Recently, the China Payment and Clearing Association issued the "Bar Code Payment Service Specification" (Draft for Comment) to the payment institution, which means that the market position of the code-based payment will be officially recognized.
Through the recent series of actions of the central bank, supervision has paid more and more attention to the innovation of electronic payment instruments, and has given sufficient easing policies to the innovation of non-bank payment institutions, allowing trial and error within a certain range to accelerate innovation, from the recent This can also be reflected in the renewal of the three-party payment license. On the contrary, the stricter management of the financial institution's biological son is actually a reflection of the fact that regulators regard non-bank payment institutions as innovative experimental fields and prevent systemic risks from appearing in financial institutions.
The opinion draft clearly pointed out that the security standards that the payment institution must follow to carry out the bar code business, including the generation standard of bar code (including QR code), the transaction verification standard and the acceptance end standard, etc., also made specific from the transaction limit and merchant access. Claim. On the whole, the opinion draft is consistent with the relevant content of the “Measures for the Management of Network Payments by Non-Bank Payment Institutionsâ€, which was implemented on July 1 this year. The main purpose is to protect the safety of consumers' funds.
So what does the official mean for the first time to recognize the status of bar code payment?
From a regulatory point of view, some technical standards and specifications for bar code payment services have been clarified, which has played a positive role in the future development of bar code business. However, from the market point of view, the arrival of the opinion draft is slightly late for financial institutions.
In March 2014, the central bank paid doubts about the security of the bar code. After the Ministry of Industry and Information Technology suspended the offline bar code payment service, the bank's bar code payment temporarily died in the market. However, the subsequent tacit approval of market innovation, in the past two years, the bar code payment service provided by the non-bank payment institutions such as Alipay and WeChat paid to seize the offline payment market. Nowadays, consumers' mobile payment habits have gradually developed. When banks re-develop bar code payment services, how many opportunities are there? After the traditional financial institutions have lost their online payment, how can they get out of the bar code?
On July 15 this year, ICBC, the "big planet of the universe", announced a high-profile bar code payment product covering online and offline and O2O payment, becoming the first financial institution with barcode payment products. Banks such as Postal Savings Bank, Bank of China, Minsheng Bank, and Ping An Bank have already supported two-dimensional code transfer; China UnionPay has cooperated with some banks to enrich the payment of barcodes into “Cloud Flash Payment†products...
From the perspective of regulatory requirements, the advantage of banks is that long-term stable operations are more likely to meet the regulatory requirements for compliance and security. The bank's mature risk management system and merchant risk assessment system are non-bank payments such as Alipay and WeChat. What the organization does not have. But in two years, the pattern of the mobile payment market has completely changed. When the two oligarchs have fully divided the market, a document of compliance status, as well as the bank’s own bargaining, can be divided in the mobile payment market. It’s really unclear to get a cup. But financial institutions really have no chance at all? Not necessarily! Based on the experience, the author talks about the ideas of financial institutions to carry out mobile payment services.
First, all parties formed an alliance to open up the universal meridian of mobile payment networking
Since non-bank payment agencies have carried out various types of payment products, the payment products of the banking department have begun to stand on their own feet, and various unique skills have been created. From the earliest CITIC payment, to the current two-dimensional code payment of ICBC, what kind of fingerprint payment, iris payment, etc., basically do their own, there is no network universal (universal) model, all the way, except Shantou, these products are basically not very successful, but it has left a lot of trouble for many users: the bank's products, difficult to use!
In July this year, 12 joint-stock banks established the “Commercial Banking Network Finance Allianceâ€. Do you know if there are “five major financial alliancesâ€, “city commercial banks financial alliancesâ€, “agricultural credit union financial alliancesâ€, etc.? It’s a bit like the All-China Conference of the “Five-Year Swordsâ€.
Financial institutions seem to be a whole. In fact, there are plans. If this continues, the mobile payment market, and even the traditional offline payment market, basically has nothing to do with the banking system.
Today, with the rapid development of the Internet and various technologies, the banking departments should calm down and carefully analyze the situation. The general trend is unstoppable. They should pick up the spirit of the "Golden Card Project" to become the common spirit of UnionPay card networking, and the basic channel needed for mobile payment. And versatility is good, it is bound to have some achievements.
In terms of bar code payment, how to make bank bar code products popular in the market and being accepted by users is the biggest problem. Although banks are currently exploring the way of scanning code payment business on their own, it is gratifying that China UnionPay, which was the first to study bar code technology, has included bar code payment in the “Cloud Flash Payment†product, and the bar code generation standard. And the acceptance criteria of the merchants have been sorted out, and the relevant standards and specifications for the UnionPay card scanning code payment may be issued in the near future. At present, UnionPay has started pilot work with a number of banks such as Bank of Communications. In the future, all banks' POS machines and merchants' cash register machines can accept bar codes (including QR codes) generated by any bank APP, and even any bank's mobile phone client. It is also possible to scan each other for collection and payment, and truly achieve the universalization of banking bar code.
If the bank department can reach an agreement in this direction, then in the promotion of the scan code payment service, it can be divided into two parts. On the other hand, the barcode is directly generated in the bank APP (depending on the amount of the quota, you can control whether to log in to the APP) At present, the banking department has a large mobile banking user group. UnionPay's UnionPay wallet can also be used as a bar code user portal. The parties can quickly make the user volume through conversion; on the other hand, the online under-acquisition market, the bank The business base of the department is very good. Not only the quantity is large but also the quality is good. The equipment can be upgraded and transformed by investing a small amount of money at the merchant end. The POS and cash register will become the tools for accepting bar code payment, and the bank funds are abundant. With a large number of marketing activities, in a very short period of time, bank bar code payment will have a place, but due to the banking system and regulatory requirements, bar code alone will not completely turn over.
Second, the world’s martial arts are invincible, but they are not broken.
Is bar code payment really fast? The author in the same business (business is a cashier integrated machine), respectively, experienced the scanning code and UnionPay "cloud flash payment" + double-free (free signature and password) payment method, from the experience results, "cloud flash payment" + The double-free mode is even better. First of all, users do not need to open the APP, use UnionPay "cloud flash payment" to pay, directly take the mobile phone to the POS terminal to complete the payment; the second does not need to trade in the network environment, there are many underground supermarket network signals are weak, It is easy to affect the landing speed of apps such as Alipay. In addition to the faster speed, “Cloud Flash Pay†pays more attention to user privacy. The TOKEN card (virtual bank card) is used in the transaction, and the real UnionPay card information will not be revealed. In addition to "cloud flash payment" in addition to online card use, more important and more convenient is online payment, from the public e-commerce, Ctrip and other large e-commerce companies APPLEPAY in the payment of the first option can also be reflected.
(Note: If you are a business that does not have a dual-issue feature, it may indicate that you are not good enough, you can contact your POS installer to upgrade)
Then the question is coming, such a good thing, why is the reaction in the market generally? The reason is that there are so many points. First, the "Cloud Flash Pay" product was launched late, so far more than half a year, the number of users is too small; second, the cashier is still not clear how to brush the "cloud flash pay" thing. Third, there is no necessary scene. This may be a more critical point. The large-scale promotion of WeChat and Alipay is inseparable from the life scenes it creates, such as Didi taxi, WeChat red envelope, parking lot binding payment, hospital registration payment. Wait, the payment is only the last process, and it will come to fruition.
From the promotion of the past two years, the banking department includes UnionPay. It is only making a fuss about the payment end. There is no prelude to the predecessor. Of course, the last mile has lost too much meaning. Without the scene, there is no stickiness. There is no way to cultivate it. User habits. What about the banking department?
First put the bank's payment tool out: "Cloud Flash Payment" (including financial IC card flash payment, APPLEPAY, Huawei PAY and other PAY), double free (only high-quality merchants can be opened), UnionPay ODA products, bank cards Inter-bank withholding, bank card inter-bank payment and the upcoming unified scan code payment products (you can ask the mother), these products are compared with the bar code, the transaction speed is very fast, enough to solve the dilemma of bar code.
In daily life, not all things must be existing scenes, and there are payments, such as public transportation, subway, small fast food, supermarkets and convenience stores, etc., it is not necessary to establish a closed loop and a long prelude, the user will go Pay. In addition, when it comes to closed-loop, the various closed-loops that Internet companies do, the future is to serve their own business. In fact, there is a certain competitive relationship with the offline commercial entities (a typical example: Didi taxis have enabled taxi drivers to develop The user, in the end, eliminated the taxi driver), and the bank department launched the offline payment service, which has no harm to the traditional business. Moreover, I believe that after so many years of accumulation (banking and loan business relationship), the occupation of the above-mentioned industry merchants by banks will be relatively easy to rely on the state-owned background of the banking system than other payment institutions, and it is necessary to see if they want to make this piece. The strength of things.
On August 18th, Guangzhou Metro officially launched the UnionPay “Cloud Flash Pay†directly into the gate. On the same day, Shanghai Johnson & Johnson rental industry announced support for UnionPay cloud flash payment and UnionPay “Lianfa Pay†(CUP standard barcode product), from user experience In terms of it, it is not inferior to bar code payment. Of course, many cities' buses and subways have already accepted the acceptance of UnionPay IC cards, and will gradually transition to "cloud flash payment" in the future. These cases represent the achievements of the banking department in the field of mobile payments, and the results will be further expanded in the future.
Third, the "despicable" nirvana
In addition to alliances, mining industry resources, and speeding up the promotion of existing products, the banking department has the last resort's "despicable" nirvana.
The supervision of all industries is first and then closed, first loose and tight, and the payment industry is no exception. The financial industry in China can have such a loose regulatory policy, which is rare in the world. However, in the past two years, there have been many unforeseen risk events, which have brought many obstacles to the regulatory agencies from anti-money laundering and capital flow. The tightening of financial supervision in the future is an inevitable trend.
According to the "Non-Bank Payment Agency Network Payment Management Measures" and the latest bar code comments, all mobile Internet transactions must restore the real scene of the transaction, and the designation issued to the issuing bank cannot apply a debit instruction (WeChat and other payment agencies, When debiting a bank card, the bank sent a type of debit order to the bank, regardless of whether the front end is defamatory. The bank has been holding back this for a long time). On the other hand, since the payment institution has a large amount of deposits in various banks, when the deduction is made, the transaction fee will not be paid to the bank, which will result in a low transaction fee for the payment agency such as WeChat, but with the payment. After the implementation of the centralized depository system, the payment institution gradually lost its bargaining power with the bank, and the transaction fee issue will become a hot spot again.
Therefore, on the basis of alliance, the bank can adjust the needs according to the risk strategy, increase the access threshold of the payment institution system, adjust the transaction limit, etc., and formulate the transaction fee cost for the non-bank payment institution according to other inter-bank transaction costs. Combine two to improve the promotion advantage of their products in the market. Of course, this is a "despicable" nirvana. In addition, in the reality that the Internet giants control a large number of media, the banking system can withstand many unknown truths. The saliva of netizens is not known, but in any case, what should be done, otherwise, it can only be reduced to the final payment pipeline.
Through the recent series of actions of the central bank, supervision has paid more and more attention to the innovation of electronic payment instruments, and has given sufficient easing policies to the innovation of non-bank payment institutions, allowing trial and error within a certain range to accelerate innovation, from the recent This can also be reflected in the renewal of the three-party payment license. On the contrary, the stricter management of the financial institution's biological son is actually a reflection of the fact that regulators regard non-bank payment institutions as innovative experimental fields and prevent systemic risks from appearing in financial institutions.
The opinion draft clearly pointed out that the security standards that the payment institution must follow to carry out the bar code business, including the generation standard of bar code (including QR code), the transaction verification standard and the acceptance end standard, etc., also made specific from the transaction limit and merchant access. Claim. On the whole, the opinion draft is consistent with the relevant content of the “Measures for the Management of Network Payments by Non-Bank Payment Institutionsâ€, which was implemented on July 1 this year. The main purpose is to protect the safety of consumers' funds.
So what does the official mean for the first time to recognize the status of bar code payment?
From a regulatory point of view, some technical standards and specifications for bar code payment services have been clarified, which has played a positive role in the future development of bar code business. However, from the market point of view, the arrival of the opinion draft is slightly late for financial institutions.
In March 2014, the central bank paid doubts about the security of the bar code. After the Ministry of Industry and Information Technology suspended the offline bar code payment service, the bank's bar code payment temporarily died in the market. However, the subsequent tacit approval of market innovation, in the past two years, the bar code payment service provided by the non-bank payment institutions such as Alipay and WeChat paid to seize the offline payment market. Nowadays, consumers' mobile payment habits have gradually developed. When banks re-develop bar code payment services, how many opportunities are there? After the traditional financial institutions have lost their online payment, how can they get out of the bar code?
On July 15 this year, ICBC, the "big planet of the universe", announced a high-profile bar code payment product covering online and offline and O2O payment, becoming the first financial institution with barcode payment products. Banks such as Postal Savings Bank, Bank of China, Minsheng Bank, and Ping An Bank have already supported two-dimensional code transfer; China UnionPay has cooperated with some banks to enrich the payment of barcodes into “Cloud Flash Payment†products...
From the perspective of regulatory requirements, the advantage of banks is that long-term stable operations are more likely to meet the regulatory requirements for compliance and security. The bank's mature risk management system and merchant risk assessment system are non-bank payments such as Alipay and WeChat. What the organization does not have. But in two years, the pattern of the mobile payment market has completely changed. When the two oligarchs have fully divided the market, a document of compliance status, as well as the bank’s own bargaining, can be divided in the mobile payment market. It’s really unclear to get a cup. But financial institutions really have no chance at all? Not necessarily! Based on the experience, the author talks about the ideas of financial institutions to carry out mobile payment services.
First, all parties formed an alliance to open up the universal meridian of mobile payment networking
Since non-bank payment agencies have carried out various types of payment products, the payment products of the banking department have begun to stand on their own feet, and various unique skills have been created. From the earliest CITIC payment, to the current two-dimensional code payment of ICBC, what kind of fingerprint payment, iris payment, etc., basically do their own, there is no network universal (universal) model, all the way, except Shantou, these products are basically not very successful, but it has left a lot of trouble for many users: the bank's products, difficult to use!
In July this year, 12 joint-stock banks established the “Commercial Banking Network Finance Allianceâ€. Do you know if there are “five major financial alliancesâ€, “city commercial banks financial alliancesâ€, “agricultural credit union financial alliancesâ€, etc.? It’s a bit like the All-China Conference of the “Five-Year Swordsâ€.
Financial institutions seem to be a whole. In fact, there are plans. If this continues, the mobile payment market, and even the traditional offline payment market, basically has nothing to do with the banking system.
Today, with the rapid development of the Internet and various technologies, the banking departments should calm down and carefully analyze the situation. The general trend is unstoppable. They should pick up the spirit of the "Golden Card Project" to become the common spirit of UnionPay card networking, and the basic channel needed for mobile payment. And versatility is good, it is bound to have some achievements.
In terms of bar code payment, how to make bank bar code products popular in the market and being accepted by users is the biggest problem. Although banks are currently exploring the way of scanning code payment business on their own, it is gratifying that China UnionPay, which was the first to study bar code technology, has included bar code payment in the “Cloud Flash Payment†product, and the bar code generation standard. And the acceptance criteria of the merchants have been sorted out, and the relevant standards and specifications for the UnionPay card scanning code payment may be issued in the near future. At present, UnionPay has started pilot work with a number of banks such as Bank of Communications. In the future, all banks' POS machines and merchants' cash register machines can accept bar codes (including QR codes) generated by any bank APP, and even any bank's mobile phone client. It is also possible to scan each other for collection and payment, and truly achieve the universalization of banking bar code.
If the bank department can reach an agreement in this direction, then in the promotion of the scan code payment service, it can be divided into two parts. On the other hand, the barcode is directly generated in the bank APP (depending on the amount of the quota, you can control whether to log in to the APP) At present, the banking department has a large mobile banking user group. UnionPay's UnionPay wallet can also be used as a bar code user portal. The parties can quickly make the user volume through conversion; on the other hand, the online under-acquisition market, the bank The business base of the department is very good. Not only the quantity is large but also the quality is good. The equipment can be upgraded and transformed by investing a small amount of money at the merchant end. The POS and cash register will become the tools for accepting bar code payment, and the bank funds are abundant. With a large number of marketing activities, in a very short period of time, bank bar code payment will have a place, but due to the banking system and regulatory requirements, bar code alone will not completely turn over.
Second, the world’s martial arts are invincible, but they are not broken.
Is bar code payment really fast? The author in the same business (business is a cashier integrated machine), respectively, experienced the scanning code and UnionPay "cloud flash payment" + double-free (free signature and password) payment method, from the experience results, "cloud flash payment" + The double-free mode is even better. First of all, users do not need to open the APP, use UnionPay "cloud flash payment" to pay, directly take the mobile phone to the POS terminal to complete the payment; the second does not need to trade in the network environment, there are many underground supermarket network signals are weak, It is easy to affect the landing speed of apps such as Alipay. In addition to the faster speed, “Cloud Flash Pay†pays more attention to user privacy. The TOKEN card (virtual bank card) is used in the transaction, and the real UnionPay card information will not be revealed. In addition to "cloud flash payment" in addition to online card use, more important and more convenient is online payment, from the public e-commerce, Ctrip and other large e-commerce companies APPLEPAY in the payment of the first option can also be reflected.
(Note: If you are a business that does not have a dual-issue feature, it may indicate that you are not good enough, you can contact your POS installer to upgrade)
Then the question is coming, such a good thing, why is the reaction in the market generally? The reason is that there are so many points. First, the "Cloud Flash Pay" product was launched late, so far more than half a year, the number of users is too small; second, the cashier is still not clear how to brush the "cloud flash pay" thing. Third, there is no necessary scene. This may be a more critical point. The large-scale promotion of WeChat and Alipay is inseparable from the life scenes it creates, such as Didi taxi, WeChat red envelope, parking lot binding payment, hospital registration payment. Wait, the payment is only the last process, and it will come to fruition.
From the promotion of the past two years, the banking department includes UnionPay. It is only making a fuss about the payment end. There is no prelude to the predecessor. Of course, the last mile has lost too much meaning. Without the scene, there is no stickiness. There is no way to cultivate it. User habits. What about the banking department?
First put the bank's payment tool out: "Cloud Flash Payment" (including financial IC card flash payment, APPLEPAY, Huawei PAY and other PAY), double free (only high-quality merchants can be opened), UnionPay ODA products, bank cards Inter-bank withholding, bank card inter-bank payment and the upcoming unified scan code payment products (you can ask the mother), these products are compared with the bar code, the transaction speed is very fast, enough to solve the dilemma of bar code.
In daily life, not all things must be existing scenes, and there are payments, such as public transportation, subway, small fast food, supermarkets and convenience stores, etc., it is not necessary to establish a closed loop and a long prelude, the user will go Pay. In addition, when it comes to closed-loop, the various closed-loops that Internet companies do, the future is to serve their own business. In fact, there is a certain competitive relationship with the offline commercial entities (a typical example: Didi taxis have enabled taxi drivers to develop The user, in the end, eliminated the taxi driver), and the bank department launched the offline payment service, which has no harm to the traditional business. Moreover, I believe that after so many years of accumulation (banking and loan business relationship), the occupation of the above-mentioned industry merchants by banks will be relatively easy to rely on the state-owned background of the banking system than other payment institutions, and it is necessary to see if they want to make this piece. The strength of things.
On August 18th, Guangzhou Metro officially launched the UnionPay “Cloud Flash Pay†directly into the gate. On the same day, Shanghai Johnson & Johnson rental industry announced support for UnionPay cloud flash payment and UnionPay “Lianfa Pay†(CUP standard barcode product), from user experience In terms of it, it is not inferior to bar code payment. Of course, many cities' buses and subways have already accepted the acceptance of UnionPay IC cards, and will gradually transition to "cloud flash payment" in the future. These cases represent the achievements of the banking department in the field of mobile payments, and the results will be further expanded in the future.
Third, the "despicable" nirvana
In addition to alliances, mining industry resources, and speeding up the promotion of existing products, the banking department has the last resort's "despicable" nirvana.
The supervision of all industries is first and then closed, first loose and tight, and the payment industry is no exception. The financial industry in China can have such a loose regulatory policy, which is rare in the world. However, in the past two years, there have been many unforeseen risk events, which have brought many obstacles to the regulatory agencies from anti-money laundering and capital flow. The tightening of financial supervision in the future is an inevitable trend.
According to the "Non-Bank Payment Agency Network Payment Management Measures" and the latest bar code comments, all mobile Internet transactions must restore the real scene of the transaction, and the designation issued to the issuing bank cannot apply a debit instruction (WeChat and other payment agencies, When debiting a bank card, the bank sent a type of debit order to the bank, regardless of whether the front end is defamatory. The bank has been holding back this for a long time). On the other hand, since the payment institution has a large amount of deposits in various banks, when the deduction is made, the transaction fee will not be paid to the bank, which will result in a low transaction fee for the payment agency such as WeChat, but with the payment. After the implementation of the centralized depository system, the payment institution gradually lost its bargaining power with the bank, and the transaction fee issue will become a hot spot again.
Therefore, on the basis of alliance, the bank can adjust the needs according to the risk strategy, increase the access threshold of the payment institution system, adjust the transaction limit, etc., and formulate the transaction fee cost for the non-bank payment institution according to other inter-bank transaction costs. Combine two to improve the promotion advantage of their products in the market. Of course, this is a "despicable" nirvana. In addition, in the reality that the Internet giants control a large number of media, the banking system can withstand many unknown truths. The saliva of netizens is not known, but in any case, what should be done, otherwise, it can only be reduced to the final payment pipeline.
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