In March 2017, the People's Bank of China issued the “Overall Situation of the Operation of the Payment System in 2016â€. The data shows that in 2016, a total of 125.11 billion non-cash payment services were handled nationwide, amounting to 3,687.24 trillion yuan. Among them, mobile payment maintained a rapid growth momentum, with a total of 25.71 billion business transactions, and the payment amount was 157.55 trillion yuan, an increase of 85.82% and 45.59% respectively.
The rapid popularization of smartphones and the enrichment of mobile payment application scenarios have become the main driving force for the rapid growth of mobile payment, especially in the expansion of application scenarios, in addition to the commonly used e-commerce shopping, red envelopes, drip taxis, payment, recharge, etc. In addition, new payment areas have also been opened in “shared bicycles†and “microblogging questions and answersâ€.
With the continuous enrichment of mobile payment scenarios, mobile payment technologies are also undergoing rapid evolution. At present, mobile payment can be divided into three types: mobile online payment, O2O e-commerce payment, and near-field payment according to the technical form. Each commercial bank has different constructions in three payment forms. among them,
In terms of payment on the mobile terminal, commercial banks extend their channels for customer service by developing their own e-commerce brands, and complete all payment links in combination with their own advantages;
In terms of O2O payment, commercial banks can support online and offline cross-channel scanning and use of mobile phone application APP scanning code payment functions to expand mobile payment service scenarios;
In terms of near-field payment, commercial banks cooperated with UnionPay, communication operators and mobile terminal manufacturers to develop non-contact payment products, including mobile phone Pay products, HCE cloud flash payment and SIM card payment.
Through diversified mobile payment technologies, commercial banks bring users a safer and faster payment service experience. In the whole mobile payment process, the positioning of commercial banks is closely related to the payment products used by customers. When customers use the payment products of commercial banks to pay, commercial banks directly contact with customers and play the role and role of the dominant players in payment. When a customer pays with a payment product of a third-party payment institution, the third-party payment institution adopts a direct connection with the bank, which makes the bank a "provider of the mobile payment account."
With the standardization of payment management and the construction of the “networking†platform, third-party payment institutions and banks will be interconnected through “networkingâ€, which will provide unified public fund clearing services to payment institutions, further strengthening the central bank’s Payment agency account fund monitoring and fund risk prevention.
Major institutions such as third-party payment institutions, commercial banks, and telecom operators continue to provide customers with secure and convenient mobile payment services that are closely integrated with user life through rich mobile payment application scenarios and payment methods. Mobile payment has been integrated into people. Daily life has become a new way of life on the palm of your hand.
At the same time, mobile payments have evolved from an early portal to a payment-centric ecosystem. In this ecosystem, the main participants involve customers, merchants, commercial banks, third-party payment institutions, UnionPay, regulatory agencies, smart terminal manufacturers, communication operators, etc., and have gradually formed commercial banks and communication operators. And the third party payment agency is the core mobile payment landscape. Each participant has its own functions, mutual benefit, resource sharing, and competition, and jointly promotes the continuation and development of mobile payment-related business models.
I. Challenges facing mobile payment in the financial industry
At present, third-party payment institutions can connect with major banks, occupying the majority of mobile payment market share through convenient payment experience, rich application scenarios, and strong marketing strategies. Commercial banks are in mobile payment portals, accounts, channels, and products. There are different challenges in construction.
In terms of mobile payment portals, commercial banks have long laid out various types of mobile payment portals, but third-party payment companies have gradually become the main choice for online mall clients by virtue of e-commerce and social scenes. In recent years, third-party payment companies have invested heavily in scanning code payment, forming a stable and large user base, while near-bank payment led by UnionPay, commercial banks, communication operators, and mobile terminal manufacturers, due to terminal equipment, The market popularity of the user's payment habits and other factors needs to be improved.
In terms of mobile payment accounts, the third-party payment institution has established a personal payment account and supports the user to pay through the personal payment account of the third-party payment institution by transferring the funds of the customer's class I bank account. Although commercial banks have already supported customers to open II and III accounts and conduct related management in self-service channels and electronic channels, they can support online micro-payment scenarios, but currently third-party payment institutions have not generally bound II and III accounts. Payment, the pattern of bank account services through Class II and Class III accounts needs to be changed.
In terms of mobile payment products, at present, each commercial bank increases the influence of its own payment brand on customers by establishing an independent payment brand. However, compared with third-party payment institutions, commercial banks need to pay for products in terms of ease of use and convenience. In order to provide customers with one-stop payment services, the brand influence must be strengthened.
In terms of mobile payment channels, at present, customers use bank-initiated interbank payment transactions, and banks are uniformly connected according to the access specifications and standards of UnionPay and the People's Bank of China. The customer initiates the payment transaction through the third-party payment institution, and the payment institution directly connects the bank to complete the transaction processing. The bank needs to connect with a plurality of payment institutions, and currently lacks uniform access specifications and standards.
Second, the financial industry develops its own advantages in mobile payment services
In the current situation, although the banking industry faces many challenges in the field of mobile payment, it still has some advantages.
In terms of customer accounts, the bank as the ultimate management and settlement service provider of customer funds can quickly expand customers by converting traditional deposit accounts to payment accounts;
In terms of merchant resources, banks have a large number of high-quality offline acquirers, which can effectively extend product coverage by activating relevant application scenario portals;
In terms of clearing network, banks form a high-efficiency and low-cost self-contained clearing network through global institutional arrangements. At the same time, they cooperate with domestic and foreign clearing organizations to achieve internal and external interconnection, and combine sufficient liquidity support with international reputation and status advantages to provide better quality. Payment clearing service;
In terms of risk compliance, banks on the basis of comprehensive customer information and risk model data, combined with big data analysis to form an end-to-end management and control mechanism, help to regulate the ecology of the payment industry;
In terms of security, banks are mature and stable in terms of infrastructure construction, system operation, product and process design, and fund supervision, and have comprehensive security.
The key to the banking industry's response to the challenge is to leverage the above advantages and establish a mobile payment development strategy:
First, develop mobile payment portals in business models, expand payment application scenarios, introduce off-the-shelf customer resources, and tap customer characteristics and behaviors to improve marketing effectiveness, aggregate partners, accumulate merchant resources, and strengthen the presence of quality merchants.
Secondly, in the financial services, on the one hand, customer-centric mobile payment products are built, and the influential payment brands are built by enhancing the mobile payment experience, enhancing user stickiness and expanding market share; The opportunity to deepen the mobile payment account, through the acceleration of product innovation based on II/III account, develop inclusive finance, create value for customers, and expand account size.
In addition, in the industry cooperation to build a mobile payment channel, around the network platform to carry out payment services, change the third-party payment institutions and banks directly to clear the liquidation, the background of banking services, the bank based on customer payment information, through big data analysis And the introduction of artificial intelligence and other means to divert wealth management, lending, investment, consumer financial products.
Third, the development and implementation of mobile payment in the financial industry
The banking industry needs “both internal and external†to meet the needs of the industry. For “insideâ€, commercial banks should deepen their capacity building and establish financial product services that adapt to new formats. The banking industry should develop synergistically, build interconnected industry standards and platforms, and form a financial service system with overall advantages. For “outsideâ€, the banking industry needs to integrate upstream industries, move channels and services forward, and expand customer contact points. At the same time, through complementary advantages with enterprises and institutions, create business models and build service processes together; promote the construction of mobile payment infrastructure, promote technical cooperation and standards, and continuously improve the underlying ecology.
First, commercial banks should enhance their mobile payment capabilities as an important part of the payment ecosystem. In the process of IT system construction, they will support the innovation of product services by applying financial technology to transform technology supply capabilities.
By intervening in the traffic portal, we will compete and expand traffic in online and offline commodity trading and social life. Through integrated payment tools, it provides a standard unified payment product service and a user experience that fits the business model of the era. Through the improvement of risk management and control, an end-to-end internal control compliance and supervision mechanism is formed to regulate the payment business process. By optimizing the account layout, it provides differentiated services for savings, settlement, and payment accounts, taking into account account fund security and user payment experience. By expanding the clearing network, the fund clearing efficiency will be improved, and the payment clearing cost and liquidity risk will be reduced. Through innovative value-added services, we will leverage the value of bank customers and the value of data to form differentiated competitiveness with banking characteristics.
Second, the banking industry should coordinate development, integrate the individual advantages of commercial banks' own capacity building into the advantages of the industry system, and strengthen the overall voice of the banking industry in the mobile payment ecosystem. Based on network intercommunication between banks, information sharing, service interconnection, integrating customer data scattered among peers, mining the overall value of data, forming a complete and unified customer portrait; opening up customer accounts scattered among peers, facilitating online opening II /III account and payment settlement; based on inter-bank clearing agent, establish a clearing path with wide coverage, industry sharing, and high availability; carry out peer-to-peer cooperation in security and risk, form a system of management and control; ultimately shape new customer value and Bank value.
In terms of customer service, product service is tailored based on risk preference, transaction security is fully guaranteed through identity authentication, comprehensive customer credit data and liquidity forecast are simplified on the basis of risk controllable, and experience is improved; in bank operation, account settlement The service promotes the conversion of payment products, precipitates low-cost customer funds, and supports front-end product innovation through a wide range of payment, fast-cost, low-cost, full-process traceable payment clearing services.
Third, the banking industry should jointly improve the industrial cooperation ecology, strengthen the value of professional financial services by establishing the system advantages in the payment ecosystem, and promote a new pattern of industrial cooperation that creates safety compliance and creates a win-win situation.
By cooperating with commercial operators or public service departments, expanding online and offline business, social life, financial service traffic portals, and integrating payment instruments into various trading scenarios, especially in areas where customer traffic is large and needs to be paid by third parties. Such as travel, takeaway, shared travel, etc., and diversion between the entrances.
Through cooperation with third-party payment institutions and banks, the advantages of account services will be realized. At the same time as the final fund settlement, the payment account optimization online process will be created, the payment service will be moved forward, and the front-end transaction scenario will be directly connected to avoid the background of bank services.
By cooperating with domestic and foreign clearing organizations, we can give full play to the innate advantages of fund clearing, utilize the widely deployed domestic and overseas clearing networks, and adequate liquidity support, and take the international reputation, status and capital of large commercial banks in the frontier areas such as cross-border payment. Endorsement, carry out cross-border financial cooperation, and expand the middle and high-end customer groups with international payment products.
Through cooperation with regulatory authorities, in the context of increasingly strict Internet financial supervision, the use of mature mechanisms such as customer information, internal control compliance, and regulatory reporting provides differentiated services in mobile payment cooperation. Through cooperation with infrastructure builders, we will participate in the construction of mobile payment infrastructure and promote technical cooperation and software and hardware standards.
In recent years, under the guidance of e-ICBC's development strategy, ICBC has greatly enhanced the contribution of e-banking to the Bank's acquisition of new customers and new business. In general, it has built Internet finance platforms such as e-purchasing, e-linking, and e-banking, and built an Internet financial service system that integrates payment, financing, transactions, business and information.
Further combining the specific conditions of the mobile payment ecosystem, we actively carried out product service innovation and achieved certain practical results. Based on "ICBC e-payment", combined with application scenarios, security technologies, etc., combined B2C, C2C, scan code payment, mobile phone PAY payment, NFC payment has supported many mainstream mobile phone manufacturers, enriching product functions and satisfying user diversity demand. At the same time, it integrates online and offline business and other products, expands cooperation and interconnection channels, integrates into more business scenarios, and enhances the product service experience through the entire process of account management and verification. With financing to promote consumption, benefiting people's livelihood, and boosting consumption to boost economic growth, through deepening consumer finance and innovating retail business, we have created a “financial financing†that has the characteristics of real-time financing services, product experience, and business development branding. "Products have become a new force in the development of the Internet economy and the development of consumer credit business services.
While advancing product service innovation, in the face of security requirements such as anti-fraud in the new mobile payment format, ICBC has comprehensively applied data such as big data analysis to establish a full lifecycle security control, unified security control, and an effective balance between security and ease of use. Mobile payment security system.
With the rapid development of mobile payment services, in the face of the competitive pressure brought by third-party payment companies, commercial banks should give full play to their resource advantages, deepen their capacity building, and establish financial product services that adapt to new formats. In addition, the banking industry should develop synergistically. First, build industry standards and platforms for interconnection and interoperability, and form a financial service system with overall advantages. Second, it is necessary to integrate upstream and downstream industries, move channels and services forward, and expand customer contact points. By complementing the advantages of enterprises and institutions, creating business models, building service processes, accelerating the innovation of payment products, business models and application scenarios, and forming a mobile payment ecosystem, thus better promoting the transformation and development of its own payment business.
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