Speed up the development of digital RMB: intensive release of policies and expansion of application scope
From November 2021 to now, policies and events related to the digital RMB field have ushered in an intensive release period. The digital RMB (pilot version) app has been put on the shelves in major app stores, wechat supports digital RMB payment, and the digital RMB application under the Winter Olympics scenario has achieved full coverage of seven scenarios. Three large-scale digital RMB pilot activities have been carried out, with 403000 landing scenarios and a transaction amount of 9.6 billion yuan.
Positioning: Digital RMB has four basic meanings
Digital RMB is a legal tender in digital form issued by the people’s Bank of China. It is operated by designated operating institutions. Based on the broad account system, it supports the loose coupling function of bank accounts. It is equivalent to physical RMB and has value characteristics and legal compensation. There are four basic meanings: 1) digital RMB is the legal tender issued by the central bank, which has legal compensation; 2) Digital RMB is positioned as cash payment voucher (M0), without interest and handling charges; 3) Digital RMB adopts centralized management and two-tier operation system; 4) Digital RMB is a retail central bank digital currency.
Features: three technologies create new applications of digital RMB
Digital RMB has seven characteristics in its design. Among them, we believe that controllable anonymity, payment is settlement and programmability are the main characteristics that distinguish digital RMB from traditional paper money and other mobile payment tools.
1) controllable anonymity: it has both value and account characteristics to help the anti money laundering risk supervision. Digital RMB realizes “small amount anonymity and large amount controllability” through wallet classification. Digital RMB helps monitor anti money laundering transactions, and the central bank system provides a high-dimensional perspective to identify suspicious accounts through big data analysis.
2) payment is settlement: break the existing payment system and help merchants reduce costs and increase efficiency. At present, the bank card payment is mainly based on the four party mode. The offline card collection rate is about 0.6%, and the bar code collection service rate is about 0.38%. At present, the payment and settlement of digital RMB is exempted from handling charges, which has reduced the payment cost for merchants. In addition, “payment is settlement” ensures the real-time settlement of merchants, thus improving the capital turnover efficiency of merchants.
4) programmability: smart contract realizes conditional payment and opens up broad application prospects. Digital RMB realizes programmability by loading smart contracts that do not affect the currency function. It can carry out automatic payment transactions according to the conditions and rules agreed by both parties, so as to promote the innovation of business model. In the future, programmability can be used in many application scenarios, such as digital RMB red envelope issuance, targeted poverty alleviation, commercial factoring, third-party transaction guarantee and so on.
Prospect: the pilot demonstration is expected to deepen and the investment value is broad
At present, the application of digital RMB covers the fields of living payment, catering services, transportation, shopping consumption, government services, etc. the pilot cities cover the Yangtze River Delta, Pearl River Delta, Beijing Tianjin Hebei, central, western, northeast, northwest and other different regions. Only from the perspective of commercial bank infrastructure and system transformation, the whole digital RMB transformation is expected to drive a total investment scale of 116.5 billion, including 50.7 billion yuan in ATM transformation market, 11.4 billion yuan in smart counter market, 19.2 billion yuan in POS transformation market, 33.9 billion yuan in Hard Wallet market and 1.3 billion yuan in bank it system transformation market.
It is recommended to pay attention to the subject matter
Financial machinery enterprises: Grg Banking Equipment Co.Ltd(002152) , Newland Digital Technology Co.Ltd(000997) , Shanghai Guao Electronic Technology Co.Ltd(300551) , Xgd Inc(300130) ; Bank IT enterprises: Shenzhen Sunline Tech Co.Ltd(300348) , Yusys Technologies Co.Ltd(300674) , Client Service International Inc(300663) , Northking Information Technology Co.Ltd(002987) ; Payment institution: Lakala Payment Co.Ltd(300773) ; Campus application scenarios: Zhejiang Zhengyuan Zhihui Technology Co.Ltd(300645) , Newcapec Electronics Co.Ltd(300248) ; Security encryption enterprise: Beijing Certificate Authority Co.Ltd(300579) , Koal Software Co.Ltd(603232) , Beijing Infosec Technologies Co.Ltd(688201) .
Risk tips: the strength of digital RMB policy is less than expected, the maturity of digital RMB technology is less than expected, the construction cost of digital RMB system is more than expected, and the calculation of market scale is less than expected.
