Third-party payment renewal suspense supervision is expected to further strengthen

In May of this year, the first batch of 27 third-party payment institutions that obtained central bank licenses faced the “renewal” test of the expiration of licenses. It has been five years since the initial licensing. During this period, the payment industry has entered a diversified business era from a single business model, and industry insiders expect that the tightening of third-party payment licenses will become a foregone conclusion.

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The first batch of third party payment licenses expired

Since 2011, the central bank has issued a total of 270 payment licenses. As of May this year, the first batch of 27 institutions that have obtained third-party payment licenses will expire, and the regulatory authorities have received much attention from the market for the renewal of 27 payment institutions. It is noteworthy that since March last year, applications for payment of licenses have been basically suspended.

The reporter recently learned from some of the first batch of third-party payment agencies that obtained licenses. As early as the end of last year, these first batch of licensees have submitted relevant materials as required. They are still in the review period. Currently, the central bank has not announced the list of renewal institutions. .

The market generally believes that with the exposure of third-party payment institutions, the tightening of licenses will be the general trend. The key to the problem is not when the license will be renewed, but whether the original gray industrial chain of the industry can be broken. After the self-examination of the company, it can be smoothly and compliant.

Regarding whether the license can be issued on time, a third-party payer told reporters that the first batch of third-party payment agencies are relatively well-operated, and it is expected that the possibility of renewal will be relatively large, but for the second or third The approval mechanism does not rule out the possibility of revoking a license.

The reporter learned that before this, there were already three payment institutions in Shanghai, Zhejiang Yishi and Guangdong Yimin Tourism and Leisure, which were revoked by the central bank due to violations. It is expected that with the renewal work, there may be new companies unable to continue. business.

A third-party payer told the reporter: "The third-party payment company that is actually doing business is sure to get a license. At most, the content of the allowed business is slightly changed. For example, if the prepaid card is not doing well, it may be This aspect of the business is not allowed to do, but there are some third-party payment agencies that do not have the third-party payment work after obtaining the license, just apply for the license, then the possibility of such an institution renewal is very small."

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Payment agency or regulatory rating

In fact, third-party payment has been developed for many years, and after the issue is fully exposed, regulation is also tightening. In particular, with the spread of special rectification of Internet finance, third-party payment has also been included.

The classification rating is one of the most sensitive things for payment agencies at the moment. According to the relevant measures, the payment institution will be divided into 5 categories and 11 levels, and differentiated and targeted supervision will be implemented. If the D and E ratings are repeated multiple times, the payment will be suspended until the license is cancelled.

The information that the reporter has learned shows that the classification index of the payment institution includes regulatory indicators and self-discipline management indicators, including supervision of customer reserve payment, compliance and risk prevention, protection of customer rights, system security, anti-money laundering measures, 6 sustainable development capabilities. The self-discipline management indicators are formulated and reported to the central bank by the China Payment and Clearing Association.

A person from a payment agency based in Shanghai told reporters that the company is currently working on self-evaluation. Because the central bank requires each payment institution to conduct self-assessment first, then report to the central bank, and finally the central bank will rate it.

In addition, many people pointed out that supervision has clearly defined industry lock-up. With the exposure of risks, it is not excluded to reduce the possibility of industry-operated enterprises. It is expected that the industry threshold will gradually increase.

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Traditional business profit space is small

On the one hand, the supervision of heavy punches frequently, the illegal arbitrage space is very limited; on the other hand, the third-party payment market is fiercely competitive, the profit of the payment business has been very low, and the traditional single profit model is difficult to stand on.

A third-party payer based in Hangzhou told reporters that third-party payment institutions have sufficient competition, fierce competition in the industry, and their own profits are very low. Therefore, many third-party payment institutions are seeking transformation, the original single receipt, payment, etc. The business has not made any money. "For example, the implementation of new credit card rates will begin in September, and the market competition will be more sufficient, which will also intensify the industry reshuffle and the survival of the fittest," said the source.

According to Wu Qing, a financial researcher at the Development Research Center of the State Council, the third-party payment of this change is also the diversified development encouraged by the central bank. In fact, consumers can now feel that third-party payment has brought us a lot of convenience. Many people are using different payment methods. In the future, each consumer may use multiple payment methods.

influences

Seeking offline scene expansion

Ma Ying, senior analyst of Analysys think tank, told the Beijing Times reporter that the development path of Internet financial enterprises is polarized according to the different resources. One is the development direction of horizontal integrated platform, and the other is the vertical development direction. However, the scene finance of online and offline integration has become the unanimous choice of the giants. Most payment institutions with deep accumulation in some industries have entered the era of “payment +”. From the perspective of large payment institutions such as Alipay, Tenpay, and fast money, they have begun to superimpose diversified financial services into consumer scenes.

Taking the traditional payment giant Alipay as an example, the Ant Financial Service behind it is based on Alipay, injecting financial services into the offline scene, and establishing an Internet finance empire with a full-service layout including Alipay, Ant Jubao, and Sesame Credit. Based on the huge traffic platform of WeChat on the mobile side, Tencent has made great efforts in the business of payment and wealth management.

At the same time, the giants have begun to take advantage of the larger offline scene. For example, at the end of 2014, after the completion of the strategic acquisition of Wanda and Quick Money, Fast Money has also formed an integrated Internet financial service system integrating payment, wealth management, credit payment and value-added services. Nowadays, the route after the combination of fast money and Wanda is very clear. Wanda’s covered commercial plaza will reach 1,600 this year. Quick Money and Wanda are combining these integrated financial services with offline consumption scenarios to provide financial services to Among the consumption flows of 10 billion people offline.

Outlook

Standardize the market big waves

In recent years, the third-party payment market has developed rapidly. According to central bank data, in terms of third-party payment, in 2015, non-bank payment institutions accumulated 82.145 billion online payment services, amounting to 49.48 trillion yuan, up 119.51% and 100.16% respectively.

The online payment cross-bank clearing system business also grew rapidly. As of the end of 2015, a total of 161 institutions had access to the online payment interbank clearing system. In 2015, the online payment cross-bank clearing system handled a total of 2.966 billion transactions, amounting to 27.76 trillion yuan, an increase of 80.92% and 56.03% respectively. The average daily processing business was 8,192,100, with an amount of 76.675 billion yuan.

According to the user data of the credit card manager, in the fourth quarter of 2015, the number of POS credit card users of the digging credit card users decreased by 2.27%, while the number of online credit card credits per capita increased by 5.77%.

However, behind the rapid development, various types of risk events in the third-party payment market have also emerged, and problems such as spammy, false merchants, and capital clearing are common. In the eyes of the industry, effective classification and regulation of payment institutions will be the general trend. The idea of ​​classification management of payment institutions is conducive to further mobilizing the enthusiasm of the development of payment institutions. The future business space of payment institutions with high comprehensive indicators such as risk management and system security will be larger, and the development of payment institutions with irregular business and weak management will be It is even harder and even withdraws from the market. This will be a big wave of sand.

Future regulation is expected to be further strengthened

The Chuan Cai Securities Research Report believes that the regulatory authorities will further strengthen the long-term management of third-party payment institutions after they have been licensed, including strict market access for institutions, encourage mergers and acquisitions of existing institutions, and continue to develop and improve market exit mechanisms. Specific measures such as classification and grading supervision will promote healthy competition in the third-party payment market.

A person who worked in the third-party payment industry said that during the renewal of the license, the possibility of adding a license company is very low before the renewal of the license is completed. It is expected that the number of licenses and the scope of business will be strictly controlled, and it is still very difficult for the organization to increase the scope of new business.

In his view, with the strengthening of supervision, some small and medium-sized third-party payment institutions may be merged or directly eliminated. At present, third-party payment companies have tried to transform, try value-added services or provide wealth management services. In addition, in recent years, various third-party payment platforms have continued to improve online and offline payment scenarios, and some innovations may emerge.

For the highly-accepted acquiring business, it is expected that third-party payment companies will adopt “small profits but quick turnover” to rush the price or open up the industrial chain to provide value-added services.

In addition, some analysts pointed out that under the supervision and control, after the industry reshuffle, third-party payment will develop towards security compliance. Third-party payment companies can have more innovations in business models, and third-party payment is in the expansion line. At the same time as the upper and offline payment scenarios, ordinary consumers can have more convenient payment methods and payment experiences in the future.