Faced with being written off and shuffled? The third-party payment field is still too far from maturity
2023-03-23 08:12:40
On March 27th, after more than ten years of development, the third-party payment industry has entered a mature development period. It is expected that in 2017 and 2018, a wave of third-party payment institutions will be ushered in.
Since the beginning of this year, Fan Yifei, the deputy governor of the central bank, has repeatedly mentioned the issue of payment risk.
On March 13th, at the press conference on the theme of “Financial Reform and Development†held at the Fifth Session of the 12th National People's Congress, Fan Yifei said that non-bank payment institutions have accumulated some problems and risks in the past few years. More serious, the internal control of the organization is weak, the risk management is relaxed, and the protection of consumers is not enough. The accumulated risks in the previous period should be resolved, and the infrastructure should be strengthened, and supervision should be strengthened.
On the 17th of the same month, at the video conference call on payment and settlement work held by the central bank, Fan Yifei emphasized that in 2017, he will firmly hold the bottom line of systemic risks in the payment field, continue to strengthen supervision, and maintain chaos and violations of various types of markets. The high pressure situation prevents the market from rebounding.
Paying industry risks
The so-called payment system risk refers to the uncertainty that affects the various unfavorable factors that affect the smooth operation of the payment system. The Bank's Core Principles on Critical Payment Systems considers the payment system to be:
The first is credit risk. The risk posed by a system in the system when a party fails to settle its system-wide debt at maturity or at any time in the future.
The second is liquidity risk. A party in the system may have sufficient funds to pay its system-wide debt at some time after the expiration, but there is not enough funds at the expected time to settle the risks posed by its liabilities within the system.
The third is legal risk. The risk of an unreasonable legal framework or legal uncertainty that causes or exacerbates credit risk or liquidity risk.
The fourth is operational risk. Operating factors that cause or exacerbate credit risk or liquidity risk, such as the risk of a technical failure or operational error.
The fifth is systemic risk. A participant cannot settle its debt or damage to the system itself, which may result in participants in other systems not being able to settle the risks posed by their debts at the end of the period. Such damage can lead to a wider range of liquidity problems and credit problems that may threaten system stability or financial market stability, the domino effect.
Payment of licenses also has uncertainty
Since 2010, the average annual growth rate of China's third-party payment market has maintained a rapid growth rate of more than 50%, and has become a global leader. According to the latest 2016 “China Third-Party Mobile Payment Market Research Report†published by Bida Consulting, the total transaction amount of third-party payment in China in 2016 was 57.9 trillion yuan, which was 85.6% compared with 2015. The scale of mobile payment transactions is 38.6 trillion yuan, about 50 times that of the United States.
In order to carry out a third-party payment business, you must first have a payment license. The so-called "payment license", that is, the "payment service license" issued by the central bank to a third-party payment company. Previously, the central bank issued a total of 270 payment licenses, of which three were revoked because of serious problems in the management of the provision, so there are still 267 licenses on the market. Since then, the issuance of central bank payment licenses has been suspended.
In the list of third-party payment licenses, there are a series of well-known companies, and the purchase price is high.
But it is worth noting that third-party payment licenses are valid for five years, and the industry will face increasingly strict regulations. At present, the central bank only suspends the issuance, but it does not mean that it will not reopen applications for qualified enterprises in the future. “It may cost more in the end.â€
What is even less optimistic is that Fan Yifei, the deputy governor of the central bank’s supervisor, recently reiterated in his answer to the reporter’s question that in recent years, the oversupply of licenses in the market has been more serious, and the industry has excessive competition. The fourth wholesale license number is up to 96 companies. It is expected that in June this year, it is likely that some SME licenses will be cancelled. The amount of the cancellation of the license depends on the management's determination and plan.
At the same time, there are data showing that in the fourth quarter of 2016, an anti-fraud center in a prefecture-level city along the coast of Fujian received a total of 1049 fraud alarms, involving a total amount of 14.45 million yuan, of which 587 cases involved funds flowing to third-party payment platforms. , accounting for 56% of the total number of police.
Some third-party payment platforms are confusing in management. In order to expand the market, the account and transaction real-name system are not implemented, and POS machines are spammed. The construction of individual third-party payment platform network systems is seriously lagging behind, and it is even impossible to query the platform for accurate transaction information, merchants and trader identities. All give fraudsters a chance.
In recent years, the central bank has repeatedly issued documents to regulate third-party payment platforms. This includes requiring third-party payment institutions to establish and improve customer identification mechanisms, adopt effective anti-money laundering measures, and limit payment and transfer amounts.
Financial security, payment security is a prerequisite
The current financial system has many types of risks, and there are many forms of expression, but in the end it will focus on payment. In other words, as long as there is no problem in the payment field, it can mean that the risk is not exposed, has not occurred, and even the risk is not considered to exist. Conversely, as long as there is a risk in the payment field, even if the behavior is re-regulated and the management is stricter, it cannot be denied that this is not a risk. Therefore, whether there is risk in the payment field is the most fundamental criterion for measuring the existence of risk. Naturally, preventing risks in the payment field will become the most important job.
The crux of the problem lies in whether the payment field will be risky, not determined by the payment system, but the whole financial activity is reflected in the payment system. The financial activities are standardized, orderly, and strict, and the risk is difficult to pass to the payment. system. The payment system is so risky because of problems in other links and eventually to the payment system. The risk in the payment field is not just that the bank can't get the money. In many aspects, there may be payment risks, such as insurance institutions and Internet financial institutions.
Therefore, in order to prevent the risk of payment system, it is necessary to standardize financial behavior, improve the financial supervision system, rectify the financial market order, and eliminate all potential risks, rather than let it extend and spread to the payment system. Once the risk is passed to the payment system, the problem is very complicated and the contradictions are very sharp. Even if it can be resolved, the cost will be much greater. There are many lessons in this area, and the losses caused are also very large.
Therefore, while emphasizing the prevention of risks in the payment field, we should put our eyes on the supervision of the entire financial system and financial activities, put them on all aspects of financial activities, and set up an early warning system in every link and every system. Obviously, strengthening the reform of the financial supervision system, accelerating the construction of the financial supervision system, and establishing a new regulatory system and mechanism as soon as possible are the key to preventing the accumulation of financial risks and the accumulation of financial risks. If the financial regulatory system is sound and the mechanism is established, the risk will be difficult to pass to the payment field. As long as there is no risk in the payment field, the entire financial system is safer. This is both a prerequisite and a result.
Since the beginning of this year, Fan Yifei, the deputy governor of the central bank, has repeatedly mentioned the issue of payment risk.
On March 13th, at the press conference on the theme of “Financial Reform and Development†held at the Fifth Session of the 12th National People's Congress, Fan Yifei said that non-bank payment institutions have accumulated some problems and risks in the past few years. More serious, the internal control of the organization is weak, the risk management is relaxed, and the protection of consumers is not enough. The accumulated risks in the previous period should be resolved, and the infrastructure should be strengthened, and supervision should be strengthened.
On the 17th of the same month, at the video conference call on payment and settlement work held by the central bank, Fan Yifei emphasized that in 2017, he will firmly hold the bottom line of systemic risks in the payment field, continue to strengthen supervision, and maintain chaos and violations of various types of markets. The high pressure situation prevents the market from rebounding.
Paying industry risks
The so-called payment system risk refers to the uncertainty that affects the various unfavorable factors that affect the smooth operation of the payment system. The Bank's Core Principles on Critical Payment Systems considers the payment system to be:
The first is credit risk. The risk posed by a system in the system when a party fails to settle its system-wide debt at maturity or at any time in the future.
The second is liquidity risk. A party in the system may have sufficient funds to pay its system-wide debt at some time after the expiration, but there is not enough funds at the expected time to settle the risks posed by its liabilities within the system.
The third is legal risk. The risk of an unreasonable legal framework or legal uncertainty that causes or exacerbates credit risk or liquidity risk.
The fourth is operational risk. Operating factors that cause or exacerbate credit risk or liquidity risk, such as the risk of a technical failure or operational error.
The fifth is systemic risk. A participant cannot settle its debt or damage to the system itself, which may result in participants in other systems not being able to settle the risks posed by their debts at the end of the period. Such damage can lead to a wider range of liquidity problems and credit problems that may threaten system stability or financial market stability, the domino effect.
Payment of licenses also has uncertainty
Since 2010, the average annual growth rate of China's third-party payment market has maintained a rapid growth rate of more than 50%, and has become a global leader. According to the latest 2016 “China Third-Party Mobile Payment Market Research Report†published by Bida Consulting, the total transaction amount of third-party payment in China in 2016 was 57.9 trillion yuan, which was 85.6% compared with 2015. The scale of mobile payment transactions is 38.6 trillion yuan, about 50 times that of the United States.
In order to carry out a third-party payment business, you must first have a payment license. The so-called "payment license", that is, the "payment service license" issued by the central bank to a third-party payment company. Previously, the central bank issued a total of 270 payment licenses, of which three were revoked because of serious problems in the management of the provision, so there are still 267 licenses on the market. Since then, the issuance of central bank payment licenses has been suspended.
In the list of third-party payment licenses, there are a series of well-known companies, and the purchase price is high.
But it is worth noting that third-party payment licenses are valid for five years, and the industry will face increasingly strict regulations. At present, the central bank only suspends the issuance, but it does not mean that it will not reopen applications for qualified enterprises in the future. “It may cost more in the end.â€
What is even less optimistic is that Fan Yifei, the deputy governor of the central bank’s supervisor, recently reiterated in his answer to the reporter’s question that in recent years, the oversupply of licenses in the market has been more serious, and the industry has excessive competition. The fourth wholesale license number is up to 96 companies. It is expected that in June this year, it is likely that some SME licenses will be cancelled. The amount of the cancellation of the license depends on the management's determination and plan.
At the same time, there are data showing that in the fourth quarter of 2016, an anti-fraud center in a prefecture-level city along the coast of Fujian received a total of 1049 fraud alarms, involving a total amount of 14.45 million yuan, of which 587 cases involved funds flowing to third-party payment platforms. , accounting for 56% of the total number of police.
Some third-party payment platforms are confusing in management. In order to expand the market, the account and transaction real-name system are not implemented, and POS machines are spammed. The construction of individual third-party payment platform network systems is seriously lagging behind, and it is even impossible to query the platform for accurate transaction information, merchants and trader identities. All give fraudsters a chance.
In recent years, the central bank has repeatedly issued documents to regulate third-party payment platforms. This includes requiring third-party payment institutions to establish and improve customer identification mechanisms, adopt effective anti-money laundering measures, and limit payment and transfer amounts.
Financial security, payment security is a prerequisite
The current financial system has many types of risks, and there are many forms of expression, but in the end it will focus on payment. In other words, as long as there is no problem in the payment field, it can mean that the risk is not exposed, has not occurred, and even the risk is not considered to exist. Conversely, as long as there is a risk in the payment field, even if the behavior is re-regulated and the management is stricter, it cannot be denied that this is not a risk. Therefore, whether there is risk in the payment field is the most fundamental criterion for measuring the existence of risk. Naturally, preventing risks in the payment field will become the most important job.
The crux of the problem lies in whether the payment field will be risky, not determined by the payment system, but the whole financial activity is reflected in the payment system. The financial activities are standardized, orderly, and strict, and the risk is difficult to pass to the payment. system. The payment system is so risky because of problems in other links and eventually to the payment system. The risk in the payment field is not just that the bank can't get the money. In many aspects, there may be payment risks, such as insurance institutions and Internet financial institutions.
Therefore, in order to prevent the risk of payment system, it is necessary to standardize financial behavior, improve the financial supervision system, rectify the financial market order, and eliminate all potential risks, rather than let it extend and spread to the payment system. Once the risk is passed to the payment system, the problem is very complicated and the contradictions are very sharp. Even if it can be resolved, the cost will be much greater. There are many lessons in this area, and the losses caused are also very large.
Therefore, while emphasizing the prevention of risks in the payment field, we should put our eyes on the supervision of the entire financial system and financial activities, put them on all aspects of financial activities, and set up an early warning system in every link and every system. Obviously, strengthening the reform of the financial supervision system, accelerating the construction of the financial supervision system, and establishing a new regulatory system and mechanism as soon as possible are the key to preventing the accumulation of financial risks and the accumulation of financial risks. If the financial regulatory system is sound and the mechanism is established, the risk will be difficult to pass to the payment field. As long as there is no risk in the payment field, the entire financial system is safer. This is both a prerequisite and a result.
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