“The Central Bank has authorized the China Payment and Clearing Association to take the lead in formulating industry technical standards and business rules for the payment of QR codes. The Association has sent opinions to the member companies for comments.†The China Payment and Clearing Association sources recently revealed to reporters.
This means that the market status of QR code payment will be officially recognized.
In fact, this technology born in the UnionPay lab was launched by CITIC Bank in July 2013. In March 2014, the central bank doubted the security of the QR code and needed to wait for security verification. After the joint Ministry of Industry and Information Technology halted offline QR code payment service, the payment of QR code payment temporarily ceased in the market.
However, it subsequently overcame acquiescence in the market to explore the use of payment services provided by third-party payment agencies such as Alipay and Wechat Payments to seize the offline payment market in the past two years. Nowadays, the mobile phone payment habits of consumers have gradually evolved. When the banks re-launch the QR code payment service, how many opportunities do they have?
Attitude to risk
“Two-dimensional code payment was first developed by UnionPay in China.†The head of China UnionPay previously told the newspaper that China UnionPay’s national engineering laboratory for e-commerce and e-payment is the only national engineering laboratory in the domestic financial industry and has been All parties in the industry, both domestically and abroad, actively researched and explored various innovative payment models including QR code payment.
CITIC Bank was one of the earliest banks to develop two-dimensional code payment. In July 2013, the Bank launched the first phase of QR code payment service, which brought users a fast and convenient payment experience. In the same year, China CITIC Bank introduced “off-site paymentâ€. However, there are few payment and consumption scenarios, and these payments can only be realized on the basis of downloading the CITIC Bank APP.
However, the exploration of this innovative product came to an abrupt end in March 2014. At the same time, the central bank was suspicious of the security of the QR code payment, and it was necessary to wait for the safety verification. The joint Ministry of Industry and Information Technology suspended the offline QR code payment service. In September of that year, Alipay and Wechat Payments once again deployed two-dimensional code payments, which are now being rolled out nationwide. Not only Alipay, WeChat payment, but also the mobile phone client of many banks have scan code payment function, but few users use this function.
A person in charge of the joint-stock bank's e-banking department told the Economic Observer that regulators are concerned about the risk of two-dimensional codes, but the market is gradually maturing, and technological progress in recent years is not significant. Now that Alipay, WeChat payment, and banks are all underway, they are reluctant to give up this emerging market, and regulators have explored the default market.
When banks re-entered this market, it was no longer the same as in 2014. In the large and medium-sized cities, off-line high-frequency payment services such as offline supermarkets and catering services are mostly covered by Alipay and Wechat payment, and this trend is spreading to small and medium-sized cities and county towns. Ant Financial said, “We are optimistic about the future development trend of the QR code. As long as we use the micro-payment high-frequency scene, we will cover it.â€
Behind the payment
Financial services start with accounts, but how to provide comprehensive services through accounts and payments is the key to success.
In July of this year, ICBC officially launched a two-dimensional code payment product, becoming the first commercial bank with a two-dimensional code payment product. The QR code payment covers the entire online and offline O2O payment scenario through a simple “scanâ€, seamlessly links merchants and customers, and improves popular consumption environment through the promotion and application of QR code payment, making the payment network both widely covered. The “big arteries†such as major hotels, hypermarkets, and department stores are also densely populated with “capillaries†such as convenience stores, gas stations, and coffee shops, and they spread financial services to various fields of the people's livelihood. ICBC stated that it will take this opportunity to enter the QR code payment market.
However, these features have already been implemented in Alipay and Wechat payments. McKinsey's research shows that Alipay and thousands of companies cooperate to provide a variety of online and offline application scenarios that cover all aspects of everyday life: transportation, travel, supermarkets and convenience stores, restaurants, entertainment, and utilities. This completeness and convenience make Alipay popular among various consumer groups in China. In addition, at present, Alipay's “Internet+Public Services†has been used in 347 cities to provide car owner services, government affairs, medical services, education, transportation, and other convenience services. At the same time, the balance of wealth management, urban services, and Sesame credit and other different product lines continue to improve and increase their own service products.
Wu Hang, general manager of the Ant International Division, said, “In the future, we can’t just talk about payment based on payment. Our ultimate goal is to serve our customers. The customer’s needs are centered on the related services derived from the payment business, or The related value is what we need to pay special attention to."
WeChat Payment relies on WeChat to have a large number of user groups, starting with red envelopes, guiding users to bind bank cards, spending from the very first game scenes to shopping, and now catering, mobile phone recharging, city services, and store payment. McKinsey believes that another core competitive advantage of Internet-based organizations is the pursuit and use of big data and advanced analytics technologies. Finance never lacks data, but the full use of unstructured data, especially Internet-based data, can generate more innovations in product and marketing design and risk control.
In fact, payment is just the beginning, whether it is QR code payment or other payment. Alipay does not provide simple payment services. Instead, it provides security, credit, wealth management, and financing based on data such as payments, which means multiple functions such as marketing and membership.
Whose position?
Behind the simple two-dimensional code payment is the battle for business positions. With the support of the Payment and Clearing Association's regulations and policies, more banks, financial institutions, and third-party payment agencies will surely participate in the marketing of QR codes in the future. In the middle, businesses will be more easily accepted.
“Observing the current mobile payment observation analysis results, the online banking payment sites of commercial banks are already at a clear disadvantage, and they have almost become third-party network payment institutions, especially Alipay's back-end and capital channels.†Leading the Central Bank's financial IC card promotion work Li Xiaofeng, former director of the group’s office, once reported to the Economic Observer that “A mobile phone downloading an Alipay APP can solve most of the online payment demands.†From the current progress of online and offline payment, even if the central bank releases the QR code payment as soon as possible, The bank may not be able to regain this position.
UnionPay told reporters that the field of mobile payment is showing a trend of diversified development. The overall payment market has a certain demand for QR codes to be paid by micro-businesses that are more sensitive to cost, and CUP member banks and online acquiring agencies are also Expressed on the basis of non-payment of payment, it also supports the appeal of QR code payment.
In December 2015, China UnionPay joined more than 20 commercial banks to launch "Cloud Flash Payment," and the initial "Cloud Flash Payment" supports only the Android system. The cardholder needs to generate a cloud flash payment card on the mobile banking, with UnionPay " "Pay" payment on the "Pos" machine. At present, the "Cloud Flash Payment" product line covers a variety of medium formats such as non-connected IC cards, mobile phones, and wearable devices.
In the case of regulatory approval, mature product technology, controllable security risks, and passing relevant testing and certification, CUP intends to enrich the QR code with the "Cloud Flash Payment" product series to complement non-connected payment and enrich the "cloud". Flash payment "product system.
From cash transactions to swiping cards is an innovation, from the card to the mobile phone payment can be said to be a subversion. Where will the future of QR code payment be, and who will win the user's heart?
This means that the market status of QR code payment will be officially recognized.
In fact, this technology born in the UnionPay lab was launched by CITIC Bank in July 2013. In March 2014, the central bank doubted the security of the QR code and needed to wait for security verification. After the joint Ministry of Industry and Information Technology halted offline QR code payment service, the payment of QR code payment temporarily ceased in the market.
However, it subsequently overcame acquiescence in the market to explore the use of payment services provided by third-party payment agencies such as Alipay and Wechat Payments to seize the offline payment market in the past two years. Nowadays, the mobile phone payment habits of consumers have gradually evolved. When the banks re-launch the QR code payment service, how many opportunities do they have?
Attitude to risk
“Two-dimensional code payment was first developed by UnionPay in China.†The head of China UnionPay previously told the newspaper that China UnionPay’s national engineering laboratory for e-commerce and e-payment is the only national engineering laboratory in the domestic financial industry and has been All parties in the industry, both domestically and abroad, actively researched and explored various innovative payment models including QR code payment.
CITIC Bank was one of the earliest banks to develop two-dimensional code payment. In July 2013, the Bank launched the first phase of QR code payment service, which brought users a fast and convenient payment experience. In the same year, China CITIC Bank introduced “off-site paymentâ€. However, there are few payment and consumption scenarios, and these payments can only be realized on the basis of downloading the CITIC Bank APP.
However, the exploration of this innovative product came to an abrupt end in March 2014. At the same time, the central bank was suspicious of the security of the QR code payment, and it was necessary to wait for the safety verification. The joint Ministry of Industry and Information Technology suspended the offline QR code payment service. In September of that year, Alipay and Wechat Payments once again deployed two-dimensional code payments, which are now being rolled out nationwide. Not only Alipay, WeChat payment, but also the mobile phone client of many banks have scan code payment function, but few users use this function.
A person in charge of the joint-stock bank's e-banking department told the Economic Observer that regulators are concerned about the risk of two-dimensional codes, but the market is gradually maturing, and technological progress in recent years is not significant. Now that Alipay, WeChat payment, and banks are all underway, they are reluctant to give up this emerging market, and regulators have explored the default market.
When banks re-entered this market, it was no longer the same as in 2014. In the large and medium-sized cities, off-line high-frequency payment services such as offline supermarkets and catering services are mostly covered by Alipay and Wechat payment, and this trend is spreading to small and medium-sized cities and county towns. Ant Financial said, “We are optimistic about the future development trend of the QR code. As long as we use the micro-payment high-frequency scene, we will cover it.â€
Behind the payment
Financial services start with accounts, but how to provide comprehensive services through accounts and payments is the key to success.
In July of this year, ICBC officially launched a two-dimensional code payment product, becoming the first commercial bank with a two-dimensional code payment product. The QR code payment covers the entire online and offline O2O payment scenario through a simple “scanâ€, seamlessly links merchants and customers, and improves popular consumption environment through the promotion and application of QR code payment, making the payment network both widely covered. The “big arteries†such as major hotels, hypermarkets, and department stores are also densely populated with “capillaries†such as convenience stores, gas stations, and coffee shops, and they spread financial services to various fields of the people's livelihood. ICBC stated that it will take this opportunity to enter the QR code payment market.
However, these features have already been implemented in Alipay and Wechat payments. McKinsey's research shows that Alipay and thousands of companies cooperate to provide a variety of online and offline application scenarios that cover all aspects of everyday life: transportation, travel, supermarkets and convenience stores, restaurants, entertainment, and utilities. This completeness and convenience make Alipay popular among various consumer groups in China. In addition, at present, Alipay's “Internet+Public Services†has been used in 347 cities to provide car owner services, government affairs, medical services, education, transportation, and other convenience services. At the same time, the balance of wealth management, urban services, and Sesame credit and other different product lines continue to improve and increase their own service products.
Wu Hang, general manager of the Ant International Division, said, “In the future, we can’t just talk about payment based on payment. Our ultimate goal is to serve our customers. The customer’s needs are centered on the related services derived from the payment business, or The related value is what we need to pay special attention to."
WeChat Payment relies on WeChat to have a large number of user groups, starting with red envelopes, guiding users to bind bank cards, spending from the very first game scenes to shopping, and now catering, mobile phone recharging, city services, and store payment. McKinsey believes that another core competitive advantage of Internet-based organizations is the pursuit and use of big data and advanced analytics technologies. Finance never lacks data, but the full use of unstructured data, especially Internet-based data, can generate more innovations in product and marketing design and risk control.
In fact, payment is just the beginning, whether it is QR code payment or other payment. Alipay does not provide simple payment services. Instead, it provides security, credit, wealth management, and financing based on data such as payments, which means multiple functions such as marketing and membership.
Whose position?
Behind the simple two-dimensional code payment is the battle for business positions. With the support of the Payment and Clearing Association's regulations and policies, more banks, financial institutions, and third-party payment agencies will surely participate in the marketing of QR codes in the future. In the middle, businesses will be more easily accepted.
“Observing the current mobile payment observation analysis results, the online banking payment sites of commercial banks are already at a clear disadvantage, and they have almost become third-party network payment institutions, especially Alipay's back-end and capital channels.†Leading the Central Bank's financial IC card promotion work Li Xiaofeng, former director of the group’s office, once reported to the Economic Observer that “A mobile phone downloading an Alipay APP can solve most of the online payment demands.†From the current progress of online and offline payment, even if the central bank releases the QR code payment as soon as possible, The bank may not be able to regain this position.
UnionPay told reporters that the field of mobile payment is showing a trend of diversified development. The overall payment market has a certain demand for QR codes to be paid by micro-businesses that are more sensitive to cost, and CUP member banks and online acquiring agencies are also Expressed on the basis of non-payment of payment, it also supports the appeal of QR code payment.
In December 2015, China UnionPay joined more than 20 commercial banks to launch "Cloud Flash Payment," and the initial "Cloud Flash Payment" supports only the Android system. The cardholder needs to generate a cloud flash payment card on the mobile banking, with UnionPay " "Pay" payment on the "Pos" machine. At present, the "Cloud Flash Payment" product line covers a variety of medium formats such as non-connected IC cards, mobile phones, and wearable devices.
In the case of regulatory approval, mature product technology, controllable security risks, and passing relevant testing and certification, CUP intends to enrich the QR code with the "Cloud Flash Payment" product series to complement non-connected payment and enrich the "cloud". Flash payment "product system.
From cash transactions to swiping cards is an innovation, from the card to the mobile phone payment can be said to be a subversion. Where will the future of QR code payment be, and who will win the user's heart?
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