TechFlow News — Over the past month, the People's Bank of China has launched the world's largest-scale central bank digital currency (CBDC) pilot in Shenzhen. According to a research report by CICC, in terms of payment methods, the current digital RMB testing app still relies primarily on QR codes for payments. Since QR codes cannot be loaded offline, the app also includes an NFC-based "tap-to-pay" function, which has not yet been activated. Pilot banks have provided new POS terminals to test merchants, currently used exclusively for scanning digital RMB payment codes. QR codes facilitate rapid adoption during the early stages of digital RMB rollout and are expected to become the most widely used payment method in the future. In the long term, peer-to-peer offline payments via hardware-level solutions are anticipated for digital RMB. As further testing and promotion of the digital RMB continues, system upgrades related to DCEP, deployment of financial terminals, and similar initiatives are expected to accelerate, driving a wave of demand for IT system upgrades across financial institutions. (Cailian Press)
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