Visual Hard Wallet: A New Payment Experience for Digital RMB, Empowering Diverse Payment Scenarios

Visual Hard Wallet: A New Payment Experience for Digital RMB, Empowering Diverse Payment ScenariosOn November 7th, a new innovative product of Digital RMB, the Visual Hard Wallet, was officially launched at the opening ceremony of the 18th Shenzhen International Financial Fair. This new type of hard wallet, jointly developed by the Shenzhen Fintech Research Institute, Bank of China, China Merchants Bank, and other operating institutions, breaks through the limitations of traditional hard wallets and realizes both "tap-to-pay" and "scan-to-pay" payment methods, providing a more convenient payment experience for overseas visitors, the elderly, and small and micro merchants

Visual Hard Wallet: A New Payment Experience for Digital RMB, Empowering Diverse Payment Scenarios

On November 7th, a new innovative product of Digital RMB, the Visual Hard Wallet, was officially launched at the opening ceremony of the 18th Shenzhen International Financial Fair. This new type of hard wallet, jointly developed by the Shenzhen Fintech Research Institute, Bank of China, China Merchants Bank, and other operating institutions, breaks through the limitations of traditional hard wallets and realizes both "tap-to-pay" and "scan-to-pay" payment methods, providing a more convenient payment experience for overseas visitors, the elderly, and small and micro merchants.

The birth of the Digital RMB Visual Hard Wallet stems from the relentless pursuit of payment convenience. The 20th National Congress of the Communist Party of China proposed to improve the convenience of living in China for overseas personnel in terms of residence, medical care, payment, and other aspects. In March this year, the General Office of the State Council issued the "Opinions on Further Optimizing Payment Services and Enhancing Payment Convenience," further highlighting the necessity of payment convenience work. As a general-purpose payment tool, Digital RMB is committed to meeting the diverse payment needs of the widest possible audience.

The advent of the Visual Hard Wallet marks a significant milestone in the development of Digital RMB hard wallets. Back in 2021, the Digital RMB hard wallet made its debut at the Beijing Winter Olympics, officially entering the public eye. Compared to traditional hard wallets, the Visual Hard Wallet adds a visual screen, allowing users to view wallet balance, transaction amount, and payment code by pressing the power button, realizing both "tap" and "scan" payment methods, significantly enhancing payment convenience.

The four innovative features of the Visual Hard Wallet make it a groundbreaking breakthrough in the field of Digital RMB payments.

1. Product Level: Adding a Visual Screen to Enable Both "Tap" and "Scan" Payment Methods.

The Visual Hard Wallet incorporates a visual screen on top of the standard hard wallet. By briefly pressing the power button, users can readily view their wallet balance, transaction amount, and payment code. This design not only benefits users but also expands the merchant acceptance range. Merchants do not need to replace their POS terminals or scanners, as long as they support Digital RMB payments, they can directly use the Visual Hard Wallet.

2. Usage Scenarios: Expanding the Scope of Acceptable Merchants to Meet Diverse Payment Needs.

The Visual Hard Wallet supports both "tap-to-pay" and "scan-to-pay" methods, allowing for payments via POS terminals, scanners, and mobile phones, expanding the range of merchants accepting hard wallets, particularly suitable for small and micro merchants, individual businesses, and taxi drivers. Moreover, the Visual Hard Wallet supports top-up using mainstream foreign cards such as Visa and Mastercard, commonly used by overseas visitors, providing them with a more convenient payment experience.

3. Privacy Protection, Convenient Application, and Enhanced User Experience.

The Visual Hard Wallet supports issuance without linking to user identity, effectively protecting the privacy of overseas visitors. Users can quickly apply for and top up at Digital RMB self-service terminals located at customs, airports, high-speed rail stations, hotels, and other places, supporting top-up with RMB cash, foreign currency cash, as well as mainstream foreign cards like Visa and Mastercard, offering convenience and speed.

4. Technological Innovation: Employing Security Chips and Transaction Switches to Enhance Fund Security.

The Visual Hard Wallet incorporates dot matrix e-ink screens, button modules, ultra-thin lithium batteries, and clock processors, featuring comprehensive functionality and excellent user experience. Furthermore, it integrates security chips and transaction switches to effectively prevent unauthorized air transactions. Additionally, the Visual Hard Wallet utilizes adaptive technology, allowing users to quickly pass through public transport scenarios without a password and to verify their identity with a password for large-scale purchases in supermarkets, ensuring user fund safety while enhancing convenience.

The launch of the Visual Hard Wallet is a significant testament to the continuous enrichment of the Digital RMB product system. In recent years, Digital RMB has continuously explored and innovated, introducing various products like scan-to-pay, online payment, transfer, power-free payment, mobile SIM card payment, etc., catering to the payment needs of different scenarios and users.

To better serve users, the Digital RMB system actively promotes the construction of an acceptance environment and continuously expands application scenarios. Currently, Digital RMB has been widely used in everyday consumption, subways, buses, and other public service scenarios. At the same time, Digital RMB is interconnected with traditional electronic payment tools such as barcodes to enhance user convenience.

While continuously innovating products, Digital RMB also actively bridges the "digital divide" and prioritizes barrier-free, age-friendly design. Recently, Digital RMB has launched component-based services, embedding basic service capabilities into the HarmonyOS, facilitating user access to Digital RMB payments.

In the future, the Visual Hard Wallet will further expand its application scenarios, providing users with a more convenient payment experience. Based on the Visual Hard Wallet, various regions can develop distinctive citizen cards, tourist cards, and other applications tailored to different groups, and these can be replicated for use nationwide, realizing the "one-card-for-all" application.

The launch of the Digital RMB Visual Hard Wallet is not only a significant upgrade for the Digital RMB payment system but also a major breakthrough in China's payment service sector. It will further promote the popularization and application of Digital RMB, contributing to the construction of a more convenient, secure, and efficient payment ecosystem.