Recently, the Digital Currency Research Institute of the People's Bank of China and Lakala Payment Co., Ltd. officially signed a strategic cooperation agreement. Both parties will combine their respective advantages to jointly promote the functional application innovation of digital renminbi in the field of retail payment. , to promote the construction of the ecological system in the pilot test of digital renminbi.
Lakala said that the company will strictly implement the guidelines of the Party Central Committee and the State Council on building new infrastructure, developing digital economy, and forming new growth drivers, and actively cooperate with the Digital Research Institute to improve the quality and efficiency of financial services to the real economy. , to promote the integrated development of digital economy and real economy.
Previously, the chief strategy officer of a leading POS machine manufacturer publicly stated that digital currency is the standard configuration of the digital world and will bring unprecedented industry opportunities. Compared with cash, digital currency can create data. Digital currency will become the digital infrastructure in the digital era. He said that the comprehensive promotion of digital currency will create a new trillion-dollar track and a hundred-billion-level industrial upgrade in the field of digital economy.
Some institutions predict that the current scale of domestic M0 is 8.3 trillion (the growth rate has dropped to less than 5 year by year). As a partial replacement of M0, it is expected that the central bank’s digital currency investment will be in the trillions, which is affected by customer habits and technology. The restrictions on conditions depend on the scale of cash transaction replacement and electronic payment replacement scale.
At the Second Bund Financial Summit, Mu Changchun, director of the Digital Currency Research Institute of the People's Bank of China, said that the exchange and circulation of digital renminbi are two different concepts. Commercial banks are responsible for exchanging digital renminbi to the public, and circulation services can be provided by third-party payment institutions and other small and medium-sized banks.
Specifically, designated commercial banks will open different types of digital RMB wallets for exchange services based on the identification strength of customer information. At the same time, these banks work with other commercial institutions to provide circulation services and are responsible for the management of the retail link, including the design and innovation of payment products, scenario expansion, market promotion, system development, business processing, operation and maintenance and other services. We are currently discussing the specific business model with all parties, because in this process we must ensure that the interests of small banks and small institutions cannot be damaged due to this kind of cooperation, so we must find the most winning business model. Or business model comes.
Regarding the relationship and difference between digital renminbi, WeChat and Alipay, Mu Changchun explained: "The two are fundamentally not on the same dimension. WeChat and Alipay are 'wallets', while digital renminbi is inside Pretending to be 'money'. Digital RMB will not affect the status of Alipay and WeChat, because Alipay and WeChat currently use RMB for payment. In fact, they are paid in commercial bank deposit currency. After the central bank's digital currency was launched, they were replaced. Digital RMB, which is the deposit currency of the central bank, although the payment tools have changed and the functions have been added, the channels and scenarios have not changed.
At present, WeChat and Alipay have become popular in retail payment scenarios. Systemically important financial infrastructure, in layman's terms, is a 'wallet', which is a 'highway'. In the era of electronic payment, the content used for payment is commercial bank deposit currency. In the era of digital renminbi, the content of the wallet has been added. The option of digital renminbi. Therefore, in the future, people using WeChat and Alipay can not only choose commercial bank deposit currencies, but also digital renminbi.” Analysts believe that the issuance of digital renminbi will be the same among three-party payments. The small real-time part has a squeezing effect, but the impact on the large payment part of the payment system is smaller. The central bank reduces the impact of digital renminbi on the business of payment institutions by encouraging institutional innovation, not presetting technical routes, and supporting third-party payment institutions to assume the role of service providers in the issuance of digital renminbi. Therefore, in the digital RMB system, the role of third-party payment operators will not disappear, but the transformation to the role of service providers needs to be accelerated.
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