Micro-genesis and existence logic of aggregate payment
The vertical account system of China's banking industry has led to the banks' own administration and repeated network construction. The government has been working to break this vertical account system. The earliest "golden card project" is to break the waste of social resources caused by the vertical account system. It is hoped that banks can access the deposit and exchange, and the inter-bank resources will be shared among the banks. However, due to the uneven development of the banking industry, the market share and Large banks with many service outlets do not want small banks to surpass themselves with their advantages.
China UnionPay is the first horizontal integration service provider in China's first bank vertical account system. China UnionPay, which was established based on the size of the People's Bank of China, opened a door to the exchange, enabling us to implement cross-bank withdrawal and transfer services among the major banks in the self-service terminal.
The bank account system is not compatible with each other, which enables third-party payment institutions to realize the interoperability between bank accounts by integrating various bank accounts, and realize the horizontal value in the vertical account system by another cooperation mode. The final embodiment is the user. The inter-bank payment service is convenient.
Today, a large number of third-party payment user accounts are bound to multiple bank accounts. Through third-party payment accounts, users can manage multiple accounts conveniently and securely, no longer log in to the online banking of each bank, or visit each home. Bank outlets. After realizing the horizontal value to users, third-party payment gradually finds that their inter-bank settlement ability is getting stronger and stronger in the accumulation of time. Some institutions have connected more than 200 banks and have more than 800 payment and settlement interfaces, serving hundreds of millions of people. And with nearly one billion payment accounts, it has already waited for the size and influence of the issuing bank. From the recent news of service accidents in some organizations, we can see the public's high attention to the stability of payment services.
Third-party payment accounts can't avoid the verticalization of their accounts while subverting the vertical account system. This verticalization is the verticalization of third party payment account data and information. No matter how large the account size, it is impossible to avoid the simplification and simplification of data and information. For example, a department's payment agency relies on its ecosystem. Once separated from the ecosystem, its competitiveness will be greatly reduced, which is caused by the vertical account system. With the development of the third-party payment industry, various third-party payment institutions will also be like banks, and the account system will be fragmented and verticalized.
Vertical account and integration server
The direction of the arrows in the figure indicates the difference in service directions of different organizations. The settlement account is the basis of the banking service. Behind the account is a large-scale service network, equipment and personnel. The payment account is the basis of the third-party payment. As long as there is a sufficient amount of payment account, the third-party payment enterprise can guarantee sustainable growth, and the user life cycle-based financial service is launched around the payment account, because the payment account grows in the bank settlement account. On the top, the cost of acquiring and maintaining users by third-party payment companies is much lower than that of the banking industry, forming a comparative advantage for customers.
Aggregate payments also have account services, but such accounts are not payment accounts, but member accounts. There are merchant-independent member accounts and member accounts of aggregate payment service providers. The member account of the aggregate payment chooses to abandon the heavy service such as payment, settlement and clearing, although it loses the control of the funds and the payment channel resources. However, because the cost of heavy payment, settlement and clearing services is abandoned, like the vines with the epizoic competition strategy, the inefficient growth rate of woody plants is avoided, and the height of woody plants is used to obtain more sunlight.
At the same time, the direction of payment services at the front end makes the aggregation payment service providers closer to merchants and users, and can avoid the high compliance costs of commercial banks or non-bank payment institutions, and achieve faster growth. Recently, aggregate payment service providers have begun to be favored by capital and are also fundamentally related to this kind of deduction.
Third-party payments will not be able to engage in cross-bank clearing services in the future, as shown in the above figure. By avoiding competition in the three areas of payment, settlement, and clearing, focusing on the front end of payment services, aggregate payments and third-party payments, banks, clearing houses, and UnionPay have become cooperative win-win relationships rather than competitive relationships.
The low threshold for aggregate payment services makes companies with certain technology and service capabilities try to get more merchants and revenues in the “last metre†of payment settlement services. The involvement of a large number of practitioners has gathered a large number of social resources, and the flexible adaptability has enabled the aggregate payment industry to continuously complete low-cost and high-efficiency innovation through various new trial and error. Between the absolute competition agencies that cannot achieve cooperation, help the merchants to obtain the minimum payment cost through integration and integration, and provide more pragmatic and caring daily services to banks and non-bank institutions, avoiding the identity of their technology and services after settlement and liquidation. Not subject to the lack of credibility, in the self-cognition of "Ma Zi", bow down to pay for services, but more easily get merchants.
When faced with market demand, due to the lack of supervision, the aggregate payment service providers can have more extensive selection capabilities and provide multiple benefits to the partners in the three areas of payment, settlement and clearing services, making relative competition in the relative environment. Advantages (Aiji, net worth, information) are more obvious. With the help of the payment service field, in the "last mile" range, the aggregate payment service providers began to try to gradually establish their own ecology, from the scope of the original narrow payment service, and began to extend to the broad industry chain service field. On the one hand, it relatively reduces the proportion of payment services, on the other hand, it increases the value-added services of the industry chain and obtains more revenue.
With a rapid response to market demand and a more essential understanding of deeper requirements, Aggregate Payments will attempt to guide partner institutions to provide more innovative services and products in the vertical arena and share the added value created by the partner institutions.
Aggregate payment is a new thing, and it is easier to divide it into the service industry in a broad sense. However, it is difficult to generalize when it is further subdivided. With the stigma of the term "Internet finance", a large number of service industries involving finance have classified themselves in the field of "financial technology" (Fintech), so some people have classified aggregation payments.
Fintech is a fusion word. According to Wharton's interpretation of "the economic industry that uses technology to improve the efficiency of the financial system," we just use this interpretation to analyze whether aggregate payments should fall within the scope of this interpretation. At the core of Fintech is the use of technical means to improve the efficiency of the financial system, to improve efficiency inefficiently, and to achieve efficiency indirectly through efficiency. From this perspective, aggregate payment is at least in the scope of Fintech. Because the aggregation payment improves the merchant service and technology access efficiency of banks and non-bank institutions, the existing payment and settlement service resources are utilized to the maximum extent by means of integration, thus avoiding the zeros that the merchants face in an absolutely competitive environment. And choice.
The future of aggregate payment
The author once had a point of view that due to changes in social relations, the “two relationship†between the agricultural and industrial societies will give way to the “three relationshipsâ€.
"The relationship between the two" is the main relationship between the natural economy and the commodity economy. Trading, pawn, employment, etc. all belong to the "two relationship." The Internet society is a relationship economy, and all outstanding organizations are successful winners of “getting more sustainable and valuable relationshipsâ€. Under this circumstance, the original "the relationship between the two" has been difficult to meet the new market demand, a large number of old "media" has not declined, and the new "media" has risen again, even if the old "media" is dead, because the demand exists. The new "media" will rise again. There are many examples of this point of view, such as the rise of the housing transaction and rental market. Under this condition, second-hand housing and leasing intermediaries should be born according to demand. Although there are many enterprises and projects, they want to kill second-hand houses and leasing intermediaries, which is considered to improve efficiency and reduce the service fees paid to intermediaries. benefit.
In fact, we found that because of the “Prisoner's Dilemma†between the “two relationshipsâ€, the transaction efficiency has not increased. What I want to explain is that the "three-person relationship" does not mean that efficiency will be reduced. With the development of science and technology, it will indirectly improve efficiency. Aggregate payment among multiple organizations, forming multiple “three-way relationships†with merchants and banks, and non-bank payment institutions, and thus grasping the opportunity to “get more continuous and valuable relationshipsâ€. In the long run, the rise of the aggregate payment industry is precisely the rise of this new "three-party relationship."
Looking at the future is actually guessing the future, because the future that you see is not the real future. The rise of aggregate payment services has its own significance, but it also has practical significance. However, all this does not mean that aggregate payment services will always exist. The demise and rise of anything comes from change. Aggregate payments are born because of changes. To adapt to change and die, it is just the term "aggregation payment". The nature of demand and service will not change.
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