On October 13, China Mobile Union Manual Commercial Bank released the "Digital RMB Payment Product Based on Super SIM Card" and the brand name "SIM PAY" for the first time in Suzhou.

SIM PAY is a digital renminbi payment product based on a super SIM. It stores digital assets such as digital renminbi in the super SIM, and uses NFC near field communication for data transmission to complete digital renminbi transactions, realizing the integration and innovation of financial services and communication services.

Compared with ordinary SIM cards, super SIM cards have improved all-round functions and performance. China Mobile plans to provide users with more than 110 million super SIM cards in the next two years.

SIM PAY has four major advantages, which may be the future direction

According to reports, the four major advantages of SIM PAY products are:

1: Support dual offline payment, both parties of the transaction can complete the payment without network coverage;

2: Easy to use, no need to open the mobile APP, just "touch" to complete the payment;

3: The number is the account number, and the SIM PAY wallet can be quickly opened through the mobile phone number, so that mobile users can open a wallet without any threshold;

4: Payment means settlement, and funds arrive in the account in real time.

SIM PAY is different from the existing mobile payment. It can better meet the requirements of inclusive finance and can cover all users. The device models that it provides with built-in super SIM cards do not rely solely on mobile phones and other media. To provide more convenient payment services for the elderly, children and other special groups, SIM PAY can complete transactions without the network, and realize full-scene support.

In terms of security performance, Super SIM is a hardware terminal-based solution. The management of security keys follows GP specifications and supports national secret algorithms. The hard wallet solution is more secure than software. According to the People's Bank of China's digital renminbi wallet The four types of wallets can be opened through mobile phone numbers and mailboxes, greatly reducing the threshold of use and improving the availability of financial services.

As one of the first pilots of digital renminbi, Jiangsu will realize the dual offline transaction of digital renminbi based on the SIM card in November 2020, and realize the dual offline transaction of the SIM card hard wallet in February 2021. In July 2021, the SIM PAY will be successfully tested and issued 1000 open.

In addition to mobile terminals, "material payment" is also a scene that operators and financial institutions pay attention to. At the press conference, Li Sujie, deputy head of the preparatory group for the digital currency operating organization at the ICBC head office, said that this year is a critical stage before China's digital renminbi R&D has entered full production. After that, ICBC will actively carry out the integration and innovation of various new technologies such as digital renminbi and 5G with China Mobile, accelerate the application of digital renminbi in various payment scenarios, and better adapt to the payment needs of various network terminal devices.

Bank of China, China Telecom, China Unicom hold a group, and the three major operators have participated

In the digital renminbi system, banks and telecom operators are also major participants in the full implementation of the digital renminbi. Telecom operators are currently mainly cooperating with digital renminbi operators to promote the corresponding application scenarios, and the main carrier is the hardware wallet with the SIM card as the safe original. Therefore, the "dual offline" payment based on the hardware wallet will definitely be the focus of future advancement. one.

In the early stage, ICBC cooperated with China Mobile to jointly promote the implementation of digital RMB SIM card hardware wallet, while Bank of China cooperated with China Telecom and China Unicom.

The digital renminbi wallet jointly developed by China Telecom and Bank of China was officially launched in September. After that, the hard wallet function of the telecom SIM card will be gradually introduced to support offline receipt and payment.

Similarly, China Unicom cooperated with Bank of China to launch the China Unicom Wo Wallet APP digital renminbi wallet. Users can open a digital renminbi wallet in the APP, supporting multiple online and offline payment modes, and adopting standardized interfaces to facilitate the embedding of various IoT devices.

Therefore, in addition to jointly promoting the digital RMB service of the SIM card, the innovation of digital people's awesome application scenarios based on the new technologies of 5G and the Internet of Things will also be a key direction in the future.

The Bank of China Digital Currency Research Institute stated in the "Legal Digital Currency Innovation Research Open Project (2021)" released in March this year that 5G is not only the next generation of high-speed network communication technology and new industrial interconnection infrastructure, it will bring a lot of Innovative application scenarios, the payment industry still has huge room for imagination. The combination and innovation of 5G new technology scenarios and digital renminbi will generate more application scenarios.