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E-CNY Realizes Synchronously Online and Offline Payments Within 0.5 Second in China’s Suzhou Trial

Suzhou pilot has multiple innovation scenarios, with more than 10000 offline merchants participating

At 8 PM last Friday, more than $3 million dollars in digital yuan was airdropped to 10 thousand residents of Suzhou. The lucky ones now suddenly each had RMB 200, an equivalent of $30, in their wallets.

A total of 100000 “red packets” were given out in China’s CBDC pilot in China’s Suzhou city, twice the number in Shenzhen’s pilot. In the application scenario, more than 10000 offline merchants participated. At the same time, some citizens will also be able to experience the featured” dual-offline payment “function.

“As one of the pilot merchants of digital yuan red packets, we have been preparing for about one month, and the staff of carry out POS machine transformation and training for merchants. In fact, there is no difficulty in using it. It is more convenient and faster than before. I feel that I finished a payment in less than one second. “

Said a merchant in the pilot, they have been exploring corresponding technologies since participating in the digital yuan trial.

All six major banks in China have completed the first digital yuan transaction

Taking the digital yuan wallet of CCB (China Construction Bank) as an example, in the operation page of the wallet, there is no bank card number displayed but the wallet number. The daily limit is 100000 yuan, the single limit is 50000 yuan, and the upper limit of balance is 50000 yuan.

In addition, sub-wallet can be created following the digiatal wallet of the six major banks.  Protecting personal privacy is one of the advantages of opening a sub-wallet. For apps like other merchants, it is impossible to obtain personal sensitive information, which can ensure that users’ privacy will not be disclosed. ”

At 20:00:02 on December 11, China’s first digital yuan consumption on an e-commerce platform was born. The consumption came from a post-90s consumer in Suzhou, who placed an order in JD Mall and paid by digital yuan, which took only 0.5 seconds during the payments.

Among the first batch of digital yuan users, men account for more than women, the younger generation becomes the absolute main force, and the proportion of post-80s and post-90s generation is nearly 80%. Out of curiosity about the new payment method of digital yuan, half of users placed orders within one hour of the trial.

However, although the research on digital yuan in China is deepening, there is still a long way to go before digital RMB is widely used.

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