After half a year, the payment agencies that relied on POS card swipe failed to escape the New Deal. On September 6th, the Notice of the National Development and Reform Commission and the People's Bank of China on Improving the Pricing Mechanism for Bank Card Credit Cards (hereinafter referred to as "96 New Regulations") was officially implemented. In fact, the "96 New Regulations" was in the early days. It was introduced in March this year.
The POS card swipe card bans the bank card credit rate, cancels the merchant industry classification in the previous charging standard, implements the differential billing of debit cards and credit cards, and the credit card processing fee is not capped. At the same time, the New Deal will directly affect various merchant institutions and consumers.
In the field of payment, the "sets of code, cutting machine, credit card cash, channel application" and other irregularities have been formed for many years. When third-party payments face a new deal tightening, industry consolidation, sharply reduced profits, transformation and transfer of payment licenses, the days of third-party payment institutions do not seem to be good.
Once chaotic, the New Deal was introduced and rectified
Before the introduction of the "96 New Regulations", the domestic POS machine credit card payment industry was in full swing. Previously, the domestic POS machine card business continued for many years, such as "sets of code, cutting machine, credit card cash, channel application" and other irregularities, resulting in domestic acquisition business is extremely chaotic.
There are four main methods for illegal code sets: forging false merchant information, applying for business licenses in batches, “cutting machinesâ€, and intelligent platform fraud. Among them, the most common way of violating the law is the “set of codesâ€, that is, the violation of the rules apply to the merchant category code of the low-rate industry.
In the past, branches of third-party payment institutions relied heavily on outsourced agents. In the process of expansion, there are a large number of altered, forged, and false merchants, including any "cutting machine." "Cut machine" means that the acquiring institution seizes the market share, frees the deduction rate as a bait, allows the merchant to upgrade the POS machine, and then steals its own software to make it into its own customer.
The biggest risk behind the chaos is the POS business of some third-party payment institutions. The agent account will accumulate millions or even millions of settlement funds every day. Previously, there have been many cases showing that some dealers may have a series of problems such as capital turnover difficulties and debt disputes.
Chen Qizhang, CEO of Yisheng Jinfu, once said that the main reason for the chaos is that the purchase price is not the market independent pricing, but the government is making a decision; the pricing is too low, the payment institutions can only make every move, and they can make money and even make money. Measure violations and risk gains and take risks.
After the implementation of the New Deal, in order to reduce the service fee rate of the issuer, the card issuer will charge the issuer's service fee from the current classification of different merchant categories.
The financial person in charge of a listed company told Netease Finance, the new policy for the third-party payment platform engaged in the acquiring business, the industry's competitive environment is more transparent, more focused on service levels and pricing levels, and the competition will become more intense.
Sale of licenses to make a living
Due to the stricter reform and supervision of credit card rates, the living environment of payment institutions that rely on the single business of acquiring orders becomes more and more difficult. Previously, the acquiring institutions mainly relied on selling POS machines and selling a large number of merchants to earn profits.
Previously, the consumer card-sweeping fee was paid to the acquiring institution, and the acquiring institution paid the issuing bank service fee and the clearing house network service fee separately to the bank and UnionPay. The "96 New Regulations" policy is that the market-adjusted price is imposed by the acquiring service fee, and the specific rate is determined by the acquiring institution and the merchant.
Insiders told reporters that after the introduction of the New Deal, the rate of receipt (general) fell from 0.78 to 0.3. For a long time, the profit of the receiving institutions in the past has been divided by the UnionPay institutions at a ratio of 7:2:1.
According to an insider, the company told the reporter that six months ago, some companies in the payment industry had begun to gradually transform their card-free payment business and other new payment services. In addition to seeking for their own transformation, some payment agencies also have a rush to sell licenses. According to industry insiders, there are probably more than 100 licenses in the market.
Recently, payment licenses and purchases have been extremely hot. A payment license was even priced at several hundred million yuan, more than 10 times that of last year. At the beginning of September, the central bank's website updated the changes of a number of payment institutions. There were 12 companies approved in this review, and 9 of the 12 companies changed their legal representative, accounting for three-quarters.
The payment license is renewed once every five years. The payment license period of the small and medium-sized payment institution will determine that it cannot be delayed for too long. Otherwise, it will face the risk of renewal if it is close to the renewal device. In addition, the central bank has stopped issuing new payment licenses.
Not long ago, Evergrande Group acquired 570 million yuan to acquire Guangxi Jifutong; Midea Group acquired a large amount of Shenzhen Shenzhou Tongfu, and successively obtained payment licenses through curves.
The industry believes that not all large companies are suitable or capable of building an Internet financial ecosystem, which is closely related to the company's customer resources, scene resources and so on. Without such a resource endowment, it is difficult to achieve synergy in the acquisition of a payment license, and it is highly likely that it will become a lose-lose situation.
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