With the continuous improvement of the living standards of the domestic people, the “One Belt and One Road” that has penetrated Central Asia, South Asia, Southeast Asia, West Asia and across Asia and Europe has made major breakthroughs. Traveling abroad and studying abroad are no longer fresh; Haitao, purchasing, etc. More and more popular. China’s import and export trade is welcoming opportunities for rapid development. In the fast-growing areas, the supporting demand generated is also great. Third-party cross-border payment is one of the most necessary cross-border supporting services.
A review of the history of cross-border payment development
In 2007, UnionPay became the first third-party payment company in China to conduct cross-border payment services. In 2012, the World Trade Organization determined that UnionPay had a monopolistic behavior. In order to better develop the third-party payment market, the state finally decided to allow other third-party payment companies to enter the cross-border payment service field. In September 2013, the State Administration of Foreign Exchange issued the first batch of 17 cross-border payment licenses. In 2014, the second batch of five third-party payment platforms obtained cross-border payment licenses. In 2015, cross-border payments have moved toward a legalization and standardization path. The State Administration of Foreign Exchange officially issued the “Notice of the State Administration of Foreign Exchange on Launching a Pilot for Cross-border Foreign Exchange Payment Services of Payment Agencies” and the “Guiding Opinions on the Cross-border Foreign Exchange Payment Services of Payment Agencies”. A third-party payment company that has a “Payment Business License” and a payment service for the Internet is allowed to conduct cross-border business pilots. As of the end of 2015, the number of payment platforms that obtained this qualification was 27. In the following year, the number of cross-border business pilot enterprises remained unchanged. Until the spring of 2017, SAFE approved three cross-border pilots. Since then, the number of payment platforms with cross-border payment qualifications has reached 30.
“Numbers” cross-border payment
For the time being, the payment platform engaged in cross-border payment services mainly adopts two business models.
1. Card organization cooperation: The cross-border payment platform cooperates with international credit card organizations, and the currency conversion and liquidation funds are completed by the card organization.
2. Bank cooperation: The cross-border payment platform cooperates with domestic and overseas banks, and the bank assists buyers in purchasing foreign exchange and completes payment.
Cross-border payment includes three ways: overseas offline consumption, cross-border transfer and remittance, and cross-border network consumption. The cross-border payment platform in third-party payment is also one of the three main ways of cross-border transfer and remittance. The other two channels are commercial banks and professional remittance companies.
From the perspective of the urban distribution of domestic cross-border payment platforms, Beijing and Shanghai led the country with an overwhelming advantage. Among them, there are 10 cross-border payment platforms in Beijing and 9 in Shanghai. Hangzhou, Shenzhen and Chongqing are in the second echelon, and the number of cross-border payment companies is 4, 2 and 2. Chengdu, Haikou and Nanjing each occupy one. It can be seen from the above data that the resource concentration of the cross-border payment platform is relatively high, and the number of cities in the north is 64% of the total number of cross-border payment platforms.