On January 2, Alipay released its 2017 universal bill showing that Alipay users have reached 520 million, of which the proportion of mobile payment is 82%, a record high. With the popularization of mobile payment, Chinese people's lifestyle is quietly changing dramatically: going out without wallet has become a new habit of Chinese people and a new fashion in the world.
The development of Internet financial business is promoting the rapid improvement of financial infrastructure.On December 27, the People's Bank of China website released "The People's Bank of China on the issuance of <Barcode payment business norms (for trial implementation)> notice" and other notices, the central bank clearly stipulated that, since April 1, 2018, the banking financial institutions, non-bank payment institutions to carry out barcode payment business When cross-border transactions are involved, they must be processed through the People's Bank of China's clearing system or legitimate clearing organizations.
The UnionPay is a legitimate clearing agency, however, as a commercial bank bank card interbank transaction clearing agency, the third-party payment institutions network payment mostly do not go to the UnionPay transfer clearing, or on their own, directly linked to the bank, such as Alipay, or through access to the bank or a legitimate clearing agency, to realize the cross-bank transaction clearing. The central bank stipulates that since June 30, 2018, all network payment businesses involving bank accounts accepted by payment institutions are handled through the "NetLink" platform.
"Since the establishment of the network link, each payment institution has entered the process of breaking the direct link, but in terms of progress, did not meet expectations. The speeding up of the progress of the centralized person depository of the provision fund has caused the provision fund to lose its negotiating value as a deposit and the bargaining chip to gain access." An industry observer told Economic Observer.
No data, no finance. With the innovation and development of Internet financial business, the importance of information is highlighting, however, on the one hand, the central bank credit center failed to cover the inclusion of personal customer financial credit data, the construction of a national level of basic databases can not be delayed, on the other hand, Sesame Credit, Tencent Credit and other first eight pilot personal credit agencies have failed to obtain a license, "Credit Union "
The establishment of the Internet financial industry can further standardize the Internet financial industry.
"Our current Internet finance, due to unscientific and unsafe data, the state is beginning to regulate, what is the next step in the upgraded version of Internet finance? There is no doubt that it needs to be driven by new mega-capital and driven by new data, leaving these two points, the new finance can't be talked about." The co-founder of Zhongrun Puda (Group) Company said.
CUP old or not?
China UnionPay is a joint organization of China's bank cards, which realizes interconnection and resource ****sharing among commercial bank systems through the UnionPay interbank transaction clearing system to ensure the use of bank cards across banks, regions and borders. China UnionPay has cooperated extensively with more than 2,000 organizations at home and abroad, and the UnionPay network covers urban and rural areas in China and has been extended to more than 160 countries and regions in Asia, Europe, the Americas, Oceania and Africa.
While in the international market, as a latecomer, UnionPay has surpassed VISA, MasterCard and other card organizations in terms of transaction volume, becoming the world's No. 1 card organization, and has pushed the International Chip Card and Payment Technology Standards Organization (EMVCo) to release the "EMVCo User Presentation of QR Code Mode Technical Specification, Version 1.0" (EMVCo QR Code). Specification for Payment Systems: Consumer Presented Mode 1.0"), which creates a set of technical solutions for the global promotion and application of QR code payment with clear rights and responsibilities of all parties involved, reasonable dispersion of transaction risks, and feasibility of global implementation.
However, in the era of mobile payment, UnionPay has failed to keep pace.
Benefiting from technology, market demand and regulatory acquiescence, China's mobile payments have grown rapidly in recent years, with the scale of mobile payments increasing more than 20-fold since 2013. And the pace of non-bank payments is obviously much faster than that of bank payments. Data from the China Payment and Settlement Association shows that from 2013 to 2016, non-bank payment organizations*** handled 97 billion mobile payment transactions, with a compound annual growth rate of more than 195%. Zhu Min, president of the National Institute for Financial Research at Tsinghua University, said publicly that the current amount of mobile payments is huge, but in terms of the number of transactions, the number of transactions by non-banking institutions is 97 billion, far exceeding the 25.7 billion transactions by traditional commercial banks, and the growth rate of mobile payments is all in the hundreds of digits. The quarterly monitoring report on the third-party payment mobile payment market released by Yiwang Intelligence Center shows that in the second quarter of 2017, the market share of Alipay and Caixit (WeChat Pay) reached 92.82%, occupying an absolutely dominant position. Among them, Alipay accounted for 53.70%, and Caipaitong accounted for 39.12%, with a combined share of nearly 93%. In the rapid development of mobile Internet, the rapid development of mobile payment cannot be separated from the mobile portal with good experience, convenient payment and rich services. Although the end of last year, UnionPay, together with major commercial banks, released a new mobile payment strategy product "cloud flash payment" APP, but whether it can once again win the market, it is not yet known.
Network Union slow line
While the central bank requires, from June 30, 2018, the third-party payment institutions accept the network payment business involving bank accounts all through the "network union" platform processing. But progress has been slow, so much so that the central bank declared in the "People's Bank of China on the issuance of & lt; bar code payment business norms (for trial implementation) & gt; notice" and other notices, since April 1, 2018, banking financial institutions, non-bank payment institutions to carry out bar code payment business involves cross-border transactions must be processed through the People's Bank of China clearing system or a legitimate clearing agency.
The national enterprise credit information publicity system shows that the full name of the network alliance "network alliance clearing company limited", was established in August 29, 2017, there are 45 shareholders, most of the third-party payment institutions, shareholders, although there are also the inter-bank market clearing house, the People's Bank of China Clearing Center, China Payment Clearing Association, China Money Printing Association, China Payment Clearing Association, China Payment Clearing Association, China Payment Clearing Association, China Payment Clearing Association, China Payment Clearing Association. Payment Clearing Association, China Banknote Printing and Minting Corporation, and China Interbank Market Dealers, but excludes banks and UnionPay. The chairman of the board is Cai Hongbo, whose other role is executive vice president and secretary general of the China Payment Clearing Association.
The central bank's main clearing center and UnionPay are both members of the association. The central bank's "legal clearing institutions" include the PBOC's General Clearing Center, UnionPay, the City Bank Capital Clearing Center and the Farmers Bank Capital Clearing Center.
The central bank, on the one hand, requires all third-party payment institutions to accept the network payment business involving bank accounts through the "NetLink" platform, on the other hand, clearly requires banking financial institutions, non-bank payment institutions to carry out barcode payment business involves cross-border transactions, must be through the People's Bank of China clearing system or the legal clearing agency. The legal clearing organization to deal with.
Therefore, it is inevitable that third-party payment institutions will carry out their clearing business through the Nethub. In this way, the emergence of NetLink will have the biggest impact on UnionPay, and the clearing organization will become double-headed from the original oligarchy, and even multiple-headed in the future. But it is foreseeable that the competitive such as UnionPay will be more active.
"Internet general era of policy support and protection of China UnionPay has been completely canceled, China UnionPay overnight began to 'skinny-dip'". China UnionPay president Shi Wenzhao has said so.
Li Han, former deputy director of the China Payment System Research Center at Southwestern University of Finance and Economics, told the Economic Observer that CUP was led by the People's Bank of China to establish a single major shareholder (China Minting Corporation) as its direct subordinate, while "NetLink" (NetLink Clearing) and "Credit Union "(Hundred lines of credit) led by the China Payment Clearing Association and the China Internet Finance Association, respectively, part of the payment institutions and Internet companies initiated the establishment, and CUP's core position is evident in the fact that a number of CUP's chairmen and presidents have been transferred and reassigned by leaders of the central bank. As the largest card organization in the global market, responsible for the construction and operation of China's interbank and cross-border bankcard transfer and clearing system, UnionPay still bears a strategic responsibility for the country's financial security.
Publicly available information shows that a number of previous CUP chairman by the central bank vice governor to transfer. Such as the former chairman Liu Tinghuan, served as deputy governor of the central bank, deputy secretary of the party committee; former chairman of the board of directors Su Ning also served as deputy governor of the central bank, in charge of payment and settlement business. But Ge Huayong, the current chairman, previously served as the People's Bank of China's party committee organization department minister and director of the personnel department.
Credit Union calling
"Compared with the United States, China's Internet financial industry is much larger, and it is also more advanced in some technical areas such as payment disposal capacity. This is mainly based on three reasons: a large market gap, rapid technological development and relatively lenient regulation." The Digital Finance Research Center of Peking University believes that big data analysis technology has played a key role in the development of FinTech in the U.S. The FICO score, although clear and easy to understand, is still insufficient to meet the needs of credit assessment. Many FinTech companies do not have big data to analyze, and are bound by "fair credit" provisions that prevent them from using data that may be suspected of being discriminatory to analyze credit, such as age, gender, race, college, etc. Without the support of big data analytics, credit analysis is not as easy as it should be. Without big data analytics, some FinTech companies' competitive advantage is limited to their operational processes or market positioning.
Chinese companies are relatively bold compared to the U.S. FinTech companies cautiously grabbing information about big data. 2017 Annual Report on Personal Information Protection released by the Nandu Personal Information Protection Research Center on Dec. 28 shows that the distribution of platforms' privacy policy transparency in all the evaluations is steeply pyramidal, i.e., very few are highly transparent, and low transparency is more than 80 percent of the total. 80%, and the proportion of internet finance and shopping categories is even higher than 90%. And especially pointed out that the construction of Internet giant ecosphere brings user data*** enjoyment security problems, also very worthy of attention. As Internet giants continue to merge and acquire and lay out upstream and downstream neighboring businesses, it will inevitably involve data *** enjoyment with third parties or affiliated companies. During the process, do companies obtain the consent of users? Are users fully informed? Is the data de-identified?
The Digital Finance Research Center of Peking University believes that the development of Internet finance actually meets some of the needs of the real economy, and its role in boosting the development of inclusive finance is particularly obvious. Similarly, big data analysis is impossible to talk about if data is too tightly regulated, but it can also lead to serious consequences if commercial organizations are allowed to arbitrarily violate personal privacy.
Li Dongrong, president of the China Internet Finance Association, said financial innovation always seems to run ahead in the game of catch-up between innovation and regulation. But I don't think regulation can lag behind for too long or too far behind. In the process of the development of financial technology, we must master the appropriate balance between financial innovation and financial regulation, and realize the dynamic game and virtuous cycle of regulation, innovation, re-regulation and re-innovation.
"Credit field. Which includes credit, even that big data credit, China now this piece can have credit data is not a lot, and before it is more segregated, for example, Ali, Jingdong, Tencent between them there is some disconnect between credit data, not like the United States as a seamless exchange of data with each other." On December 20, 2017, Wang Nicco, co-founder of Beijing Caiwei Information Technology, said at the annual summit of CCTC that the benefits of big data that credit can directly bring are visible, lowering the expected rate and personalizing the interest rate, and no one in China is currently able to do this very well.
It is because of the credit market "data silos" phenomenon is serious, the construction of a national basic database, and to realize the industry's information **** enjoy become very necessary.
Late last year, the China Internet Finance Association, the first executive council of the fourth meeting of 2017, considered and adopted the association to participate in the launch of the establishment of personal credit agency (referred to as the "credit union") matters, has been determined to be the name of the "hundred lines of credit", and will be in the near future.
China Credit Union (CU) has been established under the name of "Hundred Banks Credit" and will be formally established in the near future.
The China Internet Finance Association said to the Economic Observer reporter that the specific news released by the financial regulator, and the regulator feedback is not yet the latest news.
According to previous news, the formation of the "Credit Union" participating organizations, including Sesame Credit, Tencent Credit, Qianhai Credit and other organizations with a strong data source, with a very rich, stable and sustainable access to the data entrance, through these rich data, "Credit Union "can carry out precise positioning of users. Once this positioning is formed, it will form a certain constraint on the user's behavior, further controlling the occurrence of "old-liar" behavior.
"70% of the data in Europe and the United States is structured data, financial data and structured data are very closely linked, while 70% of the wind control data in China's financial market comes from unstructured data, which has become the most fundamental problem in terms of the whole of financial big data and financial artificial intelligence, and only through a breakthrough in this technology is it possible to realize China's financial market, institutional of success." Du Xiaojun said that the current Internet finance, due to unscientific and unsafe data, the state is beginning to regulate, the next step in the upgraded version of the Internet finance needs to be driven by new mega-capital, needs to be driven by new data, or else there is no way to talk about the new finance.