This past years has seen many changes in the crypto industry. As a result of increased in popularity and technical development, one of the things that rocked the industry was China's announcement of the government's use of cryptocurrency, which is the digital currency of the Yuan. The currency has a development foundation similar to that of Blockchain technology but is centrally regulated.
Since the launch of the digital currency yuan, China has used several payment platform to test it. In October, preliminary testing of the system was completed in Shenzhen.
Recently, another RMB digital payment system was tested in Suzhou from December 11 to December 27 as the "DC / EP" system.
Applicable for the population of the said city only.
Both online and offline stores in the said city are able to accept payments through the said system. What sets the DC / EP system apart from the previously tested payment systems is the feature of tapping the device with a sensor that supports DC / EP payments. The general payment system of the country will adopt QR Code reading as its main tool, such as Alipay or WeChat Pay, so this latest feature will increase the convenience of using RMB digital currency However, payment is limited between mobile devices such as cell phones and merchant devices that have a dedicated sensor. It does not yet support payment between users. But in both of these projects, a specific group of payments is being tested between users on the offline system, which involves payment without connecting to the internet. User updates As a result of the testing, several local media outlets have come up with news and reviews of the use.
One media outlet used the system to make payments from well-known Chinese e-commerce company JD.com as soon as the mobile phone touched the store's sensors. The application quickly takes the user to the payment page. In addition, it has also participated in a group test of payments between users. It was found that users simply touched their mobile phones to make payments instantly without having any connection to the internet.