Now China UnionPay is facing more severe challenges. On the one hand, although it is leading the industry in the online QR code payment business, after the central bank banned the payment of the QR code on the grounds of security, it basically stopped the business, and the policy was released in 2016. At the time, the market has been divided by Alipay and WeChat; on the other hand, with the establishment of the network (non-bank payment institution network payment clearing platform), UnionPay's multi-year monopoly settlement market will be split into two, online payment is The newly established network association will be divided. On June 30, 2018, the third-party payment will completely stop the "direct bank mode", and all network payment services will be processed through the "network connection" platform.
Although the third-party payment is basically implemented in the direct banking mode, Alipay and Tenpay actually exercise the settlement function of UnionPay without obtaining the settlement license. Before that, UnionPay did hope to use its settlement license as the main chip. The settlement of the three-party payment is in the hands.
However, with the establishment of the network association, the imagination space of UnionPay has been further narrowed. If the business scope of the network association is “non-bank payment institution network payment and liquidationâ€, then the business of UnionPay is also defined in the “offline payment settlement of banking institutionsâ€. ".
Now UnionPay is also carrying out a new round of "self-rescue", and in the broadest possible scope, it is possible to make a successful turnaround of mobile payment.
UnionPay Alliance: pull the apple knot Jingdong by NFC
Faced with the potential and enthusiasm of mobile payment in the Chinese market, the noble Apple has finally embraced the market. Apple has always insulated the words “subsidy†and “preferentialâ€, and it has always been such a high-cold image that looks like this and is grounded. The behavior is not very good, but perhaps the Chinese market is too important. Apple Pay has adopted the most familiar subsidy method for domestic Internet users and played a “burning money†subsidy. To be frank, in the context of the inability of the payment market to form barriers through technology, subsidies are almost the only effective means of operation that latecomers can rely on. And the feedback from the results on the data seems to be good too.
Compared with the domestic mainstream QR code payment, Apple Pay has many innovations, such as payment without network and lock screen, which has strong convenience. More importantly, Apple Pay only exists as a payment channel, which is essentially different from the “payment plus settlement†model adopted by Alipay and Tenpay.
Since China UnionPay announced in February 2016 that UnionPay cloud flash payment officially supports Apple Pay service, UnionPay cloud flash payment has covered multi-consumer scenes such as merchants, convenience stores, catering and other well-known merchants and major online apps. According to the latest data, POS terminals with non-contact payment capabilities in the country account for nearly 70%, and more than 10 million active terminals support cloud flash payment.
As a card organization platform, UnionPay understands the operation law and value innovation of the Quartet model. It needs to create a more open platform and promote the NFC ecosystem to live as soon as possible. Apple Apple Pay has become a key player.
Apple Pay's subsidy, the payer behind it is actually UnionPay, Apple Pay has become one of UnionPay's best allies, Apple has traffic, users, scenarios, UnionPay's settlement function to obtain a premium without being affected.
In the just-launched Jingdong Flash Pay (payment license for Jingdong's online banking online) business, UnionPay also plays an important role.
On July 19th, Jingdong Finance announced that its new NFC payment product, “Jingdong Flash Paymentâ€, was officially launched. This model is jointly operated by UnionPay Beijing Branch (Beijing UnionPay) and Jingdong Financial Cooperation. The electronic account created by Jingdong will pass the UnionPay. The network goes from online to offline and accesses many offline merchants of UnionPay.
Jingdong Flash Payment, which is called “Electronic Account Cloud Flash Payment Mode†by Beijing UnionPay, is the principle of “Quadruple Model†by Beijing UnionPay. It is the first time to include the payment account of a third-party payment institution directly into the UnionPay Transfer Clearing Network. In this mode, all the bank cards bundled in the payment account of Jingdong Mall can be used for online and offline payment through the UnionPay network through Jingdong Flash Payment. It is still connected to consumers, acquirers, merchants, The issuing bank has four parties, so that banks and regulators can clearly see the direction of capital flow, so as to prevent payment risks and anti-money laundering.
This model is not unfamiliar in itself. In fact, Alipay and WeChat payment are typical electronic account-based payment models. They do so by binding a large number of bank cards and ultimately through the payment network of Alipay and WeChat payment. But Alipay and WeChat Pay For the cooperative banks, many banks are unwilling to cooperate with Alipay and WeChat to pay huge customer attributes and payment scenarios, in addition to increasing the card transaction fees of the cooperative banks, for their own interests. The information on the trading channel was cut off, so that the bank did not know where the funds went, and it was impossible to know where the funds came from. Cooperative banks and regulators are not aware of complete payment information, and regulation is impossible.
When the two-dimensional code market has been monopolized, both UnionPay and JD.com hope to have new breakthroughs.
UnionPay tried to introduce Jingdong users and open the passive situation of UnionPay cloud flash payment. Jingdong can also use the 10 million offline merchants of UnionPay to support NFC mobile phone to realize the overtaking of Alipay and Tenpay.
NFC's payment scenarios are valued by many parties. On the one hand, mobile phone manufacturers such as Apple, Samsung, Xiaomi and Huawei have begun to get involved in the NFC payment field. They already have a strong hardware foundation; on the other hand, NFC payment is improving the payment experience. It does not have any impact on UnionPay, but instead expands the market share of UnionPay.
Therefore, we can see that although UnionPay is also introducing QR code payment, NFC has become its most valued scene. Take Jingdong Flash Pay as an example. Although it is the first to cooperate with Apple Pay, there is a timetable for the cooperation of Samsung Pay, huawei pay and Xiaomi Pay for Android.
In this way, the thread of UnionPay's self-help is basically clear: occupying the NFC payment scenario, the alliance Jingdong, Apple Pay and hardware manufacturers, to enlarge the use of scenarios and traffic advantages.
So, can NFC payments really get new opportunities in QR code payment?
The division of power with the network is the key
There are no rumors about the many advantages of NFC payment in terms of user experience. In fact, as bus payment gradually begins to open to NFC payments, the awareness of user experience will be widely improved.
After the introduction of the network document, UnionPay has accelerated the pace of moving to the mobile terminal, and cooperated with Jingdong Finance to launch the Jingdong flash purchase. On the one hand, it naturally values ​​the advancement of NFC payment in the user experience, and on the other hand, it needs to be in the network. Before the formal operation, it will speed up the extension of its payment system and try to take the lead in the market competition with the network.
As mentioned above, the network association is defined as a non-bank payment institution network payment clearing platform. As defined by this, Jingdong Flash Payment obviously belongs to the sphere of influence of the network association, and UnionPay obviously has the suspicion of “crossing the borderâ€.
At present, the policy-making bodies have not yet clearly defined the sphere of influence of the Network and UnionPay. Although there are definitions in the front, in actual operation, it is still difficult to determine the sphere of influence. For example, UnionPay and JD.com believe that the positioning of the network and the UnionPay are online transfer and offline transfer respectively. The offline cooperation between UnionPay and JD will not cause an impact on the network.
However, Jingdong Flash Pay exists in the form of cooperation with Apple Pay in Jingdong Payment, which has already entered the online payment business.
UnionPay cooperates with Jingdong Flash Payment. We prefer that UnionPay hopes to re-divide the business scope of Network and UnionPay through the “established facts†before the official operation of the network. This is also related to the survival space of UnionPay.
However, online banking has joined the network and is one of the shareholders. The relevant personnel of the central bank's payment department said in an interview that “all third-party payment institutions must access the network, and currently do not allow access to UnionPay.â€
Under the premise of “two choices†on the top design, Jingdong Online and UnionPay cooperated with Jingdong Flash Payment to face many uncertain factors in the policy. How to maximize the space for survival with the network association is an important proposition of UnionPay.
Even if UnionPay is willing to do so, can it capture a large market share from QR code payment? We still don't dare to be too optimistic about this. The reason is that NFC payment requires relatively high equipment, and the mass base is far less than the two-dimensional code payment. When street vendors are using QR code to pay, their penetration cannot be underestimated.
From this point of view, it is difficult to realize the fundamental operation of NFC payment to completely shake the QR code payment, but it can cut a certain market in the middle and high-end consumption scenarios and gain competitiveness in the scenario of conditional NFC payment.
On July 19, Jingdong Flash paid 34,800 subscribers, leading the number of 34,000 subscribers who activated Apple Pay on the day of China Merchants Bank. The potential of UnionPay has been confirmed. However, due to its relatively low starting point, as of June this year, online banking has a market share of only 1% in third-party payment. Although UnionPay has tens of millions of B-terminal merchants, it must strive for the largest in a limited time. The right to speak is also not easy.
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