Will financial payment companies continue to triumph in the next few years?

Recently, the media reported that the rectification of the mutual gold industry has been postponed. The special rectification work scheduled to be completed in March this year will be postponed until June 2018. At that time, the platform for rectification will be directly banned.

In fact, signs of rectification and delay have long existed. The Implementation Plan for the Special Remediation of Internet Financial Risks was formed in April 2016. The period from December 2016 to the end of March 2017 was taken as the final acceptance and summary stage. It is planned to complete the special rectification in one year. However, the "Notice on Implementing the Relevant Matters Concerning the Deposit and Deposit of Deposits by Clients in Payment Organizations" issued in January 2017 puts forward the requirement of "delivering to a designated institution's special deposit account in accordance with a certain percentage", which is a gradual promotion.

This kind of thinking arises from the fact that Internet finance involves multiple formats. Each business model has different business models, different potential risk points, and different risk rectification methods. The time required for rectification is also different. Below, we review and review the third-party payment industry compliance rectification that we are more concerned about.

Review of third-party payment industry rectification

In the various forms of Internet finance, the third-party payment industry first obtained the birth certificate. As early as 2011, the People's Bank of China began to issue the "Payment Business License" in batches, and by 2015, a total of 270 licenses were issued. The issuance of payment licenses has enabled third-party payment to enter the sun from the “grey zone”, laying a solid foundation for the prosperity of the industry.

In the process of rapid development of the industry, due to the competition for market share and the need to reduce costs, some third-party payment companies have begun to bypass the regulatory principles, in reserve payments, clearing settlements, clearing, set-up, anti-money laundering, etc. The issue of exposure has gradually accelerated the consolidation of industry and the arrival of supervision.

The institutional norm of the receipts is marked by the issuance of the “Notice on Improving the Pricing Mechanism for Bank Cards and Fees” in March 2016. It is intended to reduce the operating costs of merchants, expand consumption, and guide bank card operators to improve their management and management. Service quality promotes the sustainable and healthy development of China's bank card industry. Objectively, this paper document abolished the genes of the “rebellious chaos” in the acquiring industry. It is embodied in two major "King Kong means":

First, change government pricing to market pricing, giving UnionPay and banks sufficient market pricing power. Previously, the acquiring giant strictly abide by the government's pricing, while some small acquiring institutions broke through the policy restrictions in disguise, expanding the market through flexible pricing methods, triggering the price war of the entire third-party payment and acquiring industry, becoming a series of chaos. source. After the giants gain flexible pricing power, it is difficult for small third-party payment acquirers to expand the market simply through low prices.

The second is to unify the merchant category and gradually cancel the differential rate pricing mechanism. The space for the package is getting smaller and smaller. After the two-year transition period, it basically does not exist. Can not set the code, the cutting machine also lost the soil, a double arrow, the chaos is difficult.

The institutional norms of the Internet payment link are marked by the promulgation of the “Administrative Measures for Network Payment Services of Non-bank Payment Institutions”. The payment account begins to be real-named and has a payment limit. The positioning of small-value Pratt & Whitney is becoming more and more obvious, and there are many payment institutions. The actual situation of the risk management ability is uneven, the classification and supervision of payment institutions, the implementation of differentiated supervision, and the improvement of regulatory pertinence. At the same time, the networked platform is up and running, and is committed to providing unified and transparent fund clearing services for payment institutions and strengthening the management of reserve funds. The bank direct connection model of third-party payment institutions will gradually become history.

Finally, banks and UnionPay, which have been subject to account restrictions and scan code payment compliance, are hard to show their strengths. With the new regulations on bank virtual accounts and scan code payment, the traditional giants are entering the market, which is more conducive to the steady development of the industry. .

In the process of steady rectification of the industry, the market structure has also begun to accelerate differentiation. The C-end market has occupied more than 90% of the market share by several giants. The cross-border market has become a new growth space for the industry. "The space of the B-end market, although the overall situation is undecided, but the B-end market has customized, personalized features, and does not involve public funds, there is basically no room for chaos.

Overall, although the third-party payment industry has not been rectified, the compliance rectification is no longer the most pressing issue facing the industry.

Payment in rivers and lakes in rectification: cancellation of tides, high price buying and transformation

Since 2011, the central bank has issued 270 third-party payment service licenses to the market, valid for five years. However, when the first batch of payment licenses expired in August 2016, the central bank has clearly stated that it will no longer issue new licenses. This means that the payment licenses in the market will only be reduced, and the current stock base is only 255.

At the same time, the central bank increased the clean-up and rectification of unlicensed and illegal operations. During the "two sessions" this year, Fan Yifei, deputy governor of the central bank, pointed out that there are a large number of institutions in the market that are unlicensed in the payment business. The progress of the clean-up was announced. As of January this year, 239 institutions illegally engaged in payment business were cleaned up and cleaned up, and some of them have been transferred to the public security department for processing.

On the one hand, there are fewer and fewer stock licenses. On the one hand, the unlicensed edge ball can't be beaten. The market needs to be self-evident.

Hard to find

"Two things that have attracted attention in the recent payment market. First, the United States spent 720 million yuan to acquire Yeston Payments Co., Ltd. and won the payment license. Second, the China Payment and Clearing Association accepted the previous Ctrip prepaid card violation report, even if it was not Penalties, Ctrip's next step in how to conduct online payment business is also unknown." A third-party payment business person, Mr. Zhang told 21st Century Business Herald, "For the payment business, the importance of the license is more prominent, and the price is rising. ""

When the reporter inquired about the registration information of Yingtong Payment Co., Ltd. acquired by Gome, it found that the business scope of Yingtong Payment includes prepaid card issuance and acceptance (only in Beijing, Shanxi, Yunnan, Guizhou) and Internet payment (national). Compared with the previous payment license transactions, according to the reporter's incomplete statistics, the license transaction price of only these two businesses is the highest as the acquisition of Evergrande in August last year. Some media reported that the purchase price was 570 million yuan. The purchase price can be called a new high.

The aforementioned third-party payment business personnel told reporters that there are three main types of payment licenses in the market: online payment, bank card receipt, and the issuance and acceptance of prepaid cards. Among them, the network payment license is the most expensive. And online payment is subdivided into Internet payment, mobile payment, digital telephone payment and fixed TV payment. Among them, mobile payment license is the most expensive.

Mr. Zhang said that the market price of a third-party payment license with a business scope of Internet payment was about 500-600 million yuan. If there is a mobile payment service, it can be higher. The transaction price of Gome 720 million is certainly not low, and the tightness of the payment license is evident.

According to the market data of CICC, the overall transaction scale of third-party payment in 2016 (offline POS flow + online transaction scale) increased by 73% year-on-year to 87 trillion yuan, and it is expected to maintain 27% of the medium and high speed in the next 10 years. increase.

"But the cake is not evenly distributed, but more than 80% of the market share is occupied by Alipay, Tenpay, Bank of China, and fast money. The other 200 small and medium-sized enterprises are consuming less than 20% of the market." The payment bank business person said that payment is a thin profit industry. The traditional model mainly relies on collecting fee income, but it is impossible to make money without a certain scale. In fact, a large number of companies with payment licenses trying to carry out payment business are still in the market. Loss status.

Transforming wealth management into a boom

Zhu Xiaodong, chairman of Zhongke Jincai, said at the seminar on “New Payments, New Technologies, and New Finance” on June 22nd that PwC’s “2016 Global Financial Technology Survey Report” pointed out that 84% The payment company has made financial technology its core strategy, 35% of the payment companies have created their own financial technology subsidiaries, and only 4% of the payment companies have not yet involved financial technology business. “At the same time, our research found that 90% of payment companies believe that one-quarter of their business will be taken away by financial technology companies in 2020, so payment companies are rapidly transforming into financial technology.” Zhu said.

The aforementioned share-paying business people pointed out that in the future market competition, financial markets and financing are more expensive than payment. The payment company will be based on the accumulated user information and transaction data, and can extend to the Internet finance fields such as personal credit information, consumer credit, wealth management product sales, and small and micro enterprise loans. It can be predicted that the main business will extend to Internet finance, and the payment of diversion to other financial formats will become the next competition for Internet giants with payment licenses.

In the interview, the reporter found that the extension of payment to wealth management has gradually become a trend. Relying on the stable customer base cultivated by mobile payment habits, Alipay, Tenpay, Remittance and other payment platforms are all online related wealth management platforms, and the transaction scale exceeds many small and medium financial institutions.

Recently, Ant Financial Service officially upgraded “Ant Jubao” to “Ant Wealth”, which fully opened the platform and the latest AI (Artificial Intelligence) technology to various financial institutions such as fund companies and banks, and claimed to use wealth management as Ant Financial 2017. An important strategy for the year.

Zhou Xiangyong, general manager of Guotai Fund, told reporters that in the past year, the stock market price fluctuations, the size of the entire industry equity fund is in negative growth, but the sales of Cathay's equity fund products in the ant platform has doubled. The payment platform provides data, technology, and the investment ability of the client and the fund company to form a complete ecological chain. The fund company is very willing to cooperate with the payment platform.

Zhou Xiangyong also pointed out that taking ant wealth as an example, the current stable active customers are around 35 million, which is far more than any bank and financial institution. In addition, more than one-third of the customers after the 80s and 90s, and these growing customers are the backbone of China's future wealth management, and their financial management habits are changing.

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