Third-party payment accelerates shuffling, cross-border payment becomes a new battlefield

With the increasing financial risk prevention, the supervision of P2P payment channels and third-party payment services is gradually overweight. The reporter learned from the industry that the Agricultural Bank recently issued a notice prohibiting the use of the Agricultural Bank’s collection interface for mutual financial management (including but not limited to P2P), funds, consumer finance, repayment and other scenarios. ……

With the increasing financial risk prevention, the supervision of P2P payment channels and third-party payment services is gradually overweight. The reporter learned from the industry that the Agricultural Bank recently issued a notice prohibiting the use of the Agricultural Bank’s collection interface for mutual financial management (including but not limited to P2P), funds, consumer finance, repayment and other scenarios. The ABC’s collection, real-time collection, and real-name payment transactions involving the investment and financing industry have been closed. Prior to this, including Minsheng, Ping An and other banks were fined for illegal liquidation. The payment and clearing industry is welcoming strong supervision from banks and third parties.

In fact, ABC is not the first institution to tighten its payment channel. For Internet finance such as P2P online lending, China Merchants Bank, Minsheng Bank and Huaxia Bank have stopped paying with P2P. Other bank cards still held have a single, one-day limit. For example, the single-day limit for ICBC is 50,000 yuan.

In addition to the business call stop, the “eat” mechanism is not uncommon. The reporter observed that in the past two years, with the increasing number of chaos in the payment industry, the central bank has also increased penalties for the payment industry, and the total amount of fines and fines has increased year by year. On February 23, Huaxia Bank Jinan Branch and Shanghai Pudong Development Bank Jinan Branch were fined for violating the relevant provisions of the payment and clearing business.

In addition, in addition to the strict supervision of the bank, the clean-up and rectification of third-party payment institutions has also been ongoing. At the end of last year, the central bank issued an urgent document requesting that the proportion of deposits paid by institutional customers in 2018 will increase from the current 20% to around 50%. This is the second time that the central bank adjusts the deposit reserve ratio of payment institutions. This policy has almost been shackled by the “throat” for many small and medium-sized third-party payment institutions, and has also caused a sharp rise in the elimination of the entire industry.

At the same time, the penalties imposed by regulators on third-party payment institutions have put the entire industry under high pressure. According to statistics, in 2017, the central bank issued a total of 109 tickets for third-party payment, which is three times the total number of tickets in 2016, and the accumulated fine amount is about 28 million yuan. Among them, the payment giant Alipay and Tenpay were also punished for the first time in 2017.

In the face of increasing competition pressure, there are payment companies that have chosen a different path. “More and more third-party payment agencies are making efforts to cross-border payment services and expanding their business to overseas markets.” The above-mentioned industry insiders told reporters. In his view, there are recent third-party payment institutions that choose to go public in Hong Kong. In addition to opening more financing channels, early access to overseas markets is also a factor to consider.

In fact, as the two leading companies in the domestic online payment market, Alipay and Tenpay have both penetrated into overseas markets. At present, Alipay has landed in 27 countries and regions, and a total of 120,000 traders worldwide use Alipay. On WeChat, WeChat has landed more than 13 overseas countries and regions, covering more than 130,000 overseas merchants worldwide.

In the opinion of industry experts, cross-border payment will become a new battleground for third-party payment. In addition to market conditions and corporate strategies, there are certain objective favorable factors. The RMB cross-border payment system (CIPS) launched by the central bank in 2015 has built the foundation of RMB cross-border payment services from various aspects such as business processes, service agreements and technical specifications. Compared with the traditional large-value payment system, the advantage of CIPS is very obvious: In addition, the intermediate process is reduced on the basis of integrating the existing RMB cross-border payment settlement channels, and the overseas company can realize RMB settlement through domestic branches, thereby improving the Cross-border settlement efficiency and transaction security.

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