The official of the China Payment and Clearing Association recently released a survey of Chinese third-party payment agencies. Among them, the Bank conducted detailed research on the bank card acquiring industry and the prepaid card industry and raised the problems in the industry. At the same time, it also gave guiding suggestions for other related industries.
In the report, the association pointed out that although the acceptance environment of China's bank cards is constantly improving and the scale of acquiring business is growing rapidly, under the pressure of market competition, the acquiring institutions are gradually transforming from a single acquiring service provider to an integrated payment service provider. However, there are still problems such as regulatory differences in the acquiring market, parallel pricing of online and offline prices, and lack of innovative business risk prevention and control mechanisms.
Bank card acceptance environment is constantly improving
According to the report, with the reduction of the acceptance cost and the strengthening of marketing efforts, the number of accepting merchants continued to grow rapidly, and the acceptance environment of bank cards continued to improve. As of the end of 2016, the number of merchants of bank card interbank payment system was 206.72 million, an increase of 23.78% year-on-year, an increase of 3.972 million compared with the end of the previous year; the number of POS terminals was 24.53 million, an increase of 7.51% over the same period of last year, an increase of 171.40 million from the end of the previous year; The number of ATM terminals was 924,200, an increase of 6.63% year-on-year, an increase of 57,500 units from the end of the previous year.
At the same time, the overall scale of the acquiring business has increased, making the acquiring institution actively deploy the aggregate payment business. According to the statistics of the association, with the continuous improvement of the acceptance environment and the integration of online and offline acquiring business, the bank card acquiring business volume has maintained a high-speed development trend, and the concentration of the acquiring transaction amount institution has increased.
In 2016, 182 acquiring institutions in the country handled a total of 71.390 billion in acquiring business, with an amount of 76.50 trillion yuan, an increase of 26.33% and 47.17% respectively over the previous year. Among the top ten acquiring institutions, commercial banks and payment institutions each accounted for five, and the top ten acquiring transactions accounted for 72.81% of the total receipts, an increase of 4.81 percentage points over the previous year.
Driven by various factors such as low cost and customer demand, the layout of the aggregate payment business has been increasingly valued by commercial banks and payment institutions. Among the 36 acquirers surveyed, 21 member units (58%) have launched aggregate payment services through their own technology research and development or cooperation with aggregation technology service providers; 4 member units (11%) are promoting aggregate payment services, 11 The member companies (31%) have not yet launched an aggregate payment service.
At present, there are two main forms of aggregate payment services. The first form is reflected in the deployment of smart POS by merchants, that is, two of the payment methods such as scan code, credit card, cloud flash payment, fingerprint payment, and sonic payment. More than pos machines, PADs or other intelligent terminals; the second form is embodied as bar code cards, that is, by posting and distributing QR codes at special merchants' checkouts or dining tables, supporting different institutions such as WeChat, Alipay, and banks. The customer completes the payment by scanning the QR code.
There is a problem in the acquiring market
Although, after the reform of the bank card processing fee pricing mechanism, the arbitrage space of the acquiring business package has been further compressed, and the overall compliance management consciousness and operating level of the acquiring institution have been significantly improved. Under the pressure of market competition, the purchasing market vitality has also been effectively effective. freed. However, there are still problems in the acquiring market, such as regulatory differences, parallel pricing systems for online and offline prices, and lack of innovative business risk prevention and control mechanisms.
The survey found that the differences in regulatory policies are somewhat unfair. First, the regulatory policies between commercial banks and non-bank payment institutions are not uniform. Commercial banks are regulated by the People's Bank of China and the China Banking Regulatory Commission and other departments, and compliance requirements are relatively high. Non-bank payment institutions are mainly supervised by the People's Bank of China. There are differences in the regulatory standards of the two types of acquirers, which inhibits the product innovation and business promotion of commercial banks to a certain extent.
Secondly, some innovative businesses have no clear regulatory requirements. Commercial banks and payment institutions engaged in traditional offline receipts shall comply with the relevant provisions of the “Bank Card Acquisition Management Measures†and other relevant regulations. The expanded merchants must have business licenses and relevant administrative licenses, and cannot expand individual merchants online; and bar code payment, etc. Emerging models to expand the entity's special merchants and individual merchants, there is no clear policy constraints, and they can control themselves in terms of merchants' entry thresholds and rate standards. The lack of regulatory standards can lead to unfair competition.
At the same time, the offline credit card fee price system still has arbitrage space. In 2016, the bank card credit card pricing mechanism reform was implemented. In addition to standard price merchants, non-standard price merchants (hereinafter referred to as “non-standard merchantsâ€) such as public welfare, preferential and special billing are still retained, although Non-standard merchants implement on-site registration and adopt a whitelist approach, but there is still a certain arbitrage space objectively. Some acquirers will change the standard merchants to non-standard merchants to obtain improper benefits through the “big merchant model†or even systematically transforming transactions. .
In addition, the bar code payment business impacts the traditional acquiring business with low cost advantages. At present, the bank card acquiring market implements the government-guided price model for offline, and implements market-based pricing online. There is still arbitrage space. The use of online cost advantages by some acquirers to develop physical merchants has led to the loss of traditional acquirer merchants.
For the traditional offline acquiring business, according to the price standard set by UnionPay, both fees are deducted according to the upper limit. The debit card issuing bank service fee rate is 0.35%, the capping is 13 yuan, and the credit card issuing bank service fee is charged. The rate is 0.45% and is not capped; for innovative payment services such as bar code payment, there is currently no clear regulatory requirements or industry standards, and some payment agencies with strong bargaining power and most card issuers agree that the issue rate of card issuers is around 0.1%. The rate charged by the acquiring institution or agent is about 0.2%~0.25%, and some of the directly expanded merchants even implement the zero rate mode at the beginning, which is significantly lower than the offline credit card transaction cost.
Violation of the law enforcement agencies to strengthen the disciplinary efforts
Comprehensive analysis of the research content of the feedback from the acquiring institutions, each organization has proposed the difficulties, risks and problems that they face in the course of their operations. The association believes that although there are some problems, the overall trend of the acquiring market is gradually forming. Some acquiring institutions rely on innovative products and services to improve the service level. The vitality of the acquiring market has been released after the reform of the credit card pricing mechanism. .
The association proposed that in the acquisition market supervision policy, it is recommended that the People's Bank of China and the China Banking Regulatory Commission jointly issue relevant policies to unify the regulatory standards and standards of different regulatory agencies for commercial banks and payment institutions, and create a fair and just policy environment. In terms of small and micro merchants' access and qualification review, it is recommended to introduce industry guidelines or regulatory rules to clarify the access conditions for small and micro merchants, individual merchants, and settlement account management requirements.
In terms of the price system, the low-cost acquiring methods such as bar code payment quickly seized the offline market, which brought great pressure on the single acquiring institution that engaged in the acquiring business. The first recommendation of the association is to guide market institutions to rational pricing through window guidance or industry consultation, etc., to rationalize the price mechanism of new payment services such as bar code payment, and to prevent large-scale Internet payment institutions from “dimension reduction attacks†for offline acquirers; After the transition period of two years, the special price for the offline preferential merchants will be cancelled on time, the rates of various industries will be unified, and the arbitrage space will be reduced.
In terms of supervision, it is recommended to increase the disciplinary action against the illegal acquiring institutions, and at the same time, the joint industrial and commercial departments will clean up the unlicensed institutions engaged in the payment business. Secondly, it is recommended that China UnionPay strengthen the network access review and continuous monitoring of preferential merchants, and establish a sound follow-up periodic check-out mechanism.
With the rapid development of financial technology, the Association believes that strengthening the sharing of industry risk information and promoting the use of new technologies such as big data in the risk prevention and control of acquiring business should be the focus of the next stage. With the help of big data methods, we combing internal and external customer data, comprehensively analyzing customer industry, business behavior, transaction characteristics, building customer portraits, continuously optimizing and perfecting risk monitoring models, identifying potential risks in a timely manner, and improving industry risk prevention and control.
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