Students attending Hainan Lu Xun Middle School in the Chinese city of Sanya are the first in the country to test a yuan-denominated digital wallet device that allows them to make payments to designated merchants on the school’s campus and outside using the China Central Bank Digital Currency (CBDC) as well as verifying their identity using NFC.
Although called a “student smart card”, the palm-sized device – known as the Super SIM Hard Wallet – resembles a functional smartphone and also allows students to pass and receive calls from selected numbers including those of trusted family members and emergency service providers.
Parents can transfer digital yuan to their child’s device from their digital yuan wallet app, as well as set transaction limits, monitor spending, and track their child’s location via the device’s GPS feature. device.
The Super SIM hard wallet was developed by the Industrial and Commercial Bank of China in partnership with mobile network operators, including China Mobile, due to Chinese regulations prohibiting the use of conventional smartphones by students on school premises. primary and secondary.
“After the implementation of the digital renminbi smart student card project, building a new digital campus system, the weak points of the school’s complex management platform and the disadvantages of home-school interaction have been resolved,” reports the Sina news agency.
“The school can realize the closed loop of the capital chain and reduce the risk of cash collection and payment.
“Parents and school can view the location of students through the platform, query the trajectory and early warning records, effectively ensure student safety and reassure parents.
“Students can use the digital RMB smart student ID card to realize the one-card application on campus.
“The school can select high-quality merchants on and off campus to provide students with safe and reliable consumption scenarios by charging digital smart contracts in RMB.
“Parents can not only learn more about their children’s consumption through the digital RMB smart student ID card at any time, but also transfer their children’s living expenses conveniently and quickly to create a win-win situation for school, parents and students. »
The People’s Bank of China began testing digital yuan hard wallets in January 2021, and a number of other Chinese banks have also released “hardware prototypes” that support digital currency.
Next: Get your free registration to Contactless World Congress, a new kind of event for a new kind of world.