Brush the QR code to complete the purchase and provide a QR code to pay for the purchase. In the past, the “May 1st†holiday, mobile payment has continued to become a habit choice for many people in their lives. Since 2010, the transaction scale of China's third-party payment market has maintained an average annual growth rate of more than 50%. According to the latest report released by the China Payment and Clearing Association, from the global comparable perspective, China's non-cash payment growth rate is more than four times the global average speed. According to the report of the United Nations Development Programme, the mobile payment market in China reached 2.9 trillion US dollars in 2016, a 20-fold increase in four years. The report believes that China's mobile payments are changing the world.
Mobile payment promotes the development of China's financial industry
Compared with the United States, the world's largest financial power, in the field of mobile payments, China Mobile's payment in 2016 was about 50 times that of the US. Acer, the chief financial scientist of China's financial think tank, believes that the rapid development of mobile payments has promoted the development of China's financial industry.
Acer said: "With the development of Internet technology and financial technology, people can pay without the bank. The advancement of this technology and financial innovation have indeed promoted the development of finance." Payment companies have gone out to sea.
The big mobile payment market in China is staggering. However, Chinese companies are not only satisfied with the domestic market, the two mobile payment giants Alipay and WeChat payment have accelerated overseas deployment. You can use Alipay at the top ten airports in the world, such as Munich Airport and Tokyo Narita Airport. WeChat also launched payment services in Canada. "May 1" outbound travel, more Chinese feel that more and more places can be without a wallet. IT observer Yan Yongqing believes that mobile payments going abroad are changing the world's payment habits.
Yan Yongqing said that "the growth rate of third-party payment may be faster than that of foreign countries. It may in turn affect the status quo of third-party payment in overseas markets. Because Alipay and WeChat payment are now increasingly coming to overseas markets. â€
Central bank cleans up third-party payment institutions
However, the rapid development of the industry has also brought many problems and challenges to the supervision. China's third-party payment has grown rapidly through market-based fierce competition and a relaxed regulatory environment. With the third-party payment usage scenario extended by mobile Internet micropayments to offline and non-micro-transactions. Potential financial risks also need to be addressed. The central bank recently issued a series of heavy punches to third-party payment institutions, and issued a fine of 580,000 yuan and 30,000 yuan for Ningbo UnionPay Business and Shenzhen Ruiyinxin respectively.
In fact, since the second half of 2015, the central bank has no longer issued new licenses. Under the dual pressure of tighter licenses and heavy punches. According to the latest report released by the China Payment and Clearing Association, 270 non-bank payment institutions were reduced to 255 in 2016 due to cancellations and non-renewal. Acer believes that increasing risk management and preventing financial risks in the payment field is a prerequisite for the development of third-party payment.
Acer said: "There are really serious problems in many small-scale third-party payment institutions. Private finance and P2P are illegally raising funds to deceive the people with the banner, but after the money is collected, it has not entered. In the real economy, it is used to do some speculative speculation, so it is more destructive to the economy."
According to Wu Qing, a researcher at the Development Research Center of the State Council, it is expected that a considerable part of the stock institutions will be gradually squeezed out of the industry in the future, and the industry is losing more and more oligarchs.
Wu Qing said, "It may be that some small third-party payment institutions may withdraw from the market at any time. This should be the norm. In an industry with a natural monopoly, it is natural to form oligarchs and even form more concentrated than the oligarchs. Things."
However, there are also views that the rapid development of China's third-party payment industry benefits from the huge population and market size, and the rapid Internet trend, especially the rise of e-commerce and the rapid development of Internet finance and loose regulation. As these dividends slowly diminish, third-party payments will shift the focus of competition from the consumer side to the industry side in the future, and use payment data to provide diversified financial services. From the financial powers to the financial powers, China's financial development needs to be repaired both internally and externally.
The emergence of WeChat payment and Alipay has changed the payment methods that everyone is used to. Emerging financial industries, including mobile payments, are fully reconstructing China's financial elements and financial functions. It can be said that the financial innovation brought by third-party payment has opened up a new path for the development of China's financial market.
However, growth always goes through pain. While affirming the results, we should see that third-party payment is the core of China's Internet finance, and the financial risks brought about by its rapid development are in urgent need of purification. In particular, it is necessary to strengthen “strict supervision†for the risk of misappropriation of the use of the third-party payment platform, or even “running the roadâ€. As of now, the central bank has issued 48 consecutive fines in this area. This is the right medicine. Only by taking good control of the gates can we take the healthy pace of big country finance.
From a global perspective, mobile payment, as a fast-growing financial innovation in China, has already had a first-mover advantage. But in the process of going to the world, it is not necessarily easy to copy the glory in China. This is not only the difference of foreign financial mechanisms, but also the resistance of local supervision, but also the interception of foreign competitors. In the martial arts world, there is a saying that “there is a breath in the air, and the skin is trained outside the bodyâ€, especially in overseas games. What China's mobile payment companies need to do is to fill the shortcomings of the enterprise under the “strict supervision†of the country, and to achieve “quality†while stabilizing the “quantity†of the domestic market. Only when both internal and external repairs are made, the wind is clear. This is also the only way for China to move from a financial power to a financial power.
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