VIP Class Notes (Tibo)

We discussed the digital yuan and privacy

I heard some news about the digital yuan and our bank alliance  recommended the digital yuan ago and the bank alliance offered some discounts for people who use the digital yuan.

it is quicker than alipay and more convenient because in Alipay you have to create an account and link it to the bank card.

I think it is similar to the e-banks.
The apps or banks certificate people through the ID number or face ID.

Even you just use alipay the central bank also can see everything

Several years ago we have the credit system and the alipay is not in the credit system when you need to borrow money from the banks but now the information of alipay is involved in the citizens credit system so alipay is not an area which is out of the control of the government.

Another reason is the market shares of Alipay and wechatpay are too huge.
The government doesn’t want to be controlled too much by a certain compain.

it is hard for digital yuan to promote without any discount 

They offer some promotion events to recommend the digital yuan

The central banks will provide free devices for stores

Like you use your wallet you have a certain amount of money and you just use it by paying and the payment without internet of the digital yuan is similar to a real wallet.

We don’t care rather than believe, when the information on WeChat or alipay is involved in the system we already offered all the payment info.

It is impossible that all people use digital payments like alipay and WeChat because our country has a large amount of elderlies. It is hard for them to use the digital payment and we saw some news that the government requires all the markets and the public communities have to maintain the service of cash. You cannot refuse receiving cash.

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I heard some news about the digital yuan and our bank alliance  recommended the digital yuan several months ago and the bank alliance offered some discounts for people who use the digital yuan.

it is quicker than alipay and more convenient because in Alipay you have to create an account and link it to the bank card.

I think it is similar to the e-banks.
The apps or banks certify people through the ID number or face ID.

Even if you just use alipay the central bank can see everything. / The central bank already has access to the data from alipay.

Several years ago we had the credit system and alipay was not included in the credit system.
When you needed to borrow money from the banks the information from alipay was not involved in the citizens credit system so alipay was an area which was out of the control of the government.

Another reason is the market shares of Alipay and wechatpay are too huge.
The government doesn’t want to be controlled too much by a certain companies / the government wants to remain in control.

It is hard to promote the digital yuan without any discount. / it is hard to increase adoption of the digital yuan without some promotions or discounts.

The central banks will provide free devices to stores / the central bank will make the transition painless for stores.

Like when you use your wallet you have a certain amount of money and you just use it by paying and the payment without internet of the digital yuan is similar to a real wallet. / works in a similar way.

We don’t care because the information on WeChat or alipay is already involved in the system and we already have offered all the payment info.

It is impossible for all people to use digital payments like alipay and WeChat because our country has a large amount of elderlies. It is hard for them to use the digital payments and we saw some news that the government requires all the markets and the public communities to maintain cash service / to keep accepting cash.
You cannot refuse receiving cash.

Vocabulary

to certify (v)
I certified my identity with my ID card

certificate (n) : document that proves something
I had to show a certificate

certification (n) document that proves your ability
I am studying because I want to get the CFA certification

Money laundering (n) 洗钱
He went to jail for money laundering

launder money (v) :
Some people buy expensive things and then resell them to launder money

Expiration date / expiry date : date after which something cannot be used / consumed
The expiry date on the yogurt I bought was March 10 and today is March 20, I probably shouldn’t eat that yogurt.

To expire (v)
My IQIYI VIP subscription has already expired.

Transaction fee (n) : % taken on each transaction by the company
Alipay takes 0.6% transaction fee.

horizontally (adv) : from left to right or vice versa
We usually write horizontally

Vertically (adv) : from top to bottom or vice versa
I shot the picture vertically