Recently, in response to market rumors that the central bank suspended Alipay QR code payment and virtual credit card, Zhou Jin, deputy director of the People's Bank of China Payment and Settlement Department, said that the central bank's move is intended to regulate the development of related businesses and protect consumer rights, not for a certain family. enterprise. Experts believe that the biggest benefit of this move is UnionPay, and there may be some interest disputes.
The risk is not the reason for the stop. Internet independent senior commentator Hong Bo believes that the high risk of virtual credit card business is not the reason for stopping. In recent years, most of the areas of Internet finance development have been the original edge, or even non-existent areas. For example, online payment and financial management have all emerged due to the development of Internet companies. In the traditional field, Internet finance's wealth management products are all cooperating with legal fund companies, and the credit card products that have been suspended are also cooperating with CITIC. This kind of cooperation is an important means for small banks to achieve development.
The central bank said that canceling online payments is intended to protect consumers' interests and prevent risks. In fact, even the credit cards of traditional banks are very risky. Although the issuance of traditional credit cards is very complicated, it does not completely prevent the risk. The new technical means of virtual credit card does not have the threshold for applying for a credit card, and it is more convenient. As long as the application is made online without submitting a credit report, it is more convenient for more users who do not have the card. Traditional banks do not serve these users, but flexible Internet finance companies will accept them.
UnionPay has become the target of public criticism
Hong Bo pointed out that the central bank’s suspension of these businesses may be related to the pressure on UnionPay. In the traditional offline acquiring business model, the issuing bank and the acquiring bank (mainly banks, UnionPay business and third-party payment companies) and UnionPay are divided according to 7:2:1, and UnionPay can charge 20% of the benefits; In the online order collection mode, the card processing fee is only issued by the issuing bank and the acquiring bank (mainly third-party payment companies), and UnionPay is completely overhead. The payment method such as two-dimensional code essentially uses the online method to do the offline acquiring business, and the interest of UnionPay is greatly damaged, so this result is caused.
Calling the virtual credit card business, where the interest relationship is complicated. Some insiders said that the reason why CITIC Bank's payment, WeChat credit card, Alipay face-to-face payment and other payment methods were not approved by the central bank, it did not take the UnionPay channel. The source said that the payment methods such as WeChat credit card, Alipay face-to-face payment, and two-dimensional code payment did not go through the UnionPay channel, which was equivalent to disrupting the original UnionPay payment system and was not convenient for supervision.
Government attitude is contradictory
During the two sessions, Zhou Xiaochuan, the head of the central bank, said that he supported the development of Internet finance. However, in some regulations on Internet finance, he proposed that “payment institutions should not provide online payment services for transactions between payers and entity-specific merchants†and “ Suspension of virtual credit card related business and other terms, which will actually hit Internet finance business.
Hong Bo believes that on the one hand, the government is open to online finance, while on the other hand it publishes such policies. This seems to be contradictory. But back to the notice issued by the central bank, this should be the pressure on UnionPay to put pressure on the central bank and issue it in the name of the central bank. It is a game of interest. However, openness is the general trend, and technical supervision is also the trend of the times. At this time, the suppression cannot hinder the development of Internet finance. He also said that the central bank is a financial regulator and requires safety and security to understand. Given the high risk of virtual credit cards, it is reasonable to introduce such policies. However, the traditional credit card risk also exists, and it cannot be abandoned and loses the opportunity to explore new ways.
Some commentators said that in the history of the central bank and UnionPay have repeatedly supervised third-party payments, but third-party payment companies are still thriving. To this end, in the context of encouraging the development of Internet finance, after supplementing materials and making corrections, QR code payment and virtual credit cards are still recovering.
QR code security is controversial
In addition, Wang Weidong, a senior analyst at iResearch, said that the current QR code is not clearly defined at the policy level and does lack industry safety standards. He believes that mobile payment experienced rapid growth in 2013, and the payment method of QR code has matured to today, but the market is still in its infancy under the O2O line. The central bank stops at this node, which may be the regulatory body. Need to be documented or identified at the technical level to determine the security of the QR code payment method.
At present, two-dimensional code payment has become one of the main methods of mobile payment, which has greatly impacted the NFC (close-range wireless communication protocol) payment promoted by China UnionPay. The latter is slow to develop because it is not popularized by mobile terminals.
"The central bank's suspension will have an impact on the two companies. However, from the development momentum of the industry, the time to stop will not be too long." Wang Weidong believes.
The central bank confirmed the suspension of payment products
The person in charge of the relevant departments of the People's Bank of China said on the 14th that the central bank has issued a notice to suspend payment services and products such as QR code (bar code) payment and virtual credit card. The central bank said that the safety of related payment products needs to be improved.
Zhou Jin, director of the central bank's payment and settlement department, said that in order to effectively protect the legitimate rights and interests of consumers, promote the healthy development of the payment service market, promote fair competition in the market, protect the public's confidence in non-cash payment instruments, and maintain the stability of the payment system, the central bank is based on “the central bank’s The principle of “encouraging innovation and standardizing services†requires the relevant payment service institutions to suspend the promotion of the QR code (barcode) payment business, the virtual credit card products jointly launched by the relevant payment institutions and the banks, and properly handle customer service. At the same time, the People's Bank of China will organize a comprehensive assessment of the safety and compliance of related businesses, further improve the relevant systems, and ensure that relevant payment products are launched in an orderly manner on the basis of risk controllable.
Zhou Jin said that in recent years, with the rapid development of e-commerce and Internet finance, the innovation of payment services has accelerated, which has played a positive role in satisfying consumers' diversified, personalized payment needs and improving payment efficiency. However, payment products such as two-dimensional code (barcode) payment and virtual credit card introduced by some payment service agencies have potential risks in terms of customer real-name system audit, payment order confirmation, payment security, true and complete transaction information, and consumer rights protection. There is a certain conflict with the current payment business rules.
Virtual payment suddenly changes
The central bank issued an urgent letter on the evening of the 13th, banned the use of Alibaba Group Alipay, Tencent Tenpay's virtual credit card products, and offline barcode (two-dimensional code) payment methods. Tencent and Alipay have recently announced that they have launched online credit cards with CITIC Bank. In addition to online payment, both companies have plans to expand offline.
CITIC suspends trading
In the A-share market, the banking stocks generally rebounded sharply on the 14th. Among them, CITIC Bank fell in early trading and announced the suspension of trading in the afternoon. As of the suspension of trading, CITIC Bank's share price was 4.90 yuan, down 8.07%. According to the report of China Securities Network, CITIC Bank has continuously increased its share price since its promotion into the virtual credit card. The biggest increase in the stock price in the past month is close to 50%.
Alipay Tencent: In communication
At 7 o'clock on the evening of the 14th, the certification information was "Alibaba's public relations director Chen Liang" Sina Weibo plus V user "Alipay Chen Liang" on the barcode (two-dimensional code) payment business and the progress of CITIC network credit card issue, said that The central bank has reported and communicated, and will submit relevant materials according to the requirements of the central bank. Any progress will be notified at any time. Tencent replied in the evening that we have received the central bank's opinion documents on the relevant payment business and are actively communicating. We will cooperate with the central bank to submit materials for reporting. Affected by this news, Tencent Holdings (00700.HK) closed down 4.08% yesterday.
Central Bank: Cheese PK Specification
The mainland media quoted central bankers yesterday as saying that the so-called "moving UnionPay cheese" comment is one-sided and not the central bank's concern. This matter is essentially a matter of defining and reporting the process between the third party payment and the central bank of the regulator, and is a contradiction between the innovation and the rule process. "There will be a specification next, and then let go." The central bank said. Central bankers believe that some IT-paying payment companies tend to focus on efficiency and market share in financial services, ignoring the security of rules and payment environments. "Innovation doesn't mean ignoring the rules, not how anyone wants to do it," he stressed. He also pointed out that new Internet finance products are now being launched rapidly, for example, the recent micro-POS, "but POS machines have national security technology standards, and have not been certified by any certification department for their security and customer information, customer rights. The protection has been thrown into the market at once, who will protect the rights and interests of the customers? The central bank can only find and standardize as much as possible, and gradually cultivate these Internet companies to be financially aware." It is understood that the central bank is paying The draft Measures for the Management of Institutional Network Payment Services and the Guidelines for the Development of Mobile Payment Services were submitted for the third time. The feedback was closed on March 13.
HKMA: Beware of e-finance risks
The Hong Kong Monetary Authority's Vice President, Mr Pang Wing-kwai, admitted to an electronic payment forum yesterday that the Mainland and the Asia Pacific region have rapidly become a huge e-commerce market, making e-commerce more important to Hong Kong's economic development. Financial institutions and companies need to upgrade their industries and further electronically differentiate their business to capture the business opportunities brought by global online e-commerce and mobile payments. However, he also stressed that the market should be careful about risks.
Regulatory extension to retail payment system
Moody's report pointed out that between 2008 and 2012, as more consumers paid electronically, the global economy gained about $1 trillion in additional growth, equivalent to manufacturing 1.9 million jobs. It can be said that the Internet economy and Internet finance have brought new development opportunities to the economy.
However, Peng Xingyu pointed out that due to the potential of electronic payment services, the large number of users, the large amount of transactions and the large amount of transactions, the widespread use of electronic payments also brings certain risks, such as the stability of payment systems, the protection of user funds, and the prevention of use as money laundering. He stressed that these risks need to be handled with care and cannot be taken lightly. “Retail retail products and services are constantly innovating and becoming more and more popular, and the risks involved, including systemic risks, and user protection, cannot be ignored,†he said.
He said that there are also multi-purpose stored value products in Hong Kong, in addition to multi-purpose stored value cards, including other online stored value payment products. He pointed out that the above products are not based on hardware devices, but provide stored value services through mobile phone network accounts and computer network accounts. Therefore, the HKMA believes that it is necessary to extend the scope of the existing regulatory system to not include hardware. Device-based products, as well as important non-value-added retail payment systems.
Stopping is not uncomfortable with internet finance
For the central bank to urgently suspend virtual credit cards and bar code payments, the Chairman of the Hong Kong Association of Banks and Guangbei also said yesterday that the innovation of Internet finance has brought new experiences to consumers, but it also poses challenges to the traditional financial industry. He pointed out that regulators have always classified related products, and the regulation of managing public deposit categories is the most rigorous because it involves the public interest.
And Guangbei believes that the central bank does not support Internet finance, but hopes to see the above products healthy.
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