Aggregation payment chaos is a phased phenomenon in the market rectification transition period. With the advancement and closing of the Internet financial rectification work, will the violations gradually decrease? Who is the regulatory vacuum?
Around the Spring Festival, a paperwork by the central bank once again incited the nerves of the payment market. Years ago, the central bank's payment department unified the investigation and rectification notice. The "Notice" requires that the mapping work be completed before February 28, 2017; the illegal organization will be rectified before March 31, 2017, and the unreformed institution will be included in the scope of special rectification of the unlicensed business payment business. This reorganization of the "aggregate payment" has undoubtedly become the first headline of the payment industry this year, and has caused considerable controversy in the industry. “The real aggregation payment providers are actually not touching the money. Although the organizations that have liquidation qualifications are now conducting investigations against these violations mentioned by the central bank, from a business perspective, this reorganization is actually formal. The service provider should have no real impact.†In the face of the media’s misunderstanding of Xiangfubao as a key rectification list, Xiang Zibao’s founder Li Zijian felt very unfair, but helpless. “In fact, the document listed the media. The 32 aggregate payment companies reported, but did not say that they should focus on rectifying these 32 companies. However, after the rumors, the industry’s reputation has been greatly hurt."
A senior person who paid for a third party said that it was learned from the supervision office that this year's payment market had at least two reorganizations for the fourth party's fifth party payment, but the newspaper did not obtain confirmation from the regulator.
Bad money drives out good money
Aggregate payment, also known as “fusion paymentâ€, refers to payment services other than “payment, settlement, and clearing†services. It uses its own technology and service integration capabilities to pay more than one bank, non-bank institution or clearing organization. Services, integrated to provide merchants with but not limited to "payment channel", "collection reconciliation", "technical docking", "error handling", "financial service guidance", "member account", "job process software" Service content such as “operation and maintenance†and “terminal provision and maintenance†to reduce the cost incurred by merchants in accessing and maintaining payment settlement services, improve the operational efficiency of merchant payment and settlement systems, and collect payment services with value-added income.
In fact, aggregate payment is not a new industry ecology. Li Zijian told this newspaper that as early as four years ago, Xiang Fubao put forward the concepts of “super cash register†and “aggregate cashierâ€.
“In principle, the aggregation payment company is equivalent to providing only technical integration, providing professional services for payment channels and banks, and not directly contacting the core information of customers and customers. At that time, our original intention was to solve the problem of small and medium-sized micro-business collection. Difficult question. How many people's livelihood merchants do not have a business license? Selling pancake fruit also has the need for WeChat payment, but you ask him to open an industrial and commercial account, apply for WeChat payment, if you want to open the public number, you must pay 300 yuan a year. Is he willing?" she added.
In the industrial chain of aggregation payment, there are merchant extension parties, platform builders, channel integration parties, and channel providers for value-added services.
For example, you know that you used WeChat to pay a sum of money in the tea shop. What you don't know is that Xiangfubao has sent the merchant to the Minsheng Bank for review. Minsheng Bank signed a special merchant agreement with the merchant. Every time a milk tea shop generates an income, the funds will be sent to the account opened by Minsheng Bank in WeChat. It is worth noting that in the flow of funds, the entrance of the user's payment determines the entrance of the bank's collection, that is, the user pays with WeChat, and the funds can only flow into the account opened by Minsheng Bank on WeChat. Finally, Minsheng Bank will allocate this money to the channel party, the platform builder, the merchant developer and the merchant according to a certain percentage.
With the large wallets represented by Alipay and WeChat payment swept offline, the two-dimensional code is widely used in online payment scenarios, and 2016 is undoubtedly the year of aggregate payment. With the influx of a large number of participants, the fee difference was greatly reduced.
"For example, the market flat rate is six thousandths. The aggregate payment service provider settles with the people's livelihood at 2.5 thousandths. In the middle, there are 3.5% of the service fee in the middle. But in many cases, in order to seize the market, there are many in the middle. The real income from aggregate payments is about two-tenths to five-thousandths of a million.
She calculated another account for the reporter: "The aggregation payment platform that serves real merchants does not make money. The UnionPay income is fixed, and the income of the acquirer channel is also guaranteed. But the service provider must push the team every time. Merchants, doing system interface development, doing marketing, and working with scenarios to solve the problem, the handling fee of 10,000 to 10,000 is simply not enough to cover the cost. Therefore, the transaction fee for the payment entrance is not profitable at all, and it is necessary to introduce other value-added from the entrance. It is possible for the service to make money."
In Li Zijian’s view, another cruel truth is that “the more formal the real merchants are, the less profitable they will be.â€
This may be the reason why the "Second Qing" institutions existed in large numbers. For the people in the payment industry, the concept of “two clears†is no stranger. This distinction is different from the existence of a clearing institution (licensed third-party payment institution) and the bank, and almost all the concepts related to violations.
"Second Qing existed in the POS era. Many small roadside shops, three certificates and one table are not necessarily complete, but consumers have the demand for credit card consumption, so these small merchants must use large merchants to package, after large merchants collect money. Then split the specific amount. Now that the aggregate payment is born, it is not excluded that some people will use this method to cash out in the case of a small rate. In reality, the aggregate payment is for 50,000. The following small payments, many industries even have a limit of only 1000, from the point of view of the cash efficiency is not high. People who want large cash out will generally use POS." Li Zijian said, "We are in this industry, from our In terms of perception, most of the industry participants are still formal institutions. The suppression of the Qing Erqing institutions in part also hurts our formal business."
Regulatory concerns
"There has always been a regulatory vacuum in the field of aggregate payments." In the eyes of a person close to supervision, Li Zijian's embarrassment can be understood, but it is also very helpless. “After our research, a large number of aggregated payment service providers touched the core transaction information, some touched the transaction funds, and some of them touched. Touching the core transaction information easily leads to the disclosure of financial information and touches the transaction. Funds are even more dangerous. Many Erqing institutions first receive money on their own platforms and then transfer them to merchants. This involves the precipitation of funds, and the security of funds will be seriously threatened. It is a violation of business. Once the platform runs, it will The social problem that triggered the merchant's petition. The current management method of acquiring the acquisition has a clear definition of the scope of business of the outsourcing, and only the licensed commercial banks and payment institutions can access sensitive information. Therefore, we believe that the fourth party will be reorganized. The payment market is both effective and necessary."
Most institutions that engage in aggregate payments are unlicensed businesses, which may cause the central bank to suspect that it has seen a fake payment market. Although it is not possible to connect to third-party payments according to regulatory requirements, it seems not surprising that aggregate payment providers do not have licenses.
"The nature of the violation of aggregate payment is similar to the principle of POS violation in previous years. A large number of Erqing institutions exist, and then the phenomenon of capital misappropriation, alteration of transactions, and nesting is still emerging." A payment expert close to the central bank told Ben. The newspaper only changed the vest with the QR code. The chaos still remains: "Although there is no authoritative data statistics, from the survey results, the proportion of violations and formalities may be half and half. Including third-party payment institutions. In fact, it is not related to the business of aggregate payment. We understand that there are also third-party payments in the market by setting up a special team, or acquiring institutions engaged in aggregate payment in the market to intervene in this market."
A third-party payer told this newspaper that the threshold for aggregate payment is very low. "Do a portal yourself - H5, APP or WeChat, access Alipay and WeChat, sell to merchants to collect fees and then integrate some marketing resources, collect the cost of value-added services, and then you can do T+0 in violation of regulations. This involves the misappropriation of funds and settlement funds. From the application scenario, it violates the principle of 'know your customer'." The source revealed that although there is no detailed third-party data, it is known in gray. The volume of trading in the zone is huge, such as cash, cash laundering, fraud, and even gambling and gambling.
Aggregate payments are different from third-party payment companies, the former mainly making profits through rebates. But this part is relatively meager income, the profit margin is very limited, and real profit depends on other value-added services or financial services. At present, the main methods include launching consumer-oriented installment services in cooperation with consumer finance companies, providing SaaS software, membership system management, marketing systems, or launching financial services for merchants. "Sensitive information and funds are the two most important, business expansion, agreement signing and qualification review, key pos terminal, network Xixi encryption and decryption, transaction monitoring, transaction processing. Among them, as long as it is non-core business can be outsourced Such as merchant expansion, provider training, merchant drainage for merchants, etc."
Payment innovation seems to always be separated by an invisible glass wall. The real sense of innovation is very scarce. Disguised violations are always pervasive to find breakthrough points, and the name of “innovation†emerges endlessly. Whether it is POS or QR code ecology, it seems to be intrinsically controversial - bringing both operational convenience and space for violations. "The balance between security and convenience is actually a pseudo-proposition. The security layer must be controlled to make part of the convenience, and vice versa."
“The intention of supervision is to support innovation to the greatest extent, but the core business cannot be outsourced. This is the bottom line and red line of innovation. This is repeatedly emphasized by the supervision. If the illegal organization fails to complete the corresponding rectification within the prescribed time window. Work, the reorganization of aggregate payment is likely to be included in this year's Internet special rectification work." The above payment experts said. The person judged that the current chaos of aggregate payment is only a stage phenomenon of the market rectification transition period. With the advancement of Internet financial rectification work, the violation will gradually decrease.
Kaiping Yufa Sanitary Ware Co., is a factory specializing in designing, manufacturing, and selling of middle and high level bathroom fittings. We provide various styles of bathroom fittings. We offer bathroom fitting series including Towel Bars , Towel Racks , Towel Rings , Tumbler Holders, Soap Holders , Wire Baskets , Toilet Brushes , Tissue Holders, Robe Hooks , Bathroom Shelves. Welcome to contact us for any inquiry in this area.
Bathroom Fittings,Towel Rack Shelf,Corner Soap Dish,Toilet Paper Holder Rod
Kaiping Yufa Sanitary Ware Co.,ltd , https://www.yufa-bathroom.com