In recent years, China's third-party payment market has developed rapidly, and the People's Bank of China has successively introduced third-party payment policies. Since 2011, the People's Bank of China has published a list of companies that have obtained third-party payment licenses in batches, and the legal status of third-party payment companies has also been confirmed. The rapid development of third-party payment services not only poses a huge challenge to commercial banks that are dominant in traditional payment channels, but also creates favorable opportunities for commercial banks to collaborate with third-party payment companies for business innovation. Therefore, attaching importance to the impact of the rapid development of the third-party payment industry, and taking active and effective measures to meet the challenges, occupying a favorable position in the market competition has become an urgent need for commercial banks to face.
I. Overview of third party payments
(1) The concept of third party payment
(1) The concept of third party payment
Third-party payment is a payment means and platform that has emerged and developed rapidly with the rapid development of e-commerce. It is provided by a third-party payment institution with considerable reputation and a certain economic scale. At present, the academic community does not have a very authoritative definition of third-party payment. The E-Commerce Association of China defines third-party payment as an institution that provides payment services independently of e-commerce merchants and banks, and for merchants and consumers.
(2) Classification of third party payments
From the current operating mode of third-party payment, it can be divided into two types: independent third-party payment and third-party payment with electronic trading platform and guarantee function. The independent third-party payment model, represented by the fast money and Lakara payment model, refers to the third-party payment platform skipping the direct communication with the merchants, providing services for users and solving problems in payment. Third-party payment with electronic trading platform and guarantee function, represented by Alipay and Tenpay, refers to the mode of third-party payment and mutual cooperation between commercial banks under the premise of e-commerce platform, as between the buyer and the seller. The online fund transition transfer party, when the buyer and the seller determine the commodity transaction, the buyer first transfers the funds to the third-party institutional channel on the premise of submitting the order online, and the seller completes the delivery and the buyer confirms the receipt of the necessary links, and the confirmation is completed. After the system, the third-party payment institution will transfer the funds to the seller to complete the transaction process.
(3) Third party payment characteristics
First, it has a transaction guarantee function. In online transactions, goods and funds cannot be delivered in one hand, information is not equal, and exchanges are not synchronized. Third-party payment solves this problem, ensuring the security of funds and solving the problem of integrity. In the course of life, if goods are purchased and purchased according to the prescribed operations, and the quality of goods or goods is not guaranteed, the third party can obtain effective fund protection. The security of funds can be guaranteed to a large extent. Consumer confidence. The second is quick and convenient, saving costs. The third-party payment platform relies on developed Internet technology to integrate multiple bank card payments into a large payment interface of third-party payment by cooperating with many banks, making online transactions fast and convenient, and buyers and sellers do not need to be different in different banks. In the payment method, help users reduce the cost of use. On the other hand, in terms of handling fees for services such as transfer settlement, the cost of the third-party payment platform will be lower than that of the commercial bank channel, which is very convenient. Third, the customer resources are huge and have strong stickiness. The third-party payment platform is relatively simple to operate, and the transaction process is simple and fast, which is very convenient and quick for the user to be accepted. Moreover, third-party payment is fast and inexpensive, and continuous diversified product innovation and intimate personalized service greatly enhance customer loyalty.
Second, the impact of third-party payment on commercial banks
Diversified and personalized third-party payment products as the trend products of the "Internet +" era have produced relative business for many businesses of commercial banks, such as debt business, intermediary business, customer resources of commercial banks, and even the overall business model of commercial banks. influences.
(1) The income of intermediary business of commercial banks will be affected
Intermediate business income, especially payment settlement income, has always been an important source of profit for commercial banks. Through the continuous extension of its business field, the third-party payment platform carries out the payment service with guarantee function at a lower or even free price. Compared with the bank card, the consumer is more acceptable, which makes the commercial bank's normal bank card network transaction. The business is affected to a certain extent, and a large portion of the intermediary business income derived from the network transaction based on the bank payment function is obtained by the third party payment company. At the same time, the fully licensed third-party payment institution will carry out business such as cash recharge and offline receipt by setting up POS network and collection and payment system, which will form a competitive situation with commercial banks in multiple business areas.
(2) The traditional business sales channels of commercial banks will be affected
The agency sales of traditional financial products such as funds and insurance have always been the monopolistic business of commercial banks in China, and the direct sales of fund companies and third-party markets are relatively low. At present, third-party payment institutions have begun to try to help funds and insurance companies expand their sales channels through third-party payment models, and to expand their direct sales and agency services. To a certain extent, they will impact the traditional agent sales channels of commercial banks and affect the bank's agency business income. .
(3) Potential impact on the deposit and loan business of commercial banks
Although third-party payment institutions need to open deposit accounts in commercial banks, some of the funds will be deposited in the banking system, but in the long run, the bank's deposit sources will inevitably be weakened to some extent. Taking Alipay deposits as an example, at present, the balance of daily average deposit banks is only in the order of billions, which has not yet formed a direct challenge to commercial banks. However, with the rapid development of third-party payment platforms and the expansion of business areas, the “investment†function of deposits will be diverted and competitive in the future. At the same time, third-party payment institutions, with a comprehensive grasp of the transaction behavior and credit records between the upstream and downstream of the industry chain, began to gradually try to create an online financing platform for SMEs and merchants, and will compete with the traditional credit business of commercial banks in the future. For example, the loan business launched by Taobao based on Alipay platform, including order loans and credit loans, has the rudiment of certain supply chain financing, and its business has expanded into the traditional credit field of banks.
3. How do commercial banks deal with the development of third-party payment services?
For third-party payments, the attitude of commercial banks has changed. In the early stage of the development of third-party payment, banks are willing to cooperate with them to develop the e-commerce market. After all, it can promote the promotion of bank cards and online banking services, and have a positive effect on the long-term development of banking business. However, with the rapid development of third-party payment, its free model and existing vulnerabilities and operating modes shift from payment channels to consumption channels that control customer resources, which makes banks worry about making a wedding dress for others while the market is bigger. Beginning to impose restrictions on bank card online payments. This can only alleviate the urgency of the moment, and the palliative is not a cure. Only by transforming from traditional payment methods can we gain an advantage in the new round of competition.
(1) Build a convenient online payment platform and explore the development path of retail business
The online banking business carried out by commercial banks mainly includes four areas of investment and wealth management, transfer and remittance, payment payment, and account management. In fact, most of them stay at the level of online payment. With the rapid development of e-commerce and network economy, online banking has been unable to meet the increasingly rich financial service requirements of individual customers. Third-party payment, due to the comprehensive understanding and grasp of the needs of individual customers, has extended its business scope to the traditional payment business that the banking industry has led. If banks want to make a difference in the field of online payment and win advantages in a new round of competition, they should learn from the successful experience of third-party payment institutions, understand and grasp the payment needs of individual customers, and improve the functions of online banking. To create a convenient online payment platform.
(2) Optimizing payment means and consolidating the dominant position of the "Internet +" era in the B2B and B2C market, so that people's clothing, food, housing, travel, and travel are full of the atmosphere of the Internet, and e-commerce is increasingly becoming a work and life. The necessities, people can complete a series of activities such as work, ordering, shopping, etc. online without leaving home. Commercial banks should no longer simply pay for payment, but should learn from the successful experience of third-party payment, face the objective needs of customers, and select industries suitable for payment business development, such as aviation, tourism, railway, communications, insurance, Funds, public utilities, etc., in-depth study of the characteristics of e-commerce processes in different industries, the existing standardized payment products to extend and refine the functions of both ends, to provide personalized electronic payment solutions for different industries. Only by continuously solving and perfecting the electronic payment needs of the industry, banks can more effectively develop and maintain industry customers, enhance customer stickiness, build a consolidated large customer base, and consolidate the dominant position of its payment business. In addition, banks can also use their advantages in wealth management and fund management business to promote “super online banking†as an electronic payment tool. It should be said that commercial banks have obvious advantages and potential in the B2B and B2C areas with high customer credit.
(3) Strengthen cooperation with third-party payment institutions and vigorously expand the payment business of C2C market
The C2C electronic payment market has broad prospects. However, in the C2C payment field, due to the extremely low creditworthiness of buyers and sellers, customers basically do not accept payment methods without credit guarantee, and currently commercial banks do not have a guarantee function. If banks want to make a difference in the C2C payment field, it is an economical and feasible option to work with third-party payment companies. For banks, the long-term benefits of potential customer resources in the C2C market are clearly more attractive than the transaction benefits themselves. Banks also need to use third-party payment companies to expand the C2C payment market; Downstream customers' information management and payment services can reduce the bank's operating costs and system risks to a certain extent. In terms of cooperation, first, third-party payment can use the bank brand and channel to promote innovative services to provide a personalized payment platform; second, commercial banks can act as a third-party payment company's reserve deposit bank to absorb reserve deposits. Third, the two sides can take advantage of the wide distribution channels of commercial banks and the advantages of third-party payment enterprises, jointly issue prepaid cards and joint cards, absorb reserve deposits and strengthen bank card online payment, and promote the sharing and penetration of customer resources between the two parties; Fourth, it can take advantage of the advantages of commercial banks in cross-border settlement of RMB and the advantages of third-party payment companies to expand overseas markets, and carry out cross-border settlement services such as foreign card receipt and overseas online receipt. In the charging mode, charging standard and income distribution, you can refer to the corresponding mode of the current bank card POS receipt.
(4) Improve the level of service supervision and build a strict risk prevention system
In response to the impact challenges brought by third-party payment, it is imperative for commercial banks to improve service supervision and build a strict risk prevention system. First of all, as the leading guideline for the financial economy, commercial banks must have the ideology of risk supervision and prevention and maintenance of the development order of the banking industry, and must be specific to the positive response to risks. Secondly, commercial banks should strictly control the bank accounts of customers, strengthen the construction of information databases for customer information, and improve the level of database management and supervision while allowing the personal information of customer bank accounts to participate in third-party payment transactions. Can be maintained at a lower or even no extent. Then, build a wall for the supervision of third-party payment institutions and businesses, establish a sound risk prevention management system, and join the risk management system of commercial banks' online payment business risk management system to form a complete risk management mechanism. In addition, it is necessary to strengthen the business exchanges and cooperation between different defense agencies to enhance the risk prevention and management level, so as to strengthen the customer's confidence in the safety of commercial banks, strengthen the commercial bank's impact on security risks, and contribute to the industry order of Internet finance. .
Third-party payment and traditional payment methods of commercial banks have formed certain impacts in the emerging trend of “Internet +â€. However, with the development and improvement of third-party payment development, relevant policies and regulations will continue to be improved, and commercial banks will act as The leading guidance of the financial economy will not stop. In the innovation reform, the traditional payment of commercial banks will be more broad and brighter.
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