The country's first digital RMB prepaid consumption platform is here. The education and training industry is the first choice. See what's different?

I believe you are no stranger to prepaid consumption, but have you experienced digital RMB prepaid consumption? On May 6, a reporter from Beijing Business Daily learned that the country's first digital RMB prepaid consumption platform was launched in Shenzhen Futian, and the education and training industry was the first choice for the pilot.

Image source: Beijing Business Daily

Under the guidance of the Shenzhen Central Sub-branch of the People's Bank of China and the Shenzhen Local Financial Supervision and Administration Bureau, on May 6, the Futian District Government and Shenzhen Construction Bank held the country's first digital RMB education and training institution prepaid platform release and signing ceremony. Shenzhen Construction Bank Signed a digital renminbi cooperation agreement with the first batch of cooperative education and training institutions, marking the successful landing of the project in Futian District.

This is the first digital renminbi prepaid consumption platform in the country, and it is also an important measure for Futian District to build a digital renminbi demonstration zone. Shenzhen Construction Bank stated that this project provides another reproducible and scalable "Shenzhen experience" and "Futian experience" for the integration and application of smart contract technology in the field of digital renminbi, which reflects the role of digital renminbi as a financial infrastructure in helping the development of inclusive finance. This advantage is of great strategic significance for accelerating the development of various digital renminbi pilot projects in Futian District and even Shenzhen.

This time, the digital RMB smart contract platform first chose to carry out pilot projects in the prepaid consumption scenario of education and training institutions. It is understood that prepaid consumption is a consumption model that has been widely recognized in the market and spread across various industries. However, traditional prepaid consumption has pain points such as difficulty in terminating consumption and refunding, difficulty in recovering from business closures, and difficulty in proving consumer rights. Digital RMB Smart contract technology can solve the pain points of this industry.

Specifically, for industry authorities, digital renminbi smart contract technology can empower regulatory means to achieve the goal of complete prepaid transaction information and transparent links; for consumers, digital renminbi prepaid funds are supervised by smart contracts and cannot be tampered with. It ensures the security of prepaid funds, minimizes the risk of "prepaid" and prevents the legitimate rights and interests of consumers from being infringed; for prepaid consumer institutions, the application of digital RMB smart contracts provides a better consumer experience for the public.

Taking advantage of the technical advantages of digital RMB smart contracts, the Futian District Government has joined hands with Shenzhen Construction Bank to carry out pilot projects with high-quality education and training institutions in Futian District to promote the construction of a prepaid platform for digital RMB education and training institutions. After consumers use digital renminbi to pay fees on the platform, the prepaid funds will be "frozen" in the digital renminbi wallet. According to different verification methods such as the number of classes attended, the prepaid funds can be realized through the underlying technology of digital renminbi. release". If the contract cannot be fulfilled due to institutional problems, when the consumer applies for a prepaid refund, the platform can realize a quick refund of the unwritten off amount, which is conducive to protecting the legitimate rights and interests of consumers and property safety.

Wang Pengbo, a senior analyst in the financial industry of Broadcom Consulting, told Beijing Business Daily that Futian’s digital renminbi smart contract technology has two highlights . The first is that the originally expected digital renminbi will be equipped with smart contracts in the pilot program. The real landing scenario can bring out the greater value of the digital renminbi. The second is that the prepayment of the education and training industry is inherently controversial. It is not transparent to use too much funds, and refunds are difficult to become the norm. This time the pilot is ingenious. The combination of the characteristics of digital renminbi and real demand scenarios is used.

Shenzhen Construction Bank stated that under the guidance of the Shenzhen Central Sub-branch of the People's Bank of China, Shenzhen Construction Bank, as one of the first batch of digital renminbi designated operating institutions, actively responded to the national call for digital economy construction, and used new financial concepts to promote digital currency through the "circle chain" service model. The renminbi is developing in a wider and deeper field.

According to reports , as of now, Shenzhen CCB's core indicators such as digital RMB active wallets, number of transactions, and circulation amount continue to lead local peers, accounting for more than 40% of the market. The platform will carry out the first batch of pilots in the education and training industry in Futian District, Shenzhen. After the pilots are mature, it will be fully promoted throughout the city, including education and training, beauty salons, sports and fitness and other prepaid industries.

"The most important breakthrough this time is to explore openings in specific scenarios, so that digital renminbi can truly become a rigid demand for payment in this scenario from the bottom up, which is of great significance to the promotion of digital renminbi." Wang Pengbo said.

At present, as the pilot continues to advance, the digital renminbi is penetrating and expanding into more small-amount high-frequency scenarios, and it is also constantly innovating service functions around consumers' daily lives. The data shows that as of the end of 2021, there have been more than 8.0851 million digital renminbi pilot scenarios, a total of 261 million personal wallets have been opened, and the transaction amount has reached 87.565 billion yuan.

In addition, as of the end of 2021, there are more than 50 third-party Internet platforms that support optional digital renminbi for consumer transactions , initially forming a batch of reproducible and scalable application scenarios, and gradually building a digital renminbi payment ecological network.

From the perspective of the industry, at present, the digital renminbi is advancing in a three-dimensional manner, breaking through spatial regions and expanding to a wide range of daily life scenarios. The use of digital renminbi also fully reflects its safety, efficiency, and convenience. In the future, all localities will actively integrate various consumption pain points, continuously enrich consumption usage scenarios, promote digital renminbi, and innovate and develop various digital renminbi wallets.

Text / Beijing Business Daily reporter