The illegal agency payment license was recovered, the payment giant received the regulatory ticket, and the payment license was disguised in the transfer. The supervision of the third party payment field is gradually escalating. At the same time, the establishment of mechanisms such as centralized deposit management and non-bank payment institution network payment clearing platform also built a risk prevention and control network for the payment industry.
Under the regulatory tone of “strict supervision†and “anti-riskâ€, there are still signs of reshuffle and consolidation in the third-party payment market with more than 200 stock licenses. According to industry insiders, the continued adjustment of the market is inevitable. After the unconstrained payment institutions are phased out, the oligopoly pattern that has already begun to emerge will be more prominent.
Strict supervision, "opening the ticket" and "tightening the license"
There are indications that “strict supervision†and “anti-risk†have become the main tone of the central bank's supervision of the payment industry, especially the third-party payment industry, in the past two years.
Fan Shuangwen, deputy director of the Department of Payment and Settlement of the People's Bank of China, said in an interview with the media recently that with the increasingly fierce market competition, different payment service market players have different development interests, and the development path has become different. Some institutions have rules and disorderly competition. It has destroyed the order of the industry and affected the market fairness. At the same time, technological progress has profoundly affected the development of the payment business. The payment business innovation cycle has been shortened, risks have accompanied, and the risk transmission methods have become increasingly complex. In the process of rapid development, the payment service industry has exposed different levels of risks in terms of capital security, customer information protection, and payment system construction. Therefore, since 2016, the People's Bank of China has vigorously promoted “strengthening payment supervision and preventing payment risks†and adopted a series of measures to increase supervision, implement and effectively prevent financial risks.
On the one hand, “strict supervision†is reflected in the fact that the regulatory authorities have imposed “unscrupulous punishment†on illegal third-party payment institutions. In May of this year, the central bank issued the regulatory bills for the first time for the two major payment giants, Tenpay and Alipay, which caused widespread market concern. According to the punishment information, Tenpay Payment Technology Co., Ltd. was fined RMB 30,000 for failing to strictly implement the relevant provisions of the “Administrative Measures for Network Payment Services of Non-bank Payment Institutionsâ€; Alipay (China) Network Technology Co., Ltd. violated the payment business regulations Was required to make corrections within a time limit and imposed a fine of RMB 30,000. Market participants generally believe that although the amount of fines of 30,000 yuan does not seem to be large, but the police have a strong sense of the police, but also shows the determination and attitude of the regulatory authorities to strengthen supervision. It is worth noting that in addition to the two giants, since 2016, the central bank has issued a number of tickets for third-party payment agencies, some of which have reached a million or even tens of millions. Last year, the People’s Bank of China’s Business Management Department issued a fine of AU, which imposed a total of 52.95 million yuan on fines and confiscation of illegal proceeds. This year, Yi Lianlian Payment Co., Ltd. was punished by the People's Bank of China Guangzhou Branch for a total of 5.33 million yuan due to violations of non-financial institution payment service management regulations and bank card acquiring business management regulations.
According to media statistics, last year the central bank issued more than 30 tickets and the penalty amount exceeded 100 million yuan. On the whole, third-party payment institutions are punished mainly for violations of the relevant provisions on the management of the provisions, such as the failure to deposit and use the customer's provision, and some even misappropriated the provision, resulting in the loss of operational qualifications. In addition, some payment institutions violated the payment service management of non-financial institutions, bank card acquiring business management, prepaid card business management and related clearing management.
On the other hand, “strict supervision†is reflected in the fact that the regulatory authorities are more cautious about the issuance and renewal of payment licenses. Zhejiang Yishi Enterprise Management Service Co., Ltd. was the first company to be cancelled by a third party payment license due to a large number of serious problems such as misappropriation of customer reserve funds and capital chain breakage on August 24, 2015.
On June 26 this year, the central bank issued the results of the fourth batch of non-bank payment institution license renewals. Compared with the renewal of the first three batches last year, the renewal requirements are more stringent and the supervision is obviously enhanced. Violation of the relevant provisions of customer reserve management, violation of bank card collection management regulations, violation of anti-money laundering regulations, and major defects in the security and risk monitoring of payment service facilities have become the main reasons for the organization not to be renewed or cancelled.
Fan Shuangwen said that as of July 2017, the People's Bank of China steadily carried out the business renewal of four batches of payment institutions, and a total of 197 institutions submitted applications for renewal. The People's Bank of China refused to renew 10 organizations with major violations of laws and regulations. The merger of 10 institutions was achieved in the process. After the completion of the merger, the total number of licensees will be reduced from 271 to 247.
Heavy punches, payment of license violations are prohibited
Judging from the issue of third-party payment licenses in recent years, the speed at which the central bank has approved new licenses has indeed declined year by year. After 2013, the speed has dropped significantly. After March 2015, no new third-party payment licenses have been approved. In the second half of 2016, the central bank made a clear statement on the renewal of the first batch of 27 non-bank payment institutions, the “Payment Business Licenseâ€. In principle, the new institutions will not be approved in principle for a period of time. There are institutional normative guidance and risk mitigation work.
With the tightening of supervision, the scarcity of payment licenses has become more and more prominent. Many capitals have adopted mergers and acquisitions to achieve the purpose of obtaining payment licenses. The payment circle COO亓 Xingang told reporters that as the last part of the transaction, the status of payment is very important. Entering the payment industry has become a key layout for the strategic transformation of many Internet giants. In the case that the license is not approved for payment, the license M&A has become the only way for many large enterprises to lay out the payment industry. "For example, after Xiaomi Company failed to pay the license, it obtained a third-party payment license through the acquisition of Jiefu Ruitong; Wanda Group also obtained a third-party payment license through the acquisition of fast money. The US group called "unlicensed business" by lawyers Billions of dollars have acquired Qianbaobao," he said. According to incomplete statistics, as of now, there are 62 cases of payment license M&A, and the M&A price ranges from several million yuan to several billion yuan.
The difference in the price of the acquisition depends on the value of the license itself. “Each “Payment Business License†has specific definitions of business coverage and business types. Licensed enterprises must conduct business within the scope of the regulations. The scope of business coverage defines the geographical scope of business development, and there are national , multiple provinces and cities and single provinces and cities; business types include one or more of bank card receipt, internet payment, mobile phone payment, fixed telephone payment, prepaid card issuance and acceptance. Shell and integrated of a prepaid card license The price of shells for sex licenses is very different, and the capital acquisition standards are more inclined to comprehensive licenses.†Xin Xingang added.
Analyst Wang Pengbo, an analyst at Analysys, said in an interview that relying on the acquisition of a payment company to obtain a license is permitted by the regulatory authorities. The rise in the price of the payment license is actually based on the market's expected prospects for the development of the entire third-party payment industry. "Payment can play a significant and fundamental role in the entire social economy and even commercial circulation. On this basis, the giants can get more value-added benefits, so the value of the license will rise higher and higher." Wang Pengbo said.
It is worth noting that in addition to the legal compliance behaviors such as mergers and acquisitions, some institutions have transferred licenses through some more subtle behavioral violations, which has already attracted the attention of the regulatory authorities. The central bank has previously stated that it is resolutely put an end to the act of buying and selling the license for the payment of business licenses.
“The price of payment licenses has risen, and some people even say that 'real estate speculation is not as good as speculative licenses, ten times a year'. Some payment institutions began to transfer, disguise and even transfer company shares without authorization or unreported. To achieve the purpose of trading licenses." Fu Xin just admitted.
In the renewal of the fourth batch of payment licenses in the past, Lefu Payment Co., Ltd., Beijing Jiaoguang Technology Development Co., Ltd., Beijing Zhongxin and Payment Co., Ltd., Anhui Ruixiang Information Service Co., Ltd., Changsha Shanglian E-Commerce Co., Ltd. 5 One of the important reasons for the payment of a home business payment license is the disguised transfer of the Payment Business License.
Taking Lefu Payment Co., Ltd. as an example, the reporter learned from relevant departments that Lok Fu Company has repeatedly changed major instalments such as major investors, including 4 major investor changes and 5 company shareholder and shareholding structure changes. The second involves the change of the company's directors, the second involves the change of the chairman of the company, and the other involves the change of the general manager of the company. None of the above matters were reported to the regulatory authorities for approval. Among them, Lok Fu Company changed the main investor through 4 violations, and finally changed the controlling shareholder, which was a disguised transfer of the “Payment Business Licenseâ€.
Anti-risk, online platform to improve transaction transparency
“In the past two or three years, the regulatory logic for the third-party payment market has been reflected in strong service, in addition to strict supervision.†Dong Xizhen, executive director of the Hengfeng Bank Research Institute and a visiting researcher at the Chongyang Financial Research Institute of Renmin University of China, said that the actual In addition, the establishment of a centralized depository management model for deposits and the online payment clearing platform of non-bank payment institutions (ie, the networked platform) are all manifestations of strengthening the system construction and strengthening services at the regulatory level.
At the beginning of this year, the People's Bank of China issued the Notice of the General Office of the People's Bank of China on Implementing the Issues Concerning the Central Depository of Deposits for Customers of Payment Organizations. The centralized deposit and deposit management system for customers' funds was formally established. According to the regulations, the payment institution shall deposit the customer's reserve fund to the designated institution's special deposit account according to a certain proportion. The average ratio of deposits for the first time is about 20%, and finally all the customer's reserve funds will be centrally deposited.
The customer reserve fund is the non-bank payment institution that accepts the pending monetary funds of its customers and does not belong to the payment institution's own property. Previously, the payment institution opened the account in a number of banks in the name of the customer's reserve funds. The relevant person in charge of the central bank said that the establishment of a centralized depository system for the payment of customer deposits by the payment institution is mainly aimed at correcting and preventing the payment institution from misappropriating and occupying the customer's reserve fund, ensuring the safety of the client's funds, and guiding the payment institution to return to the business source.
In addition to the centralized deposit and storage of funds, the recently launched online networking platform has also been highly concerned by the industry. Previously, third-party payments generally adopted a direct-banking model for the transfer settlement of funds. Wang Pengbo said that the model of this direct bank bypassed the central bank's clearing system, which made it impossible for banks and central banks to grasp the specific transaction information and could not grasp the accurate flow of funds. At the same time, this model has brought great difficulties to the financial work of central banks such as anti-money laundering, financial supervision, monetary policy adjustment, and financial data analysis.
“After the completion of the network, it is equivalent to erecting a wall that can be connected between the third-party payment and the bank. In principle, any third-party payment institution wants to access the bank, and the user makes an inter-bank transfer. There are only two ways in the future. One is to go through the clearing channel of UnionPay, and the other is through the network-linked platform. As a fourth-party financial service platform, the network-linked platform can co-ordinate the bank without directly providing financial services to consumers and without touching the funds. And third-party financial institutions, indirectly serving the market and consumers." Wang Pengbo said that the network platform can grasp the specific commodity transaction information and capital flow, prevent money laundering, misappropriation of provisions, etc., and its establishment also pays for third parties. The risks of the industry have been effectively controlled.
The network platform has officially started business cutting. However, industry insiders said that the network platform has only just started. So far, it has not experienced the test of large-scale transaction traffic like "Double Eleven". It should be said that in the future, there will be room for further improvement in its trading structure, and there is still a long way to go before the system matures.
The trend is obvious, the market will continue to integrate shuffling in the future.
It is foreseeable that the regulatory authorities will continue to strengthen supervision and risk prevention in the field of third-party payment.
In response to the third-party payment field, Fan Shuangwen said that the People's Bank of China will continue to use the “can enter and exit†as the market supervision and increase the market exit. In addition to increasing the institutional exit pressure through classification, it also renewed its work through the payment of business licenses, following the principles of “capacity control, structural optimization, quality improvement, and orderly development†to promote institutional consolidation, reduction of business scope, Ways to cancel the license and increase the market exit channel.
In an interview with the media, he also mentioned that in the next step, the People's Bank of China will launch the legal level promotion work of the “Administrative Measures for Payment Services of Non-financial Institutionsâ€, and study and determine the legal level improvement work plan, the main principles and framework. Accelerate the introduction of institutional measures such as grading supervision, change, and reporting of major issues. Improve the classification rating criteria, refine the classification rating indicators, and optimize the relevant point weights.
In the midst of a strong regulatory storm, the third-party payment market has shown signs of shuffling and consolidation. According to industry insiders, this adjustment will continue in the future, and the market will eventually form an oligopoly.
Fu Xin has admitted that in fact, more than 200 stock licenses seem to be many, and few of them are valuable. “Some payment institutions that have just been renewed can't wait to find high-priced buyers. After all, for many shell-paying institutions that don't have the actual ability to operate, finding a suitable buyer is faster than realizing the actual business,†he said. Dong Xizhen also said that the development of the payment industry itself is in line with the law of economies of scale, and a mature payment market itself does not need hundreds of payment licenses. “Actually, the payment business itself is not profitable. Payment is the most basic function of finance. Most institutions actually obtain the corresponding financial data and customer traffic by paying this interface, thereby indirectly obtaining profits.†It said that the competition in the future payment market will be more adequate, and third-party payment institutions will certainly undergo further adjustment and reshuffle. Some small payment institutions will be eliminated by the market, and the concentration of the industry will be higher.
Wang Pengbo said that the so-called "oligarch" actually means that enterprises with weak competitiveness and irregularities will be eliminated, and payment companies with clear advantages will continue to build their own ecology in their advantageous scenarios. Other companies can't easily enter their own advantage scenarios.
He also said that from the end of last year to the beginning of this year, the payment giant also has a clear trend in the layout of cross-border payments. The logic behind it is actually to first incite the cross-border consumption of Chinese people, whether it is going abroad for consumption or cross-border Online consumption, then through this batch of consumers affect local users. In recent years, many payment platforms have landed in overseas markets. For example, Alipay's Alipay has access to more than 120,000 overseas offline merchant stores, and WeChat pays the first WeChat payment overseas opening conference in Tokyo, Japan.
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