How is the experience of using digital RMB on WeChat, JD.com, Meituan and Didi?

Since April 2020, the digital renminbi has been piloted by a small number of people, and the public has continued to pay attention to the digital renminbi. But there are still not many people who can actually use it. After all, it is either a pilot or a lottery. Looking at the whole country, there are still a small number of users who can live in the pilot areas and succeed in the lottery.

Even if the digital RMB (pilot version) app was launched on Android's major app stores and App Stores not long ago, most users who find it troublesome/don't know/don't want to download/not in the pilot area should account for the majority. However, new tools are launched, and it is normal to take a long time to test for a new thing that has a great impact on the digital renminbi.

​Before the digital renminbi was launched nationwide, major platforms also announced the opening of digital renminbi payments, allowing users to easily pay with digital renminbi in the original app.

Before starting this article, let's take a look at the multi-merchant merchants that currently support digital RMB:

Meituan, Ele.me, Tmall Supermarket, Didi Chuxing, Shanrong Business, Ctrip, SF Express, Bilibili, Suning.com, True Happiness, Baixin Bank, Dian e-bao, China Time-honored Brand, Bai Fumei, TeCall, Tuniu, China Eastern Airlines, Haier Zhijia, Jundao Suzhou, Suzhou Zhoudao, OPPO Wallet, Bus Manager, State Grid Online, Shenzhen Help, Kunpeng Kuaifu, Sinopec, Cinema, Kuaishou, China Telecom WingPay, Beihang Airlines, China Movie Link, Data Wallet, iQiyi, Fuxing No.1, Tencent Video, China Southern Airlines, First Passenger First Enjoy, Perfect Campus, Baidu, Shenzhen Airlines, Hema, Everyday Orchard, 58.com.cn.

Although the app shows 43 supported merchants, applications such as WeChat and Alipay that have not yet appeared in the merchants list have also supported the use of digital RMB to pay merchants to a small extent.

However, it is worth noting that some merchants only support certain regions and commodities, and some restrict the platform system of the mobile terminal.

▲ Some supporting merchants

In general, the number of merchants supporting digital RMB is still slowly increasing, and more and more merchants are supported.

Take Meituan as a case, talk about how to use digital RMB to access the app

As a platform to get through digital renminbi payment, it is only natural to use digital renminbi to order Meituan takeout.

But before paying, you first need to have a new account on the Digital RMB app. Because the digital renminbi is still in the pilot stage, users in the pilot cities of Shenzhen, Suzhou, Xiong'an, Chengdu, Shanghai, Hainan, Changsha, Xi'an, Qingdao, Dalian and outside the Winter Olympics scene (Beijing, Zhangjiakou) are still unable to register and use it. So we can still only watch others experience it.

Before using digital renminbi through the app, users first need to have a wallet, which can currently be 7 common banks and the familiar Alipay (Internet Merchant Bank) and WeChat Pay (WeBank). After you have a wallet, you can go to "Services" – "Sub-Wallets" – "View More" – "Add Sub-Wallets".

▲ The left is the digital wallet option, the right is the sub-wallet option

The relationship between sub-wallets and wallets can be a little confusing, and it takes a while to figure out. You can understand that the wallet on the digital RMB is a big tree, and the sub-wallets are the branches. The "wallet" is used to pay, transfer, and withdraw money on the digital RMB app, and the "sub-wallet" can be used to pay in other apps that support digital RMB.

So before using it, you need to push a "sub-wallet" for Meituan. If you have opened a wallet for all 9 channels on the digital RMB app, then you can also open 9 "sub-wallets" for Meituan, and choose a specific sub-wallet for payment when using it.

Among all third-party applications that support digital yuan, the guidance of Meituan is relatively complete.

On the notification page for the opening of the "sub-wallet", Meituan also provided some guidance to tell users how to pay with digital renminbi.

▲ After Meituan successfully pushes the sub-wallet, there is still a guide interface, but not all apps have it

Users can visit the digital renminbi area, select the business that needs to be paid, and finally pay with digital renminbi in the payment link. On the opening interface, you can directly click "Open Meituan", you can also directly jump to the digital RMB area, and there are many platform activities. Unfortunately, Meituan’s current activities are only available in four cities.

As long as a sub-wallet is opened on the digital renminbi app, users can use digital renminbi to pay in the corresponding app. Using digital RMB to order takeout, ride a bicycle, and buy a grocery shopping membership can all be done within 2 seconds.

Meituan officials have revealed to the media that after the digital renminbi payment channel was opened in the Meituan food delivery scene, the number of new users who added digital renminbi sub-wallets has risen sharply. Both increased by 18 times year-on-year, and the daily average daily growth of digital RMB transaction orders and transaction amount increased by about 15% year-on-year, all of which showed users' expectations for digital RMB.

▲ Meituan’s use of digital RMB payment display

However, not all Meituan services still support digital renminbi payments. Although the payment scenarios of the Meituan app have been opened up among the friends of the same kind, but in many scenarios, you can still only choose the previous payment method for payment.

If you have multiple "sub-wallets" of Meituan, select digital RMB in the payment interface and click to confirm the payment. You also need to choose which digital RMB wallet to use for payment. If the corresponding sub-wallet has insufficient balance, you also need to recharge in digital RMB. Then make the payment, or exit and re-select a supported sub-wallet.

▲ If the balance of digital RMB is insufficient, it needs to be recharged and used again

Digital RMB has a long way to go

This is also the difference between digital RMB payment and existing payment methods.

When we use bank apps, WeChat payment, and Alipay to pay, there are actually more payment channels that can be used. If one has insufficient balance, choose another with a balance, and no additional recharge is required. But digital renminbi needs to be recharged. The change in your WeChat wallet and the balance of digital renminbi are two concepts. You need to recharge before using the corresponding wallet.

For the user, this is one more step.

Take the digital wallet of WeBank (WeChat Payment) as an example. Users need to use a bank card to recharge the corresponding digital wallet, and then use the digital wallet of WeBank to pay. And this digital wallet recharge does not support WeChat change commonly used by users. For users, it is necessary to bind another bank card to this digital wallet.

▲ WeBank’s digital wallet needs to be recharged with a bank card

There may be many users who will have such a question, so why should I use a digital RMB wallet?

After all, the current bank app and payment app have already bound a lot of accounts, and payment, recharge, and transfer are all very convenient. It seems that there is still a lot of work to be done in the early stage of using digital renminbi.

A common explanation is that merchants can reject payments from Alipay and WeChat Pay, but they cannot reject digital RMB. Since this is also a fiat currency, rejection is a violation. Just like commemorative coins that are also legal tender can also be used for circulation, merchants cannot refuse to accept them – although very few people will.

In the long run, the digital renminbi has dual offline payment and controllable anonymous functions, which can play a certain role in anti-money laundering and anti-tax evasion. As a legal currency supported by national credit, its advantages are also not available in general electronic payment tools, and it may also break the payment barriers that users have been having trouble with for a long time.

From a strategic point of view, the digital renminbi allows China to cross the SWIFT system in the international settlement process; it has the technical conditions for cross-border use; it can also enhance the international competitiveness of the renminbi in the long run. These are the macro advantages of the digital renminbi.

Just from the current experience, digital RMB still has a long way to go for users to develop habits. It is good news that high-frequency app scenarios support payment, but the current experience is far from satisfying users.

The Meituan scene has not been fully opened, and many services cannot use digital RMB; JD.com only supports the purchase of JD.com's self-operated products, and does not support the e-wallet of China Merchants Bank; Didi and many apps lack guidance after setting up a sub-wallet, and jump directly to the app It will also confuse users; the WeBank digital wallet can make payments to merchants, but it still cannot transfer money or collect money in groups within WeChat…

▲ After WeBank opens a digital wallet, you can see the option of "pay with digital RMB" when receiving and paying, and only merchants can scan the QR code to receive payment

If you look at the digital renminbi from the perspective of 20 to 30 years, then it will have an impact on business and financial forms in the future when it is still in the early stage of development. But if you only look at the current experience, it is a long road, and the digital renminbi still needs to work hard.

Not too interesting, not too optimistic.

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