Core view
Digital RMB payment link. (1) soft wallet. Digital Renminbi APP: in the existing pilot projects, the digital renminbi is mostly promoted through the form of red envelopes of the digital APP, designated commercial banks: in the short term, China residents will mainly participate in the use of digital renminbi through the central bank’s digital RMB APP, the six major row digital RMB APP, the network business bank and the micro public bank APP; APP embedded program: Alipay, Meituan, wechat and other head apps have launched digital RMB modules and services. (2) Hard wallet. Digital RMB physical wallet has two types of “soft” and “hard”, in which the “soft” physical wallet needs to be interconnected with mobile phones or other intelligent terminals.
Settlement and clearing of digital RMB. (1) Settlement: the manifestation of digital currency is “encrypted string”, which is the digital form of cash. It can realize “payment is settlement”. (2) Domestic clearing: Bank bank cooperation includes three channels: direct connection mode, inter connection mode and mixed mode. The mixed mode can be reflected in the digital RMB app and give full play to the import advantages of its own channels to the greatest extent. (3) Cross border clearing: Digital RMB can complete cross-border payment and settlement operations in a few seconds through the general prototype platform, and can also reduce the operation cost by about 50%.
The reform of digital RMB to the payment industry. (1) Financial Supervision: the transaction data in the digital RMB circulation can help the central bank achieve more accurate dynamic control at the micro economic end. (2) Inclusive Finance: “loose coupling” reduces the use threshold and “double offline” improves the service coverage. (3) Impact on the existing payment industry pattern. The situation of mobile payment duopoly may change: Digital RMB may break the monopoly of mobile payment with its safe and convenient characteristics; account side: Digital RMB will bring new traffic to commercial banks. Acquirer side: Digital RMB will increase the business volume of acquirers and bring the demand for hardware upgrading.
Investment proposal and investment object
The application of digital RMB will bring new opportunities to relevant industries. Digital RMB is expected to promote the development of industry standards and standardization, which will bring new business opportunities to third-party payment acquirers and POS manufacturers. It is recommended to pay attention to Lakala Payment Co.Ltd(300773) (300773, not rated), card transfer (09923, not rated), Newland Digital Technology Co.Ltd(000997) (000997, not rated), Hyunion Holding Co.Ltd(002537) (002537, not rated).
Risk statement
The third-party payment rate decreases; The promotion of digital RMB business was slower than expected; The construction cost of digital RMB payment is too high; Changes in assumptions affect the calculation results
