Multi point implementation of digital RMB smart contracts

1、 Pre set conditions for automatic transfer, safeguarding the safety bottom line of prepaid funds

The so-called digital RMB smart contract is essentially a controllable digital RMB payment program triggered and automatically executed based on predetermined rules. Simply put, it is a computer program that builds a "digital contract" to automatically complete fund transfers according to pre agreed conditions without human intervention, and the entire process is traceable and tamper proof. In the scenario of prepaid consumption, this feature enables precise supervision of prepaid funds - the funds prepaid by consumers will not be directly transferred to the merchant account, but will be deposited into a digital RMB wallet loaded with smart contracts. Only when the consumer completes the consumption and meets the preset conditions, the funds will be automatically transferred to the merchant account, fundamentally avoiding the risk of merchants misappropriating funds and absconding with funds.

Compared to the passive situation of traditional prepaid models where money is paid first and then consumed, digital RMB smart contracts have transformed it into a controllable mode of "consumption once, transfer once", ensuring that prepaid funds always belong to consumers before consumption. Even if merchants have abnormal operations, consumers' unused funds can be refunded in a timely manner through smart contracts, completely solving the pain point of "easy card application and difficult refund" for consumers. Meanwhile, smart contracts also have the advantages of transparency, trustworthiness, and mandatory performance, which can reduce performance costs and default risks, as well as save merchants the cost of manual verification and cancellation, achieving a win-win situation for both consumers and merchants.

2、 Multiple flowering points, covering key areas of livelihood consumption

At present, digital RMB smart contracts have been implemented in multiple livelihood scenarios, among which Beijing tea wholesale market and fitness center are key application scenarios, effectively solving industry pain points and enhancing consumer experience.

At the Beijing Tea Wholesale Market, many merchants specialize in tea wholesale and retail, often involving prepaid services such as stored value cards, for customers to place orders in advance and verify in store. Previously, the chaos of peer payment absconding not only damaged consumer rights, but also caused many merchants to face a crisis of customer trust, resulting in the loss of intended orders. After connecting to the digital RMB smart contract, consumers' prepaid funds enter a specialized digital wallet, which is managed by the smart contract. When making purchases, funds are automatically transferred according to preset conditions, and merchants cannot withdraw them at will. This not only eliminates consumers' concerns but also helps merchants improve customer trust and stabilize their business customer base.

In the field of fitness centers, prepaid consumption is the mainstream business model, but the frequent occurrence of merchant closures and absconding with funds in the industry has deterred consumers from applying for membership cards, leading to increased customer acquisition costs and operational difficulties for merchants. The implementation of digital RMB smart contracts has effectively solved this trust problem: after consumers apply for fitness prepaid cards, the funds are supervised by smart contracts. After completing each fitness course, the corresponding funds will be automatically transferred to the gym account, which not only ensures the safety of consumers' funds, but also helps the gym dispel customers' concerns, improve customer retention rate, and save a lot of manual verification of class hours, achieving cost reduction and efficiency improvement.