With the popularization of smart phones and the rapid development of mobile Internet, mobile payment services have shown rapid growth in recent years and have become an important trend in the development of the global payment industry. On December 12, 2015, China UnionPay and the commercial banks and other industrial parties jointly launched the “Cloud Flash Pay†mobile payment brand and successively released a series of products, marking the development of China's mobile payment into a new stage.
Mobile payment development is booming
According to Gartner data, global mobile payments have grown at a compound annual growth rate of about 40% since 2012. According to the data of the People's Bank of China, the average annual compound growth rate of mobile payment in China has been about 260% since 2012. In 2015, domestic banking institutions handled nearly 110 trillion yuan in mobile payment transactions (including transfer), both in terms of transaction volume and Permeability is among the highest in the world. In general, China's mobile payment has entered an explosive growth stage. At the same time, business and technology models are diversified, and consumer mobile payment habits are rapidly forming.
Technological advances drive innovation in mobile payments. The payment industry is a technology-intensive industry. A typical payment process includes the collection of payment information, the transmission of payment information, and the processing of payment information. Only the front-end payment information collection requires the support of cards (and their simulation), communication, and terminal technologies. Mobile payment is a cross-border intersection of mobile technology and payment technology. Although some basic technologies have matured for many years, technologies such as host card emulation (HCE) and tokenization (Token) have gradually entered the market in recent years. . At the same time, the ability of smartphones to face payment at the hardware and operating system levels has also increased. On this basis, the industry parties explored the market-approved mobile payment development mode, actively used emerging technologies to conduct pilot projects for various mobile payment technologies, and promoted the continuous innovation of mobile payment products and business models.
Emerging demand provides a strong driving force for growth. China's large population, mobile payment services with simple, fast and secure features are quickly gaining favor from a new generation of consumers. At the same time, with the structural adjustment and transformation and upgrading of the Chinese economy, the new business form has continuously raised new demands for innovation in payment methods. Take the retail industry as an example, from the on-site transaction of on-line transactions to the rapid payment of bank cards, to the demand for Internet payment by Internet e-commerce, and then to online and offline O2O omni-channel retailers for face-to-face and non-face-to-face integrated mobile payments. The demand has provided a powerful impetus for the rapid development of mobile payment.
Inclusive supervision stimulates the vitality of market innovation and development. On the basis of adhering to the bottom line of risk, the People's Bank of China and other regulatory authorities have adhered to the principle of supporting innovation and encouraging development, and created a favorable environment for all parties in the industry to jointly promote the development of China's mobile payment innovation. In the early days of Internet development, commercial banks followed the wave of information technology revolution, implemented IT concentration, intensive operations, and information services, and established a relatively advanced and perfect electronic payment infrastructure. In recent years, commercial banks have actively participated in the process of bank card chipping and accelerated the construction of non-acceptable networks, laying an important foundation for the rapid development of non-contact mobile payments. Mobile payment is not only an effective way for enterprises to acquire customers and maintain customers, but also Entering the O2O field, creating an ecological closed loop, and achieving a cross-border integration and development of the basic platform, in recent years, Internet companies, e-commerce companies, large traditional commercial groups, mobile operators and mobile phone and other smart device manufacturers have entered the mobile payment, payment institutions It is also placing mobile payment at the strategic commanding heights and accelerating the expansion of investment, which promotes the rapid innovation of mobile payment products and models and fosters consumers' mobile payment habits.
Exploring the road to innovation in mobile payment innovation
For more than a decade, China UnionPay, together with commercial banks, mobile operators and other industrial parties, has carried out extensive exploration and innovation on mobile payment products and services, technical routes and business models. The development of domestic mobile payment has mainly experienced three generations of product upgrades. First, around 2002, the first generation of mobile payment mode based on SMS was introduced, and the bank card was bound to the mobile phone number to initiate payment through SMS. Second, the second generation of mobile payment based on WAP mode appeared around 2005, which is equivalent to Internet payment on mobile phones, and the interactive experience is improved. Third, almost at the same time as the second generation, the more secure third-generation mobile card-based payment based on Near Field Non-Connect Technology (NFC) started, including NFC based on full mobile phone and NFC based on SD card. SD mode and NFC-SIM mode based on SIM card and Trusted Service Management (TSM) platform.
In December 2015, under the guidance of the People's Bank of China, China UnionPay and more than 20 commercial banks released the epoch-making new mobile payment brand “Cloud Flash Paymentâ€. “Cloud Flash Pay†includes not only HCE-based mobile payment products launched by UnionPay and related organizations, but also various mobile payment services such as ApplePay and Samsung Pay jointly launched by banks and domestic and foreign mobile phone manufacturers. The “Cloud Flash Pay†series of products use near-field non-contact technology and tokenization technologies to map physical bank cards to smart devices such as mobile phones, while supporting near-field non-contact payments and remote payment. Compared with other mobile payment products, “Cloud Flash Pay†has better customer experience, industry support and cooperation mode. Once launched, it will cause good market response and gain wide recognition and active participation from industry stakeholders. Development potential.
The launch of the “Cloud Flash Pay†brand and the launch of related innovative mobile payment products will profoundly affect the development path of China's mobile payment, marking the new development stage of China's mobile payment industry. UnionPay and the Bank's development of “Cloud Flash Pay†products are not intended to curb other mobile payment products, but to better meet customer needs, promote the transformation and upgrading of the payment industry, and achieve a win-win situation for all parties in the industry.
In the process of promoting the development of mobile payment innovation such as “Cloud Flash Payâ€, China UnionPay has always adhered to the following development concepts:
One is to focus on the user and pursue a more convenient and safe customer experience. “Cloud Flash Pay†converts a physical bank card to a smart terminal such as a mobile phone, and turns a smart terminal such as a mobile phone into a “bank card†that can be paid “anytime, anywhere, and freelyâ€, and is easy to operate and meets the convenience of consumers. , fashion, value for money. At the same time, merchants, acquirers and technical service providers do not directly deal with card numbers, only deal with tag numbers that are converted through strict algorithms, and use multiple authentication mechanisms for transaction verification. The relevant products strictly follow the mobile payment standards of the national financial industry and pass the authority. Relevant testing and certification ensures the safety of users and information security.
The second is to comply with the law of industrial development and achieve integrated development and resource conservation. In recent years, China's bank card industry is undergoing a major industrial structure upgrade from magnetic stripe card upgrade to chip IC card and contact IC card upgrade to non-connected IC card. As of the end of 2015, the number of non-receiving POS terminals in the country reached 7.085 million units, and the non-recognized rate was about 31%. In 2015, the number of non-receiving transactions in national financial IC cards totaled 650 million and 55.429 billion yuan, up 102.01% and 929.02% respectively. The development of “Cloud Flash Pay†and other mobile payment models with card payment as the mainstream can better utilize the advantages accumulated by all parties in UnionPay, banks and industry, comprehensively utilize the existing resources of China's bank card industry, and reduce the transformation of merchant terminal equipment. To achieve the integrated development of IC card and mobile payment, in line with the objective law of the transformation and upgrading of the payment industry.
The third is to adhere to the four-party model of card organization and achieve open cooperation and win-win results. In the process of promoting the development of mobile payment innovation, UnionPay always adheres to the four-party model of bank card organization, and strives to build an open comprehensive payment service platform to achieve win-win cooperation between all parties in the industry. For example, in “Cloud Flash Paymentsâ€, commercial banks, non-bank payment institutions and bank card organizations continue to play their role in traditional bank card business – card issuance, acceptance and transfer, and follow relevant business rules and technical standards, respectively. Take on their respective statutory and contractual responsibilities. The mobile phone manufacturers and communication operators participating in the cooperation do not have a payment account, do not participate in the payment process, do not touch the payment data, and only provide mobile terminals, security media and technical support. At the same time, “Cloud Flash Pay†is still based on bank card accounts. There is no financial risk caused by funds deposited in virtual accounts. Consumer funds are more secure, payment is higher, support types are more, and usage is more convenient. In addition, commercial banks can obtain transparent, complete payment information consistent with traditional bank card payments, which is beneficial to risk identification management and customer relationship management.
Promote mobile payment better and faster
Standing at the higher starting point of “Cloud Flash Payâ€, China UnionPay will continue to unite with various parties such as commercial banks, increase payment innovation, comprehensively improve the level of mobile financial services, and strive to promote better and faster development of mobile payment in China.
The first is to improve the "cloud flash payment" product system. Jointly participate in the parties, quickly improve the "Cloud Flash Pay" series of products that have been launched, and vigorously promote the visa-free and confidential business to further enhance the customer experience. On the basis of cooperation with Apple and Samsung, we will strengthen mobile payment cooperation with other mobile phone manufacturers, especially domestic mobile phone manufacturers, and enrich the “Cloud Flash Pay†product system. Continue to strengthen innovation, superimpose value-added applications such as points and discounts on “Cloud Flash Pay†to bring more value and surprise to consumers.
The second is to speed up the promotion and application of “cloud flash paymentâ€. Accelerate the non-reconstruction of bank card acceptance terminals, strengthen the training of merchants' cashiers, and rapidly expand the acceptance of “cloud flash paymentâ€. Vigorously expand online merchants and fill in the short-board use of traditional bank card accounts, so that consumers can use “cloud flash payment†in more scenarios. In combination with the construction of Pratt & Whitney Finance and the rural payment environment, efforts will be intensified to enable more smartphone users, including mobile phone users in rural areas, to enjoy the security and convenience brought by “Cloud Flash Payâ€.
The third is to promote the development of cross-border mobile payment innovation. Adapt to the new changes in cross-border personnel mobility and cross-border trade development, and jointly participate in all parties to accelerate the innovation and promotion of cross-border mobile payment services, and provide more convenient and secure cross-border mobile payment services for global UnionPay cardholders.
The fourth is to increase basic capacity building and output. Further strengthen basic capacity building such as payment channel, TSM platform, TSP (Tag Service Provider) platform, and integrate technologies including identity technology, end-to-end payment solutions, in-store and online transaction technologies based on “QuickPassâ€, and payment security technologies. API, to achieve the ability output of major partners, and gradually provide relevant technologies to open platform for third-party developers, provide a basic platform for mobile payment innovation, and provide strong support for entrepreneurial innovation of related entities.
After more than ten years of exploration and accumulation, China's mobile payment industry already has relatively mature business rules, technical standards and risk control systems, and also has huge market potential. China UnionPay is confident that together with all parties in the industry, it will continue to practice the concepts of openness, cooperation and win-win, and jointly promote the greater development of China's mobile payment industry.
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