![]() Unlike WeChat and Alipay, DC/EP is the future legal tender of the country, so its settlement body is the People's Bank of China (PBOC). ![]() This is also a very important difference between WeChat and Alipay at the moment. It's just that it's all done automatically and usually unbeknownst to us.īut PBOC's DC/EP is different in that it doesn't require a bank account, just sign up for a digital wallet of your own. Behind every payment you make is actually WeChat and Alipay deducting money from your card in real-time and then executing related transactions. That is, when the communication between the two parties is not good, the first software "bookkeeping", when the normal implementation of security verification, then send to the server for comparison and debit.īefore making a transaction through WeChat or Alipay, you should first tie up one of your own bank accounts. What DC/EP calls "dual offline payment" is a bit like the previous credit card press order. In other words, even if both the payer and the payee are offline, the transaction can be completed. This is not the case with PBOCDC/EP, which supports two-way offline payments and transactions (this is different from bank cards or mobile payments, which are more of a cash feature!. If you don't have the internet on your phone, there's no way to trade. WeChat, Alipay have one big drawback and that is complete dependence on the internet. From another point of view, DC/EP and RMB cash are interchangeable, they are simply different in their presentation. PBOCDC/EP, however, is different in that its credit is backed by the state, which is backed by the equivalent legal solvency of RMB, which no one can refuse to accept. The shopkeeper doesn't believe it, and there's nothing you can do about it. This is due to the fact that these two are, after all, just ordinary commercial companies. No matter how widely WeChat and Alipay are used in real society, there will still be cases where the shopkeeper won't accept it. So what is the difference between DC/EP and WeChat and Alipay? How is it different from WeChat and Alipay?Ĭompared to PBOCDC/EP, Alipay and WeChat came out much earlier, and people understand it much better. Due to the unique legal solvency of the digital yuan, there is no difference between using a digital yuan and pulling a bill or coin out of your pocket. For the general public, we just need to know that its experience is probably about the same as the daily use of WeChat and Alipay. The concept of digital yuan is very broad, and it uses the most advanced regional chain technology available. "Digital RMB" is a legal tender issued by the People's Bank of China, the full name is "Digital Currency Electronic Payment", the corresponding abbreviation is DC/EP, where DC is the abbreviation of Digital Currency and EP is the abbreviation of Electronic Payment. So what is different about PBOC's digital currency offering? What exactly is a DC/EP? The WeChat, Alipay, and even bank credit cards that we use every day can be described as a digital currency in the broad sense. This is a completely different image from our current RMB, but with many familiar elements added, such as "payment by scanning code", "remittance", "payment collection", etc.Īnd it is, precisely, the legendary PBOC digital currency DC/EP.įor most people, the concept of digital currency is not hard to understand. Recently there was a screenshot of a phone with not much clarity that began to circulate hotly online.
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