Turning independent and competitive institutions into co-operation seems to have a lot of sensitive issues to balance in the industry. Who will be the winner in this transformation?
At present, people can use WeChat App to scan WeChat QR code, or use WeChat App to scan WeChat, Alipay and other institutions \"one-yard universal\" brand (that is, aggregate QR code) payment, the future with UnionPay, Bank App sweep WeChat QR code payment will also become possible.
On january 3rd, the 21st century economic report, unionpay and tencent's tencent company have recently reached a cooperation on bar code payment connectivity, the two sides are jointly studying bar code payment connectivity technology, the first to establish a comprehensive mutual recognition bar code payment service network. Beijing News reporter from Tencent, after internal verification, the news is basically true, Tenpay and UnionPay is working on a pilot cooperation.
This is a regulatory move that has been underway since a few years ago, but a shift from independent and competitive institutions to co-operation seems to have a number of sensitive issues in the industry that need to be balanced, such as whether the payment agency giant spends a lot of money to lay the QR code in the early days, and whether it will affect the customer stickiness, business growth, and voice of the giant agency in the future. Who will be the winner in this transformation?
\"UnionPay has worked with Tenpay on bar code payment connectivity, and Bank of China, Bank of China, Bank of China and Bank of China, Bank of China, etc. App can transfer or pay by scanning WeChat's'face-to-face two-dimensional code', starting today from the pilot area to gradually expand the functionality to the country. On january 3rd the news of unionpay and wechat's \"marriage\" quickly fermented. Tencent responded that the news was basically true.
Beijing News reporter also learned from a person familiar with the situation, the central bank designated bar code payment connectivity pilot cities for Ningbo, Chengdu and Hangzhou. Netcom has also completed a pilot project with a third-party payment agency in Ningbo. On January 3, reporters in Beijing with UnionPay App sweep WeChat QR code has yet to succeed.
Bar code payment, that is, QR code payment, has changed the way residents pay in recent years. But the market competition is equally fierce, such as we often see in a shop at the same time UnionPay, Alipay, WeChat Pay and many other separate independent QR codes. Industry insiders point out that the fragmented barcode payment market has caused the waste of social resources, from the point of view of reducing the waste of resources and reducing the cost of social transactions, barcode payment interconnection has positive social significance.
It is worth mentioning that as early as the end of 2016, UnionPay issued two-dimensional code payment standards to achieve interbank \"one-yard universal \", but also to achieve cross-agency bank card bar code payment interconnection laid the foundation. At the time, however, Alipay and WeChat Pay, which already accounted for an absolute share of the market, did not join.
Prior to the release of the standard, UnionPay also issued a letter on business cooperation to non-financial payment institutions to promote the China UnionPay card QR code payment products and related standards and regulations, formally invited the third party payment agencies of the \"main force\" to participate in the research and promotion of China UnionPay card QR code payment products related work.
At that time, the payment community had already \"group \",\" stand\" evaluation, such as \"UnionPay's QR code payment standards are not regulatory standards, third-party payment agencies will pay the bill is market behavior. But small and medium-sized third-party payment institutions in Alipay, WeChat Pay under the strong offensive, survival is not easy, so will use China UnionPay's QR code payment standards \"and so on.
In addition, the aggregate payment before the bar code payment interconnection, also brought together the two-dimensional code of several payment agencies together, but the aggregate payment also played the role of \"shelter\" of the unlicensed payment agency to some extent. Payment agencies, such as some unlicensed payment agencies mixed into the payment giant and the hidden gray area between merchants, illegal liquidation of merchant funds, known as \"erqing \". Specifically, users in the shop with Alipay or WeChat sweep the QR code, sweep the code of the transaction information from App to the merchant, some not directly sent to the payment agencies, but first to the outsourcers, the funds are controlled and dominated by them, lightly delay the settlement time, the heavy transfer of funds to other use or even directly run the road.
In 2018, the central bank issued a \"strike order\" to the unlicensed payment agencies, and the shuffle of aggregate payments opened, with several aggregate payment companies announcing the suspension of merchant collection, while several banks \"broke up\" with the sweep channel.
In addition to the aforementioned QR code payment standards issued by UnionPay, in 2019, a number of central bank officials said in public speeches or public articles that bar code payment connectivity was being actively promoted through emerging financial technology, mutual recognition and scanning, and bar code payment connectivity was also included in the Financial Technology Development Plan (FinTech)(2019-2021). Bar code payment interconnection significantly increased.
Li wei, the head of the central bank's science and technology department, published in the may 2019 issue of the tsinghua financial review, saying the central bank is actively promoting bar code payment connectivity and mutual recognition and scanning through emerging financial technology.
Speaking of necessity and feasibility, Li said that the mobile phone app and the merchant bar code logo cannot be mutual recognition and mutual scanning, users need to carry out mobile phone app switching, affecting the consumer payment experience. Lack of standards and norms is also easy to breed false, fraudulent bar code transactions, increasing the risk of public information disclosure, loss of funds and so on. On the post-interconnection impact, li said that the current aggregate payment market will face a new round of shuffling, more aggregate payment institutions will be transformed into merchant value-added service providers.
Dong Zheng, a financial analyst, believes that bar code payment connectivity is the trend and cannot allow institutions to be independent of regulation. In fact, combing the regulation of payment agencies in recent years is more than a two-dimensional code interconnection.
The 2017 trial run is equivalent to erecting a \"wall\" between payment agencies and banks, where any third-party payment agency wants to access the bank and users make cross-bank transfers, only via UnionPay or Networked. At the same time, by January 2019, the payment agency had realized 100% centralized deposit of the reserve, and some small and medium-sized institutions that used the reserve as a small vault to \"eat interest difference\" had been cut off the \"financial road \". Before 2017, the online payments agency's reserve income ratio reached% of total revenue, falling to% in 2018 and 0 after \"breaking straight\" in 2019, according to the billion-euro think tank.
Yi Guan analyst Wang Pengbo said that bar code payment connectivity to the industry's biggest impact, in the flow logic changes, more conducive to traditional order-collecting institutions. The business logic changed when the code board became a shared infrastructure. If the platform-based agencies pay offline, it will save a lot of capital and labor costs for the pre-laying infrastructure, and it will also provide the possibility for each receiving agency to develop its own C-terminal account system independently, which is likely to break the existing payment market pattern.
He further said that the traditional order-collecting agencies are a major benefit, such as communications, la cara and accompanying payment, such as the receipt of orders, can directly reach the merchant, has begun to layout the merchant's B-end value-added services, especially marketing products each has a mature solution, when the original two private flow once opened, can see the market prospects are very substantial.
Will the user stickiness of WeChat be affected? Wang Pengbo believes that with WeChat's huge social advantages, user growth and viscosity have not changed because of the scope of QR code laying, which is why WeChat Pay will gradually start charging online, such as the charge for convenient services such as credit card repayment. But from the commercial point of view, the early creation of ecological closed-loop break will cause a variety of problems, business imagination is also becoming smaller.
鈥淭he move will strengthen UnionPay's voice over the line, which is the real source of profits in the payment industry, including the clearing house, in terms of overall profits.鈥? And from the beginning of the network, we can see that the feeling and reaction rate of UnionPay to business are developing positively. said Wang Pengbo.