Can you pay for your mobile phone without Internet or electricity? Digital Yuan launches new features!
Have you ever run out of battery and been unable to make payments? Recently, the digital yuan launched a new function - "no network, no power payment", mobile phone off can still "touch" the payment terminal to complete. Let's learn more about what makes this feature special.
Recently, a newly upgraded digital RMB App has added a payment function without Internet or power, which has once again attracted people's attention. After some users enable the function in the "Payment Settings" of the digital RMB App hard wallet, they can still "touch" to complete the payment even when the phone is turned off.
Once users find that their phone power is "precarious" and the payment demand is imminent, they can open the payment function of no network and no power in the digital RMB App, and set the payment times and amount after the shutdown. The payment problem of no network and no power once troubled users will be solved.At the beginning, the feature will only be available on some Android phones, but more may be added in the future.
Needless to say, mobile payment is efficient and convenient, but it will also be restricted by the phone power, network environment. The function of no-network and no-power payment aims at these payment pain points and explores how to ensure users' normal use of digital RMB under extreme circumstances.
"In this way, the use of digital yuan is just like the use of paper money, which can be readily available." People's Bank of China Digital Currency Research Institute related person introduced, digital renminbi is a digital form of legal currency, is digital cash, to reflect the convenience of cash payment. Although no Internet or electricity is a niche scenario, it should be considered as legal tender.
In October 2022, the People's Bank of China issued a paper pointing out that various forms of hardware wallets should be launched to explore the product capability integrating software and hardware, and corresponding functions should be developed for extreme scenarios such as "no network" and "no power". After a few months of functional landing, showing the digital RMB products and services continue to innovate the development momentum.
The ability to pay without turning on the phone has also raised concerns about whether the digital yuan will be "stolen" once the phone falls into someone else's hands.
Industry experts warn that if a mobile phone is lost, users can log in to the digital RMB App through another mobile device and turn off the payment function without network or power in time to prevent the loss of funds.The use of digital RMB is similar to the use of paper currency. While enjoying convenient payment experience, it is also necessary to enhance their own security awareness.
A banker involved in the development of the function explained that in order to avoid the loss of funds in such extreme cases, users can set the number of times the function can be paid and the number of unencrypted limits. In the absence of power payment, if the transaction amount exceeds the secret-free limit, the user needs to enter the payment password on the acceptance device, and the background system verifies that the transaction can be carried out. Similarly, if the number of payments exceeds the limit without power, the transaction cannot proceed.
In Shenzhen, Suzhou, Xiongan and Chengdu, where the pilot program was first launched, the pilot program has been expanded to cover the whole province, and users in Guangdong, Jiangsu, Hebei and Sichuan can download digital RMB apps to experience it. In addition, Jinan City of Shandong Province, Nanning City and Fangchenggang City of Guangxi Zhuang Autonomous Region, Kunming City of Yunnan Province and Xishuangbanna Dai Autonomous Prefecture were added as new pilot areas.
The 2023 Work conference of the People's Bank of China recently proposed to push forward the digital RMB pilot program in an orderly way. Xuan Changneng, deputy governor of the People's Bank of China, said that with the gradual deepening of the digital yuan pilot, the application scenarios of the digital yuan are steadily expanding, the transaction amount and stock are also increasing, and relevant management and statistical systems are constantly improving. Digital RMB and physical RMB are essentially part of the currency, so it is necessary to carry out statistics, combined analysis and overall management of the two.
In this context, the latest report on 2022 financial statistics released by the People's Bank of China shows that digital RMB data has been included in currency in circulation (M0) statistics since December 2022. At the end of December 2022, the balance of digital yuan in circulation was 13.61 billion yuan.
With the orderly progress of the research and development of the digital RMB pilot, and the continuous strengthening of product and application innovation, the digital RMB will better meet people's payment needs in the future, and add luster to the convenient digital life.
