My presentation to the “Open Banking World Congress” on the Digital Yuan app!
Article on OpenFuture.World: here
“Richard highlights four key features of the app:”
- The ability to link multiple accounts at different banks to the app.
- The use of QR code payments (already familiar in China) to pay, receive and transfer money. Tap to pay – without the need for a signal – will be added soon. ‘Subwallets’ can be used to connect other apps, along with individual limits for each subwallet.
- Top-ups can be made by pulling funds from a connected mobile banking app. Behind the scenes, this involved collaboration between the banks and the People’s Bank of China to enable the technical infrastructure.
- Four different tiers of wallet are available, from an anonymous version with relatively restricted balance and transaction limits, to the Tier 1 version requiring full KYC checks. At Tier 1, transactions are unlimited (though individual banks may set limits), allowing use cases such as corporate payments and salaries that are beyond what WeChat and Alipay can offer.