor of China's financial institutions, said that in promoting the digital yuan, competition has more impact than law. The digital renminbi has the advantages of regulatory authority and the use of technology in offline commerce, and will be the largest and fastest payment method in the market. The RMB allows businesses to reach more consumers.

At present, the digital yuan income model of banks and businesses is not yet clear, but an agreement has been reached in which the digital yuan will lead to a change. Recent changes in payment stores and changes in the relationship between banks, banks, the Internet. platforms and users. the. will be rebuilt. Whether you are a service provider like JD.com and Meituan, traditional businesses, WeChat and Alipay, the digital yuan is both time and competition.

Yu Jianing said that for traditional banks, offline financial transactions will be affected, but in the process of mobile payment, the digital renminbi will help overcome this WeChat and Alipay access and directly to the region. Direct access to the flow at traffic level. Traditional banks need to leverage the internet to leverage the digital renminbi, open up traffic and information, and promote their own businesses and digital finance.

On January 4, the digital RMB application (pilot version) was launched to major players in the industry, based on the experience. The digital renminbi has become so popular that it doesn't need to be invited. The same users in 11 locations can download and apply for free.

According to Wu Chang-chun, director of the Central Bank's Digital Research Institute, since October 22, 2021, a personal wallet of RMB 140 million and a business wallet of RMB 10 million have been opened, product volume having increased by 150 million and packaging products. volume. of nearly 62 billion. Application scenarios cover a wide range of topics such as utilities, catering, transportation, purchasing, and government services.

As the experimentation proceeds, the number of renminbi pilot regions will gradually increase, and application scenarios will become more numerous.

For consumer products, there will be more opportunities in the future, such as WeChat, Alipay or digital renminbi.