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On May 27th, China UnionPay and more than 40 commercial banks jointly announced in Beijing that they will officially launch the UnionPay cloud flash payment QR code products. As long as they use the bank app, users can implement scan code payment. From June 2nd, about 100,000 merchants in the 40 Hurun well-known business districts across the country will enjoy a 62% discount on the use of UnionPay cloud flash cards, mobile phones and scan code payment.
The three pairs of UnionPay QR code in UnionPay's hands are the second layout of the mobile payment market after the launch of the cloud flash payment from UnionPay, but this time it is directly chasing Alipay and WeChat's scan code payment. With the label of higher security standards and interconnection between different organizations, can UnionPay QR code be a part of Alipay WeChat? The industry insiders said that it is not easy.
However, UnionPay has made all-round plans for scanning code. The first step is of course to pull up the commercial banks of the small partners, including 40 banks including four super-large banks, including agro-industrial construction, and nearly 60 commercial banks are stepping up testing and opening soon, to realize other major banks during the year. Full coverage. In the future, the QR code of any cooperative commercial bank app can be connected to the UnionPay version of the QR code to achieve cross-line universality.
In addition, UnionPay International is also in the process of launching QR code business in Singapore, Thailand, Indonesia, South Korea, Australia and other domestic cardholders. The plan is to support cloud flash payment QR code service in Hong Kong and Singapore. . In the face of the blue ocean of overseas markets, Alipay and WeChat are still in the development stage. The UnionPay QR code naturally has a market, and the gap between the two is smaller than that of China.
The cloud flash payment before UnionPay also laid the foundation for cooperation with the merchants. In terms of acceptance, nearly 600,000 merchants across the country have already supported cloud flash payment for QR code, and each province has created 40 well-known business districts to facilitate cardholders to use the cloud flash to pay the QR code. In addition, nearly 60 acquiring institutions such as UnionPay Business, Fast Money, Tonglian, Lakara, and accompanying payment have completed the transformation of the acceptance end, and more merchants will join in the follow-up.
Cloud flash card and QR code
At the end of 2015, UnionPay and a number of banks jointly released a mobile payment product, the cloud flash payment card, which allows users to make payments in offline stores with non-contact pos machines, and at the same time cooperate with Apple Pay and launch in the second year. A number of cloud flash pay-off offers have been launched. Since October 2016, UnionPay has announced cooperation with a number of companies including the US, China Mobile and JD Finance to jointly develop the cloud flash payment business.
However, due to customer payment habits and offline incentives, the market development of UnionPay cloud flash payment cards has been slow. However, according to the latest data released by UnionPay, during the May 1 holiday period, the total amount of online banking transactions of UnionPay was 512.3 billion yuan, a year-on-year increase of 38%. The transaction amount of financial IC cards was 10 times higher than that of the same period of the previous year. UnionPay cloud flashed all kinds of mobile phone Pay business. The growth was obvious, and the transaction amount increased by 180% year-on-year. This shows that the potential of UnionPay in the market is still there, and it brings confidence to promote QR code payment.
The user's scanning code payment habit has been fairly solidified by Alipay and WeChat. China UnionPay naturally does not want to give up this market. So in November 2016, it launched the QR code payment standard and officially launched the scan code payment. This time, with the help of various banking apps, there is a channel for obtaining customers, and with the help of UnionPay itself in the mobile payment market, the combat effectiveness is not low.
The cricket from the bank mentioned China UnionPay, which undoubtedly thought of the bank friends behind it, but these small partners obviously have more ideas than UnionPay. At present, ICBC and CCB are also following the trend of the UnionPay big brother, and from time to time also look at the third-party payment giant Alipay and WeChat.
On March 28 this year, Alibaba Group and its Ant Financial Group signed a third-party strategic cooperation agreement with China Construction Bank (601939). The two parties will promote online and offline channel business cooperation, electronic payment business cooperation, and communication system. It will also realize mutual recognition of two-dimensional code payment, Alipay will support CCB mobile banking App payment; followed by April, Industrial and Commercial Bank of China (601398) announced that ICBC QR code will continue to support WeChat payment, UnionPay QR code and main The three parties pay for the QR code product and carry out the aggregate payment and receipt business.
Today, the two sides have also cooperated with China UnionPay to carry out the UnionPay QR code scanning business. In this way, banks do not want to stand up casually. Their ambition is to aggregate payment services and further integrate consumer big data. The insiders also pointed out that the current development of mobile payment is basically mature, and a new model of aggregate payment has been derived. At present, the third-party license regulation of the payment industry is tightened, and the acquisition of stock licenses frequently occurs. At the same time, the billing rate is lowered, and the industry further has a clear integration trend.
What are the thresholds to pass?
When UnionPay released the UnionPay QR code standard last year, it actually went online in its own UnionPay wallet, but few people paid attention. After all, most of the user's mobile phones have Alipay and WeChat payment, as well as banking-based financial apps, which have higher user base and user stickiness than UnionPay wallets. Therefore, UnionPay wallets have been pulled into the bank, reducing the cost of obtaining customers, and then using the advantages of their interconnection to promote.
Regardless of whether the small partners of UnionPay can fully advance under the consideration of interest factors, there are still problems facing the UnionPay QR code:
The first is the experience of banking-based financial apps. For security reasons, once the user withdraws from the bank app or does not continue to operate, even if they are separated for a few minutes, they must re-enter the password. The experience is not convenient and convenient, and the user's stickiness will decrease. Even if UnionPay adopts the money-burning push mode to acquire users at this stage, the user experience will not keep up in the latter stage, and users will still lose a lot.
Secondly, the problem of small traders is that the current UnionPay QR code is only on the user's mobile phone, and it is necessary to use a scanner to scan the code, but the small traders are not willing to spend a high cost to install the scan code terminal, and operate it. There is no Alipay and WeChat QR code at all, so the sinking space of UnionPay QR code has yet to be tested. After all, in the competition of Alipay WeChat, the status of small traders is very important.
However, according to media reports, UnionPay is also about to open the QR code push mode. The previous target is in the partner merchants, and then the payment code with UnionPay will also spread all over the streets. But this is another long process.
It is reported that Jingdong, Meituan, and public commentary have also accessed the UnionPay QR code, and users can scan the UnionPay QR code through their App. The preferential promotion mode + online and offline scenes, as well as the security and interoperability of the UnionPay QR code, gives it a certain offensiveness, and ultimately can enter the battlefield of Alipay WeChat, becoming a three-legged trend, although it remains to be seen, but remains to be seen, but People who eat melons are still very happy to have such intruders, because the concessions that consumers receive are real!
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