Visible Hard Wallet: Digital Yuan Payment Upgrades for Enhanced Convenience, Security, and User-Friendliness

Visible Hard Wallet: Digital Yuan Payment Upgrades for Enhanced Convenience, Security, and User-FriendlinessOn November 7th, a new innovative product for digital yuan payment, the Visible Hard Wallet, was officially launched at the opening ceremony of the 18th Shenzhen International Financial Fair. Jointly developed by the Shenzhen Financial Technology Research Institute and multiple operating institutions including Bank of China and China Merchants Bank, this product features a visible screen on top of the traditional digital yuan hard wallet

Visible Hard Wallet: Digital Yuan Payment Upgrades for Enhanced Convenience, Security, and User-Friendliness

On November 7th, a new innovative product for digital yuan payment, the Visible Hard Wallet, was officially launched at the opening ceremony of the 18th Shenzhen International Financial Fair. Jointly developed by the Shenzhen Financial Technology Research Institute and multiple operating institutions including Bank of China and China Merchants Bank, this product features a visible screen on top of the traditional digital yuan hard wallet. It supports both "tap-to-pay" and "scan-to-pay" functions, offering more convenient payment options for overseas visitors and seniors.

The launch of the Visible Hard Wallet signifies a significant upgrade to the digital yuan payment system. Since its debut at the Beijing Winter Olympics in 2021, the digital yuan hard wallet has been dedicated to expanding its application scenarios and fulfilling the payment needs of diverse user groups. This newly introduced wallet emphasizes user-friendliness and security, further enhancing the payment experience through technological innovation.

Four Key Innovations of the Visible Hard Wallet

The Visible Hard Wallet boasts four major innovations:

• Visible Screen for "Tap-to-Pay" and "Scan-to-Pay": The wallet integrates a visible screen on top of the standard hard wallet. By pressing the power button, users can easily view their wallet balance, transaction amount, and payment QR code. This design preserves the traditional "tap-to-pay" functionality of the hard wallet while adding scan-to-pay capabilities, enhancing user convenience.

• Expanded Merchant Acceptance Range for "Tap-to-Pay" and "Scan-to-Pay": The Visible Hard Wallet supports POS terminals, barcode scanners, and mobile payment methods, encompassing virtually all merchant payment options. Whether it's "tap-to-pay" favored by overseas visitors or the commonly used "scan-to-pay" among domestic merchants, the Visible Hard Wallet can accommodate both. Merchants can directly use the wallet without needing to replace their existing equipment.

• Privacy Protection, Convenient Application, and Reliability: The Visible Hard Wallet allows issuance without linking to the user's identity, effectively safeguarding user privacy. Users can quickly apply and top up the wallet through digital yuan self-service terminals at border checkpoints, airports, high-speed rail stations, hotels, and other locations. Top-up options include RMB cash, foreign currency cash, and major international cards like VISA and Mastercard.

• Technological Innovation for Enhanced Security and User Experience: The Visible Hard Wallet incorporates hardware features like a dot matrix e-ink display, button modules, ultra-thin lithium battery, and a clock processor to ensure comprehensive functionality and a seamless user experience. It leverages a secure chip and transaction switch to prevent unauthorized transactions. Adaptive technology enables users to quickly bypass password input in public transportation scenarios, while requiring password verification for large transactions in supermarkets, ensuring both convenience and financial security.

Continuous Enrichment of Digital Yuan Product Ecosystem

Since the launch of the digital yuan research and pilot program, the product ecosystem has been continuously expanding. Alongside the Visible Hard Wallet, various other digital yuan products have emerged:

• Basic Products: The digital yuan App and soft-hard wallet system support scan-to-pay, online payment, transfers, and "tap-to-pay". They also offer offline payment and mobile SIM card payment functionalities.

• Barrier-Free and Elderly-Friendly Design: The digital yuan App supports componentized services, integrating its core service capabilities into the HarmonyOS system. HarmonyOS users can access digital yuan payment services without needing to download the App, ensuring accessibility with just a smartphone.

• Acceptance Environment Development: The digital yuan actively promotes convenient payment in daily life scenarios like subways and buses. Currently, Qingdao Metro, Suzhou Metro and bus, Hainan bus, and other services have fully implemented digital yuan hard wallet acceptance.

• Interoperability with Traditional Electronic Payment Tool Barcodes: The digital yuan adheres to the principle of "not changing user payment habits and minimizing additional costs for merchants." It promotes interoperability with traditional electronic payment tool barcodes, enhancing usability.

• Innovative Products: The digital yuan's smart contract capabilities enable automated and mandatory contract execution, facilitating targeted fund allocation and monitoring. It has been implemented in scenarios such as advance payment management, supply chain finance, and government subsidies.

The launch of the Visible Hard Wallet not only provides a more convenient payment method for overseas visitors, seniors, and other special groups, but also presents new ideas for the further development of the digital yuan payment system. In the future, the digital yuan will continue to push innovation, creating a more secure, convenient, and intelligent payment experience for users.