The answer is yes. Digital RMB will occupy all the third-party payment platforms it wants to occupy, deeply change their business ecology, and make Alipay completely lose its dominant position in the retail payment market, return to banks and become passers-by.
Reason: The core competitiveness of digital RMB is to build a bill collection model with the central bank as the sole bookkeeping subject. (It's a little circuitous, which will be explained in human words later)
Before the analysis, it is necessary to simply popularize the basic knowledge of digital RMB. Because technical terms are difficult to understand, I try to express them in plain words.
The central bank defines the digital RMB as M0, that is, cash in circulation.
Simply understood, the digital RMB is completely equivalent to cash notes and coins in our hands in terms of legal status and social functions, and it is legal tender. Both are central bank liabilities, not commercial bank liabilities, so there is no deposit insurance problem and payment is guaranteed (as long as the country is there, the monetary payment ability is there). According to the law, no one can refuse to accept cash, which is illegal and can call the police.
For a simple example, a merchant can't refuse your large denomination notes because his money detector is broken. Similarly, a business can't refuse to accept your digital RMB just because it doesn't agree with digital currency, as long as it has the ability to collect money.
The circulation carrier of digital RMB is digital RMB wallet, which can be divided into corporate wallet and personal wallet.
Wallets are divided into soft wallets (similar to electronic accounts) and hard wallets (similar to ic chip accounts).
Each natural person customer can only open 1 wallet in each operating institution, and the wallet can be bound to the bank account or unbound (generally, it is not bound, and the source and destination of the wallet can only be transferred, but not exchanged). Any wallet can bind all the accounts opened by users in the digital RMB operation bank, that is, one-to-many binding across banks.
The carriers of digital RMB wallet are Internet intelligent terminals such as central bank APP and pocket bank APP.
The carrier of hard wallet is hardware with NFC and other functions to support contactless RF signals, such as IC cards, smart wearable devices and smart phone chips (refer to Huawei smart cards).
First, the digital RMB supports loosely coupled transactions.
When the bank account is paid, the transaction is confirmed to be completed after information synchronization interaction with the transaction bank, the People's Bank of China's large and small system (or UnionPay system) and other parties through the Internet. This mode is called tight coupling.
The digital RMB soft wallet also adopts a tightly coupled transaction mode. Hard wallet not only supports tight coupling, but also can directly conduct offline transactions with the other party without interconnection with the central server, that is, decentralization, which is called loose coupling. However, this loose coupling is limited and must be synchronized once the number of consecutive transactions reaches the upper limit.
Secondly, digital RMB trading funds arrive in real time.
Traditional account transaction: you must wait for the billing bank and the merchant's bank to settle accounts regularly, which will generally arrive at T+ 1 (the next day).
Digital RMB transaction: the account is received in real time after the transaction is successful, and there is no clearing link (the reasons are explained below).
Third, the bookkeeping subject of digital RMB wallet transactions is the central bank. (This article is the focus of this article. )
The bookkeeping entity of a bank account is the deposit bank.
The bookkeeping subject of accounts of third-party payment platforms such as Alipay and WeChat is the platform itself.
The bookkeeping subject of digital RMB wallet is all the central bank (the wallet itself when it is loosely coupled).
So, what does it mean for the third-party payment platform to lose the transaction bookkeeping right? Here, Alipay payment is taken as a case to illustrate.
Then, Yang Ma gave birth to a little son, called Netlink, which is similar to UnionPay. He is responsible for the transactions of third-party payment platforms and the settlement of funds (this is self-literacy), which solves the problem of streaking of platform transaction data. Then, Yang Ma and Alipay lived in peace. But Yang Ma is still worried that with so many payment platforms in the country, who knows who will steal private work!
Then, the digital RMB was born, and the counterparties of wallets were wallets. Mother pays money with her left hand and receives money with her right hand, so there is no need for liquidation when doing business at home. After the digital RMB is connected to the payment platform, the data will be mastered, and the mother will sit back and relax.
However, for Alipay, this is a revolution. As we all know, the money in Alipay's account was originally deposited funds, and Alipay built a product ecology around deposited funds, as well as loans and wealth management ... booming. Now that Yang Ma has done this, all the funds are in the wallet issued by Yang Ma, and the bookkeeping is also in Yang Ma's side. Alipay has no capital deposits and cannot receive "tolls". Products and ecology will naturally be finished, leaving only a transaction interface that provides wallet access. I'm afraid I have to drink northwest wind.
So, can Alipay reject digital RMB? Of course not. I will explain later.
Digital RMB is cash in circulation, that is, an interest-free asset, which means that the digital RMB stored in the wallet does not generate interest. Therefore, it only applies to the circulation field, and generally does not apply to traditional businesses such as credit and wealth management. In other words, the market positioning of digital RMB is the retail consumption market, which is precisely the financial map that the four major banks (four subsidiaries) lost 10 and were occupied by Alipay 10. (Yang Ma went into the water herself and took it out on the child. )
Having said that, you should be able to understand what the market goal of digital RMB is. Of course, this is just one of the small goals! The real goal of digital RMB is the sea of stars (going abroad to overthrow imperialism), which has nothing to do with the topic, so I won't say much here.
Since the goal of digital RMB is clear, can Alipay resist it? Of course not.
First, the digital RMB is legal tender. As a company with strong scientific and technological capabilities, Alipay has no reason and never dared to illegally reject digital RMB.
Second, the digital RMB has broken the barriers of the traditional payment platform and will be accepted and promoted by consumers. Imagine that you can travel all over the world in one yard. Why do consumers have to engage in so many apps and virtual accounts and engage in so many layers of authorized payment? Aren't you tired?
Therefore, Alipay people have no choice but to accept it gladly. Rejecting digital RMB is to isolate yourself and destroy yourself.
Explain the "payment barrier". For example, can Taobao use WeChat to pay for things? Can I use Yu 'ebao to pay for WeChat red envelopes and scan codes? Of course not, because they are competitive. Both Alipay and WeChat can deduct money from the bank card, because you authorized Alipay and WeChat to pay through the bank when you tied the card. There are so many banks that it is easy to be broken down one by one.
When using digital RMB QR code to pay, even if Alipay recognizes that your QR code is output by WeChat next door, you dare not refuse, because it comes from Yang Ma! On the contrary, WeChat does not dare!
As an ordinary consumer, you only need to know that consumers can call up the QR code through any APP connected to the digital RMB wallet and pay the digital RMB directly to the merchant, regardless of whether the merchant's acquiring institution has established cooperation with the APP operating institution (including the self-operated platform of commercial banks).
Talking about people, it means that the cashier of the business posts the QR code of collection everywhere, and it will only be 1 piece in the future; No merchant will tell you that his scanning gun is picky about food. Any digital RMB wallet transferred by APP can directly pay the QR code as long as the money is enough.
Third-party payment platforms represented by Alipay and WeChat will eventually lose their dominant position in the retail payment market, and their feathers that should not belong to them will be plucked. It is just a platform and must return to its place.
At present, digital RMB is still in the pilot application stage, and the number of pilot cities has expanded from the initial four to more than a dozen, and the pilot application scenarios are also very rich. It is suggested that friends in pilot cities can actively participate in local activities, and the activity subsidies are very powerful.
If you still don't understand anything, you can ask questions in the comments and answer any questions!
There is still a long way to go. I personally received a short message from ICBC and opened a digital wallet. The bank sends 20 yuan experience coins to designated stores for use. As a result, I went to five designated stores in Changsha, and none of them worked. I went to the bank branch for consultation, but I don't know the result. It's been ten days since it was delivered, and I haven't spent a penny. Do you think it can replace WeChat Alipay?
No, it's totally different. Digital RMB is the currency in circulation, and Alipay and WeChat payment are trading tools, similar to money and bank cards.
Digital currency will be launched as soon as possible to complete the national upgrade. At the critical moment of the national game, whoever has more advanced social management can survive in the predicament. If the country completes the task of national upgrading within five years, China will enter the intermediate stage of socialism. Intelligent social management will be carried out efficiently. This will be a great progress in changing the management mode that ordinary people in various countries can't reach for thousands of years. Its advantages are unimaginable.
Digital RMB is the currency of the central bank, and Alipay and WeChat are only platforms for private companies authorized by the central bank to pay! Take it back. Nothing to say! But because they have been used by people for a long time, convenience has become a habit! It is not advisable to take it back at once, but wait until it is mature! I think it needs a process! After a long time, people will think that the wallet number on Alipay WeChat is digital RMB, which seems to be deeply rooted in people's hearts! So we should strengthen publicity and let people know!
* * * Isn't it better to save ... to make payment and collection convenient for the people ... In short, which one is convenient ... Just like buying food online, ordinary consumers don't have much energy and time to ponder, so they choose who is cheap and who is affordable ...
I don't think it will be in a short time, because Alipay WeChat is used to it, and it depends on how wide this digital RMB usage scenario is. This is inconvenient for the payer. Generally speaking, I still support it. After all, is it more convenient to have one more choice?
The currency of the future society will be a completely decentralized blockchain currency controlled by non-state power. The internal knowledge of a country will inevitably give way to the knowledge of the global public.
Let's talk about the answer first: Digital RMB will squeeze the market share of third-party payment platforms such as Alipay and WeChat to a certain extent, but it is unrealistic to completely replace them.
At the end of 20 19, digital RMB was first tried in Shenzhen, Suzhou and xiong'an new area. In June 2020, six provinces and cities including Shanghai, Hainan, Qingdao and Dalian also joined the test.
In order to understand the differences between digital RMB and third-party digital platforms such as Alipay and WeChat, we try our best to introduce the differences in plain language:
First of all, digital RMB is issued by the central bank, which is essentially a form of paper money and coins, somewhat similar to the difference between e-mail and written letters. It is legal tender, currency in circulation, M0, and of course "legal compensation", that is, merchants can refuse Alipay and WeChat, but they have absolutely no right and excuse to refuse digital currency. digital currency is similar to paper money and coins, which is stipulated by the banking law.
However, Alipay is different from WeChat. To put it bluntly, Alipay and WeChat are somewhat similar to online banking when paying, which is equivalent to "online wallet", but they are more convenient than traditional online banking and have wider application scenarios. But in any case, WeChat and Alipay are both payment channels, and there is no right to issue money, which is somewhat similar to "we don't produce water, but we are just porters of nature". Everything is based on the circulation of money. If the central bank does not issue non-circulating currency, then Alipay and WeChat have no meaning of payment function.
After the central bank issues banknotes and coins, we can put them in our wallets, convert them into passbooks, certificates of deposit or bank cards, and deposit them in mobile banking and online banking. In other words, wallets, certificates of deposit, passbooks, bank cards and online banking are all carriers of "tangible" money.
Digital RMB is a "digital" currency and an "intangible" currency. What is its carrier? This is a digital RMB electronic wallet.
There must be a place to store digital RMB, right? E-wallet as a carrier. Some time ago, the four major banks of agriculture, industry and commerce all launched their own electronic wallets and conducted internal testing. In the future, each bank may set up an APP to store digital currency, or banks may jointly develop an APP, and everyone will put digital currency in the e-wallet of the same APP.
Whether you develop an APP independently or jointly, you can download and enter information such as name, ID number and mobile phone number to register, which is equivalent to having an electronic wallet.
E-wallet will have two accounts, one is an ordinary account, similar to "wallet", and "change" can be put into consumption expenditure at any time; The other is an account derived from bank deposits, in which large sums of money can be placed to generate interest, similar to a time deposit account. These two accounts are interoperable and can be converted at any time. The money in the general account can be transferred to the time deposit in the derivative account, and the money in the derivative account can also be mentioned in the general account at any time.
To put it bluntly, the money in ordinary accounts is equivalent to the cash in our pockets, and derivative accounts are equivalent to time deposits and demand deposits, which also bear interest.
Why does digital RMB squeeze the market share of Alipay and WeChat? Alipay payment began in 2004, and WeChat payment began in 20 14. Both of them have greatly changed the payment habits of Chinese people. More and more people go out without wallets and cash. With a mobile phone and a software, you can spend, spend and transfer money anytime and anywhere.
In the field of mobile payment, Alipay and WeChat occupy more than 90% of the market share and are in an absolute leading position. However, with the introduction and application of digital RMB, their market share is likely to be squeezed in the future. The reason for this is the following：
First, digital RMB is legally compensated, and no enterprise or individual may refuse to accept it:
Third-party payment forms such as WeChat and Alipay are not legally compensated, and merchants can refuse these two payment methods as long as they are willing.
Digital RMB is as legal as paper money and coins, and no one can refuse it, which makes the payment scene of digital RMB broader.
Second, digital RMB can also achieve the greatest convenience in consumption, expenditure and transfer:
Nowadays, more and more people don't want to pay in cash, and they don't want to bring their wallets. Because it is inconvenient to carry, it is extremely inconvenient to pay in cash. However, Alipay and WeChat have eliminated this inconvenience, so the scenarios of Alipay and WeChat payment are getting wider and wider, and their market share is getting bigger and bigger, which is generally recognized and accepted by everyone.
Digital RMB can also be as convenient as possible. For example, the functions of WeChat and Alipay, such as QR code payment, code scanning payment, face brushing payment and fingerprint payment, will also be available in the future, and these functions will be reflected in e-wallets.
Third, digital RMB has functions that WeChat and Alipay can't achieve: no online payment;
At present, no matter what kind of third-party payment platform, payment must be based on online payment, that is, the mobile phone must be connected to WiFi or use traffic to pay, and once it is disconnected, it cannot be paid.
However, the digital RMB has overcome this limitation. In the network-free mode, as long as the mobile phone has power, two mobile phones can "touch" the digital RMB in A's digital wallet into B's digital wallet, which is very convenient.
Therefore, for three reasons, the digital RMB based on e-wallet has the legal compensation and no online payment function that WeChat Alipay does not have, and the application scenario has been further improved; The convenience of WeChat and Alipay is also available in digital RMB. Therefore, in the future, digital RMB will definitely squeeze the market share of WeChat and Alipay.
However, Lao Liu doesn't think that digital RMB will completely replace WeChat and Alipay. After all, they have experienced nearly 10 years or even more than ten years of development, and have won the favor of many users. The habit of paying has been developed and the recognition has come up. It is unrealistic to abandon them completely.
Although the electronic wallet payment scenario of digital RMB is wider and more convenient, it is a new thing after all, and the market needs a gradual and slow acceptance process and will not completely replace it.
In the future, digital RMB is likely to coexist with third-party mobile payment platforms such as Alipay and WeChat.
As for who has a larger market share, the key is to see who can better meet the payment habits of users and who can be safer and more secure.
Whether the impact is big or not makes no difference to users, but it is actually neither too big nor too small. After accessing the digital RMB, the amount flow of WeChat Alipay becomes a currency flow instead of an internal data flow. The state can directly monitor the flow of funds, and basically does not need WeChat Alipay to provide data support.