After Ali and Tencent made a big push into the payment industry, Baidu's wallet has returned to the rivers and lakes, and the Internet giants can see the coveted payment market.
When the mobile Internet boom swept across the country, what kind of revolution is the traditional POS machine that is experiencing mobile payment apps?
As the old-fashioned payment industry, regardless of the wish of UnionPay, the horn of this online and offline payment war has already blown up.
Although in mid-March, Taobao and Tencent’s virtual credit card and QR code payment were suspended by the central bank, Xu Hua (a pseudonym) was not happy. As the deputy general manager of a provincial branch of UnionPay Business Co., Ltd., Xu Hua felt that the offline acquisition market, which has been extremely competitive, will inevitably be violently impacted by mobile payment methods.
UnionPay is not happy, it’s hard to lie back and make money.
UnionPay Business was originally the marketing department of China UnionPay. In 2002, it was separated into an independent legal entity. Simply put, China UnionPay is a joint organization of Chinese bank cards and cross-bank transaction clearing organizations, while UnionPay is a subsidiary of UnionPay Holdings engaged in offline bank card acquiring business.
Ten years ago, the offline POS trading market was still the world of UnionPay and banks. According to the regulations of the National Development and Reform Commission, the issuing bank, the acquiring institution and UnionPay will allocate the handling fee paid by the merchant during the POS transaction in accordance with the 7:2:1 rule. The acquiring institution that sends the POS machine to the merchant is not the UnionPay business or the bank, and the UnionPay as the clearing institution earns 10% of the bank card clearing organization network service fee.
But just over a decade ago, China’s first third-party payment agencies were quietly born online. Founded in 2000, Huanxun Payment is the earliest third-party payment company in China. According to Liu Li (pseudonym), a former employee of the company, the SARS in 2003 made the Chinese e-commerce market unexpectedly spring. In October of that year, Alipay was born.
Liu Li, who was a decade ago, did not think that relying on Ali's e-commerce platform, after paying more than a decade, Bao Xiong accounted for half of the market share of online payment. Many third-party payment companies established between 2000 and 2006 have to survive in B2B (business-to-business) industry solutions. Liu Li told reporters that when doing online solutions, small and medium-sized third-party payment companies such as Huanxun Payment and Remittance World found that the offline acquiring market was also profitable and entered the line.
Xu Hua admits that for those third-party acquirers born in the grasshoppers, the silver link was not taken care of at first. Around 2006, the status of UnionPay Business Online seems to be unbreakable. ChinaPay, another holding subsidiary of UnionPay, has made online payments since 2005. At that time, who would have thought that the boss of the online payment, Alipay and Tenpay, will be so aggressively moving from the line to the line today?
Last year, Alipay POS was stopped due to “some well-known reasonsâ€. This year, virtual credit card and QR code payment were suspended, but mobile Internet has begun to bring profound changes to the traditional offline POS payment market.
Amnesty counterattack
The subversion of online payment based on Internet technology is that they can bypass UnionPay and share the proportion with the bank's private agreement.
According to industry insiders, the payment rate of Alipay and Tenpay's QR code is only about 0.6%, and only two parties participate in the split.
Regulatory layer "quick braking" speed reduction
At the regulatory level, after suspending virtual credit card payment and QR code payment, the central bank also drafted a draft of the third-party payment business management, which is intended to limit the amount of third-party payment transfer.
Liu Li told reporters that the third-party payment market may be the most fiercely competitive area in the financial industry. The “first call after the ticket†(until the central bank issued the first batch of third-party payment licenses in 2011) is full of chaos. The attitude of the regulatory authorities to "water and fish farming" is generally more tolerant, but the pace of development is now beyond imagination.
Xiao Lei, a senior financial observer, used virtual credit card and scan code payment as an example: “Third-party payment plus these two new payment methods can bypass the settlement and transfer system of UnionPay directly forming funds, directly subverting the online and The offline control has also subverted the authority of the original banking system. "At present, the third-party payment is supervised by the custodian bank. Since the online payment bypasses the UnionPay, the central bank can only obtain the total amount of the scale through the custodian bank. The information, while the specific flow of funds and more data is in the hands of third-party payment companies, the regulatory layer hopes that information can be more controllable.
UnionPay accelerates the process of "incorporation"
China UnionPay shouted loudly because it was accused of "stalking from the middle" in the case of the suspension, but it has already made the determination to pay for the market. This year, UnionPay will continue to implement its “Proposal on Further Regulating the Non-financial Payments Union UnionPay Card Dealing and Maintaining the Rights of Member Banks and UnionPay†adopted in 2013: It plans to fully complete the transfer of the UnionPay card trading business of non-Gold institutions, and send them to UnionPay. In addition, before July 1 this year, the non-Golden institution Internet UnionPay card transaction will be fully connected to UnionPay.
Liu Li bluntly said that this is the "receipt" of UnionPay. After the "receiving", whether it is online or offline, third-party payment institutions can not bypass UnionPay, and the bank card clearing organization network service fee can be saved. “The People’s Bank of China has approved 250 third-party payment institutions. The top 20 payment institutions account for more than 90% of the market share. These 20 organizations have tried every means to bypass UnionPay for transfer clearing. The transaction volume of UnionPay is very obvious. On March 13 this year, the president of China UnionPay, Shi Wenchao, said at the launch conference of Lakara.
Liu Li also admitted that UnionPay also has a third-party payment company, UnionPay Business. According to this, the industry believes that the mixed status of referees and athletes is difficult to compete fairly.
The future of grasshoppers
On the one hand, the pressure from the regulatory authorities and the original players, on the one hand, the entry of the Internet giant and the ambiguity of online and offline payments, under the undercurrent, it has already been a bloody hurricane, and the third-party payment industry is undergoing a violent chemical reaction.
The secret rich mine behind the loss
What is the profit of the online payment link when users shop in Taobao? According to the data, the single payment cost of online banking is about 6~7 cents. One online shopping money is calculated from A bank through Alipay and B bank counts 3 times, and the transfer is not billed. The actual billing cost is about 2 About 0.15 yuan. Since the e-commerce general industry rate is 0.3%, many third-party payment companies will suffer losses when paying for purchases of less than 50 yuan.
At the same time, the gross profit margin of offline orders is also very low, generally between one thousandth and two thousandths. Liu Li said, “The gross profit margin of more small businesses is a few ten thousandths. Even zero profit or loss."
"The whole payment process, especially the winter of offline payment, is coming." Xu Hua also felt. But he said that everyone will not give up this market easily, because the parties have already realized the charm of the payment industry, that is big data and value-added services based on big data - this is why many small third-party payment institutions prefer to receive The root cause of losing money on a single fee.
According to Liu Li, the online third-party payment company and the bank cooperate with each other by first negotiating with the bank to pay the bank’s handling rate, then charging the customer (such as an online merchant), the merchant’s handling rate and third-party payment. The difference in the handling rate of the enterprise delivery bank is its gross profit. According to media reports, in the online payment business, the actual handling rate paid by non-financial institutions to banks is only about 0.1%, which is much lower than the price level of 0.3%~0.55% in the UnionPay network. “On the Internet, some large third-party payment companies have strong bargaining power because they rely on data exchange when they talk to banks, and promise to introduce high-quality customer resources to banks. These data are very attractive to banks.â€
The industry believes that big data-based solutions are rich mines that all third-party payment companies have the opportunity to mine.
It’s hard to say that there is a future
For third-party payment companies, the reorganization of the central bank and the “receipt†of UnionPay also reflect the flaws in the sunrise industry, that is, there are still no standards in the field of operational violations and mobile payments.
Liu Li broke the news, some of the peers actively provide customers with gambling solutions, providing "one-stop" services such as receipt and settlement. Some payment companies provide customers with set-up services: the merchant category code (MCC code) is set by the acquirer for the special merchants. Different MCC codes represent different industries, and the card processing fee rates are also different, such as some third-party payment companies. Intentionally apply the MCC code "5311" of the department store to install a POS for a restaurant, so that it enjoys a 0.78% commission rate, which is lower than the 1.25% payable rate. "Some third-party payment companies specialize in training merchants to teach businesses how to cash out, as part of value-added services." Xu Hua revealed.
Zhang Yi, CEO of Ai Media Consulting, said, “The standards and specifications for mobile third-party payment, virtual credit card, and two-dimensional code payment are not ready. Internet finance is in a state of flux. If it doesn’t matter now, it’s too late to wait for big problems.â€
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