More participants will appear in the field of scan code payment.
On May 27th, China UnionPay and more than 40 commercial banks officially launched UnionPay cloud flash payment QR code products, and non-bank institutions such as Jingdong Finance and US Mission Review also announced their participation in UnionPay's QR code payment system.
Xu Ling, vice president of Jingdong Finance, said in an interview with the reporter of China Times that the development of QR code payment in the previous two years was limited to the battle of the scene, and there was no major new change in product form. With more and more institutions joining the UnionPay two-dimensional code standard, competition may be more intense, but "this kind of competition is a fair market competition."
"Quadruple mode" standard introduced
The QR code payment appeared around 2014 and has been sung by Tai Pao and WeChat. One of the reasons is that Alipay and WeChat pay for the control of the scene.
This time, after the introduction of UnionPay's standard, consumers who have installed the cloud flash payment QR code acceptance logo can open any APP that has opened a cloud flash payment QR code service. Code payment.
Similar to Alipay and WeChat payment, the cloud flash payment QR code can generate a “payment code†through the “payment to merchants†function, which can be completed by the cashier using the scan code gun, or scanned by the “sweep†function. The payment is completed after the merchant receives the payment code.
The difference is that the two-dimensional code payment under the participation of UnionPay involves card organization, card issuer, merchant and acquirer, which is the “quartet modeâ€, while Alipay and WeChat payment still use the “three-way mode†of direct bank.
In the previously issued "Respondents" question, UnionPay said that based on the four-party model of card organization, the difference between payment and physical bank card payment is only the change of payment information interaction mode, and its background account is still based on the physical bank card account. There is no financial risk in the “quartet model†that may result in the deposit of virtual accounts. As a bank, you can also obtain transparent and complete payment information, which is beneficial to risk identification management and customer relationship management.
At the same time, the relevant person in charge of UnionPay said that the technical model in the same scenario is unified, which can realize the interconnection of services between different organizations and even the intercommunication in cross-border business.
Judging from the acceptance environment, UnionPay said that nearly 600,000 merchants in the country have already supported cloud flash payment for two-dimensional code payment, and about 2.66 million merchants have realized technology opening; in addition, there are nearly 60 acquiring institutions such as UnionPay business and fast money. , Tonglian, Lakara, accompanying payment, etc. have completed the transformation of the acceptance end.
Overseas, UnionPay International is also promoting the QR code business of Hong Kong, Singapore, Thailand, Indonesia, South Korea and other domestic cardholders in frequent travel areas. The plan is to take the lead in Hong Kong and Singapore.
At the press conference on May 27, Fan Yifei, deputy governor of the central bank, said in his written speech that the UnionPay cloud flash payment QR code product not only satisfies the cardholder's convenient payment needs, but also realizes the bank II and III accounts. Market application is a powerful practice to implement the reform policy of personal bank account classification. At the same time, the global versatility of UnionPay cloud flash payment QR code products will further promote China's payment service and payment standards to “go globalâ€.
Institutional competition is intensifying
In Xu Ling's view, the current QR code payment is similar to the bank card market more than ten years ago. The "UnionPay Card" of the unified logo actually appeared in 2002. With a unified standard, the cross-banking of bank cards was realized.
"On the acceptance side, the standard for two-dimensional code payment is like a highway, which belongs to the infrastructure." Xu Ling believes that the part that belongs to the infrastructure should form a unified standard, and the personalized part should be reflected in the product and user service.
He explained that UnionPay has an absolute advantage in domestic merchant coverage compared with the general institutions. After docking the standard of UnionPay, you can use the UnionPay network to achieve scene cut-in. Organizations only need to do a good job of products and services. For the user side, it does not involve changes in payment habits, just click on the app you like.
“It’s like opening a wallet and printing which credit card is no different. Just the additional services and benefits of each card may be different,†he said.
In addition to the first batch of more than 40 commercial banks and institutions, UnionPay said that another 60 commercial banks are stepping up testing and will soon be opened, and other major banks will be fully operational during the year.
For the possible competition, Xu Ling called it “fair market competition†and believed that the next stage of the dispute should be transitioned to product dispute and service quality.
Ai Rui analyst Li Chao believes that the current third-party payment institutions directly connected to the bank's scan code payment model is a waste of resources such as manpower, capital, equipment interfaces, and high service costs, which is a retrogression in the development model of the financial industry.
He said that UnionPay will build payment infrastructure for card issuers, acquirers, merchants and users, which will further promote the universalization of QR code payment, reduce industry costs and enhance user service experience.
Yang Tao, assistant to the director of the Institute of Finance of the Chinese Academy of Social Sciences, also responded to the reporter of the China Times, saying that the introduction of the QR code payment standard is mainly to continue to promote the diversification of the market competition environment and help promote the payment of QR codes. Standardize development and better balance between security and convenience.
"The standard development of the future QR code, while competing, is more likely to achieve new integration, because interconnection is the general direction of retail payment development," Yang Tao said.
Who will win NFC and QR code?
In the field of mobile payment, NFC payment and QR code payment are two main product forms. At the end of 2015, “Cloud Flash Pay†was based on NFC payments.
In September last year, Jingdong Finance also launched the NFC-paid product “White Strip Flash Paymentâ€, and realized the use of UnionPay “Cloud Flash Payment†by means of a joint electronic account with the bank.
Comparing these two payment methods, Xu Ling responded to the reporter of "China Times" that "there is value in existence and there is no competition." Which product is better, first of all depends on the user's personal preferences. Secondly, “such as in pancake stalls or large shops, there are differences in the use of different scenariosâ€, it should be left to users and merchants to choose.
From the perspective of Jingdong Finance, Xu Ling said that both products are doing. After the two-dimensional code payment has a unified standard, it can be pushed by means of the existing scenes of UnionPay, and no need to spend invalid resources to grab the scene. Conversely, for NFC or payment methods for biometrics such as face and iris, JD Finance will invest more energy in research.
Yang Tao also believes that due to the large difference between the payment scenario conditions and consumer habits of the two, the standard introduction of the two-dimensional code has limited impact on NFC payments.
"NFC has attracted new attention with Apple Pay, but for various reasons, it has not caught fire. In the past, the relevant parties actually did not invest much resources. NFC is still in the 'bottom' state, and with the improvement of conditions, there is still room for improvement. For example, he said that retail payment is like the "main food market". "Taro, Hanamaki, rice" have certain needs, and it is impossible to adopt a model to eat the world.
Li Chao said that the addition of non-banking institutions such as Jingdong Finance can drive the launch of UnionPay QR code products. The two sides play an advantage in their respective areas of expertise, driving the payment market to reduce industry costs and improve the efficiency of payment services. This will also trigger a major change in the current payment market.
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