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The combination of fast-developing online payment services and business services has created more commercial value in the clearing and settlement process, and has also led to more competition for interests, which inevitably hides certain financial risks. Is it to let go of competition to promote more adequate development of the market, or to rectify the online payment and settlement system in the name of risk prevention to form a monopoly interest? In response to the fact that UnionPay has "accepted" third-party payment for some time, public opinion has reacted strongly. It is considered that opposing monopoly and opening up the liquidation market has become an urgent requirement for the development of China's Internet. Some academics have proposed at a seminar on related issues sponsored by several research institutions, such as the Information Society Research Institute of the China Information Economics Association, that the low-level competition pattern affects the healthy development of the industry. Yang Tao, director of the Center for Payment and Liquidation Research of the Chinese Academy of Social Sciences, recently accepted an interview with the reporter of China Times. He believed that the key to promoting the sustainable development of the third-party payment industry is to determine more reasonable and sound game rules from the institutional level.
Seeing the market changes in the era of big data "China Times": What kind of market changes are there in the current third-party payment?
Yang Tao: It should be said that the third-party payment service market has good prospects and has been recognized by all parties. Foreseeable changes include: in the future, the transaction scale of this market will maintain rapid growth; payment service enterprises will diversify; payment service targets will cover many industries related to residents' lives; payment service channels and platforms will continue to innovate, among which mobile payment Will become the mainstream payment industry; in response to changes in market demand, combined with information technology advancement, new payment service tools and products will continue to emerge.
"China Times": What challenges does this change pose to tradition?
Yang Tao: With the rapid development of the entire payment market, the relationship between third-party payment platforms and commercial banks is constantly changing, from the initial full cooperation to the competition and cooperation. In the past, third-party agencies played an intermediary role in online payments, and the conflicts of interest with banks were not large. Today, in many payment services, third-party payments are gradually moving toward the “front endâ€, while banks are in the background.
For example, payment settlement is an important part of the bank's intermediary business. Third-party payment companies replace a large number of banks' payment and settlement intermediary services through various product and business innovations. For another example, one of the business focus of commercial banks is agency funds, insurance, trusts, brokerage wealth management products, etc. In the future, with the liberalization of regulatory mechanisms, third-party payment companies may gradually enter these areas, affecting the agency income of banks. Also, by going to the front desk, payment companies may gain a large amount of financial customer information and data assets, making it an important resource for exploring external cooperation. Of course, the most important thing is that with the promotion and standardization of private finance, third-party payment companies have begun to intervene in traditional banking fields, such as microfinance or wealth management. Now, leading companies such as Alipay have already made relevant attempts.
In the long run, cooperation between third-party payment companies and banks is greater than competition. On the one hand, because the bank is the undisputed protagonist of the Chinese financial system, no one can really compete with the bank. Even from the perspective of the share of the payment market, the impact of third-party payment on the bank is limited. The core profit of the bank still comes from the deposit and loan spread income. Although the third-party payment companies have certain challenges to the banks in this regard with the advancement of interest rate marketization, this is not just a problem of paying enterprises, but financial disintermediation and The result of the development of private finance.
Opposition stems from the absence of top-level design. China Times: What is the biggest problem in China?
Yang Tao: In the development of China's payment and clearing market, the biggest problem is the lack of basic legal support. The related "ticket law" and "payment settlement method" not only have some loopholes in the implementation, but also make the operation difficult, and have not been revised for many years, and have not adapted to the challenges of new technologies, such as electronic payment. At the same time, some relevant industry rules also remain at the level of departmental regulations, and it is difficult to become a game rule for the healthy development of the market. Looking at foreign countries, some are special legislation on the payment industry, while others are enacting legislation on emerging models such as electronic payment, which are worth learning from. In addition, the construction of China's payment and clearing market should also pay full attention to several aspects. First, we must adapt to the trend of internationalization, and integrate and integrate with the global payment system on the basis of ensuring security, laying the foundation for the internationalization of the RMB and the economic and financial development. Second, it is necessary to strengthen supervision and coordination between departments, and to enhance the status and role of the payment and settlement system as an important support for monetary policy and liquidity management. The third is to make full use of modern technological innovation and strive to improve the efficiency and security of payment systems. The fourth is to promote the diversified development of the payment system, build a multi-functional payment organization, and realize the coexistence of the government and private payment organizations. The fifth is to achieve coordination and balance of payment convenience and security, especially in the innovation of retail payment.
China Times: What are the root causes of the various disputes and conflicts in the current payment clearing market?
Yang Tao: The rapid development of the network economy and e-commerce is becoming more and more demanding for a more efficient market-based payment and settlement system. Fundamentally, China still needs to build a reasonable payment and clearing market system, encourage market players to continuously improve their management and management, reduce operating costs, and continue to reduce social payment costs through the market's superiority and elimination rules. Therefore, in this context, we need to study the law of structural changes in the modern payment market, explore the role and development prospects of different types of payment market participants, and the functional positioning and policy guidance of the government and regulatory authorities. The ultimate goal is to promote an efficient payment and clearing market system that serves the needs of customers and conforms to the characteristics of the Internet economy.
The recent hotspot is to discuss Internet finance. I believe that Internet finance is not the opposite of the traditional financial system, but the function of using Internet information technology to innovate and improve the traditional financial system. Technological changes will bring about four major functional innovations in Internet finance: Internet payments, Internet investment and financing, Internet financial risk management, and Internet financial information management. Among them, Internet payment is the foundation and support of other functional systems, and it is also the “skeleton†for the smooth and development of modern finance.
All in all, the various disputes and conflicts in the existing payment clearing market are rooted in the lack of “top-level designâ€, which is the lack of effective game rules and industrial development ideas. At present, the payment field is facing the synchronization challenge of opening up to the outside world. In order to respond to external challenges with industry growth and better serve the needs of customers, it is necessary to formulate more reasonable market game rules from the regulatory level as soon as possible to achieve risk and efficiency. Effective trade-offs, on the one hand, must adhere to diversified development to prevent damage to market competition efficiency, and should not hinder the operational efficiency of payment systems on the grounds of risk prevention; on the other hand, it should build a market-based pricing mechanism for multi-level payment clearing products and services. It is necessary to avoid the bias of administrative pricing and prevent low-level price competition from affecting consumers' long-term interests and healthy development of the industry.
"China Times": How do the relevant competition entities in the market achieve a win-win situation through cooperation?
Yang Tao: There is huge space for cooperation between the parties, such as payment security issues, as well as cross-bank payments, cross-border payments, mobile payments, etc. Banks and third-party payments can fully cooperate. In addition, the potential for cooperation between third-party payment and non-banking institutions such as securities funds and insurance is also remarkable. For example, the balance of Baobao, which is hotly debated recently, actually reflects the common foreign currency fund consumption payment function, and through third parties. The cooperation of payment is realized.
Looking forward to the market-oriented regulatory operating rules "China Times": What kind of development path do you expect the domestic third-party payment market to take in the future?
Yang Tao: It should be said that the construction of China's payment and settlement system needs to be strongly supported as an industry to cope with the pressure of open competition and the challenge of diversified payment needs. We have seen that under the guidance of information technology, the entire modern payment industry has been transformed from supply-oriented to demand-oriented, in which a large number of specialized, third-party payment organizations have emerged. This customer-oriented impact is more reflected in the retail payment field. In a sense, the nature of the credit card industry is the connotation of supply-driven, but electronic payment essentially shows the connotation of demand-driven. As the new technology revolution leads the arrival of the information age, and also ushered in the personalized era of customer payment needs, the electronic payment industry has gradually become the protagonist of the industry, which will have a profound impact on the modern payment market structure and participating organizations. In the long run, network-based virtual payment will have a huge impact on traditional card payment based on chip cards and magnetic stripe cards, which will have a huge impact on traditional payment settlement organizations and transit clearing organization structures.
For China's payment and clearing market, the evolution path that can be expected is: the new technology revolution represented by the information industry - the behavior pattern that affects consumers - the diversity of customer demand demand - the change of merchant behavior - the realization of business The reintegration of the format – stimulating the innovation of electronic payment instruments – has led to the evolution of new payment organizations – a comprehensive change in modern retail payment systems. Further, the construction of the future retail payment system will become more and more based on the Internet-based public network system, which will intensify the service-oriented competition and will exert a profound impact on the wholesale payment system. In the end, the marketization and openness of the payment system will further increase. The basic network barriers of the traditional retail payment system will gradually disappear completely, and the barriers to the wholesale payment system will disappear.
If we roughly divide the modern payment and clearing market into three parts of payment, liquidation and settlement according to their nature and function, we can conclude that: First, payment is a financial exchange between the buyer and the seller. To achieve complete marketization; second, liquidation is the calculation of the receivables and payables of monetary and financial relations caused by certain economic behaviors. It should be partially market-oriented, limitedly liberalized, and allow foreign and domestic private entities to intervene on the basis of controlling risks. Thirdly, settlement is due to the receipt and payment of monetary funds caused by economic activities. All countries are the core of supervision and stability. They are implemented around commercial banks and belong to the field that should not be released.
"China Times": How to establish more reasonable game rules and institutional constraints?
Yang Tao: To promote the sustainable development of the third-party payment industry, the key is to determine more reasonable and more complete game rules from the system level. These rules are not administrative rules, but market-oriented supervision and operation rules. Then it is to realize the effective combination of technological innovation and financial innovation, information and finance, as well as the need to strengthen basic research, especially cross-study in the fields of finance, information, technology and industry, and lay a theoretical foundation for its healthy development.
Seeing the market changes in the era of big data "China Times": What kind of market changes are there in the current third-party payment?
Yang Tao: It should be said that the third-party payment service market has good prospects and has been recognized by all parties. Foreseeable changes include: in the future, the transaction scale of this market will maintain rapid growth; payment service enterprises will diversify; payment service targets will cover many industries related to residents' lives; payment service channels and platforms will continue to innovate, among which mobile payment Will become the mainstream payment industry; in response to changes in market demand, combined with information technology advancement, new payment service tools and products will continue to emerge.
"China Times": What challenges does this change pose to tradition?
Yang Tao: With the rapid development of the entire payment market, the relationship between third-party payment platforms and commercial banks is constantly changing, from the initial full cooperation to the competition and cooperation. In the past, third-party agencies played an intermediary role in online payments, and the conflicts of interest with banks were not large. Today, in many payment services, third-party payments are gradually moving toward the “front endâ€, while banks are in the background.
For example, payment settlement is an important part of the bank's intermediary business. Third-party payment companies replace a large number of banks' payment and settlement intermediary services through various product and business innovations. For another example, one of the business focus of commercial banks is agency funds, insurance, trusts, brokerage wealth management products, etc. In the future, with the liberalization of regulatory mechanisms, third-party payment companies may gradually enter these areas, affecting the agency income of banks. Also, by going to the front desk, payment companies may gain a large amount of financial customer information and data assets, making it an important resource for exploring external cooperation. Of course, the most important thing is that with the promotion and standardization of private finance, third-party payment companies have begun to intervene in traditional banking fields, such as microfinance or wealth management. Now, leading companies such as Alipay have already made relevant attempts.
In the long run, cooperation between third-party payment companies and banks is greater than competition. On the one hand, because the bank is the undisputed protagonist of the Chinese financial system, no one can really compete with the bank. Even from the perspective of the share of the payment market, the impact of third-party payment on the bank is limited. The core profit of the bank still comes from the deposit and loan spread income. Although the third-party payment companies have certain challenges to the banks in this regard with the advancement of interest rate marketization, this is not just a problem of paying enterprises, but financial disintermediation and The result of the development of private finance.
Opposition stems from the absence of top-level design. China Times: What is the biggest problem in China?
Yang Tao: In the development of China's payment and clearing market, the biggest problem is the lack of basic legal support. The related "ticket law" and "payment settlement method" not only have some loopholes in the implementation, but also make the operation difficult, and have not been revised for many years, and have not adapted to the challenges of new technologies, such as electronic payment. At the same time, some relevant industry rules also remain at the level of departmental regulations, and it is difficult to become a game rule for the healthy development of the market. Looking at foreign countries, some are special legislation on the payment industry, while others are enacting legislation on emerging models such as electronic payment, which are worth learning from. In addition, the construction of China's payment and clearing market should also pay full attention to several aspects. First, we must adapt to the trend of internationalization, and integrate and integrate with the global payment system on the basis of ensuring security, laying the foundation for the internationalization of the RMB and the economic and financial development. Second, it is necessary to strengthen supervision and coordination between departments, and to enhance the status and role of the payment and settlement system as an important support for monetary policy and liquidity management. The third is to make full use of modern technological innovation and strive to improve the efficiency and security of payment systems. The fourth is to promote the diversified development of the payment system, build a multi-functional payment organization, and realize the coexistence of the government and private payment organizations. The fifth is to achieve coordination and balance of payment convenience and security, especially in the innovation of retail payment.
China Times: What are the root causes of the various disputes and conflicts in the current payment clearing market?
Yang Tao: The rapid development of the network economy and e-commerce is becoming more and more demanding for a more efficient market-based payment and settlement system. Fundamentally, China still needs to build a reasonable payment and clearing market system, encourage market players to continuously improve their management and management, reduce operating costs, and continue to reduce social payment costs through the market's superiority and elimination rules. Therefore, in this context, we need to study the law of structural changes in the modern payment market, explore the role and development prospects of different types of payment market participants, and the functional positioning and policy guidance of the government and regulatory authorities. The ultimate goal is to promote an efficient payment and clearing market system that serves the needs of customers and conforms to the characteristics of the Internet economy.
The recent hotspot is to discuss Internet finance. I believe that Internet finance is not the opposite of the traditional financial system, but the function of using Internet information technology to innovate and improve the traditional financial system. Technological changes will bring about four major functional innovations in Internet finance: Internet payments, Internet investment and financing, Internet financial risk management, and Internet financial information management. Among them, Internet payment is the foundation and support of other functional systems, and it is also the “skeleton†for the smooth and development of modern finance.
All in all, the various disputes and conflicts in the existing payment clearing market are rooted in the lack of “top-level designâ€, which is the lack of effective game rules and industrial development ideas. At present, the payment field is facing the synchronization challenge of opening up to the outside world. In order to respond to external challenges with industry growth and better serve the needs of customers, it is necessary to formulate more reasonable market game rules from the regulatory level as soon as possible to achieve risk and efficiency. Effective trade-offs, on the one hand, must adhere to diversified development to prevent damage to market competition efficiency, and should not hinder the operational efficiency of payment systems on the grounds of risk prevention; on the other hand, it should build a market-based pricing mechanism for multi-level payment clearing products and services. It is necessary to avoid the bias of administrative pricing and prevent low-level price competition from affecting consumers' long-term interests and healthy development of the industry.
"China Times": How do the relevant competition entities in the market achieve a win-win situation through cooperation?
Yang Tao: There is huge space for cooperation between the parties, such as payment security issues, as well as cross-bank payments, cross-border payments, mobile payments, etc. Banks and third-party payments can fully cooperate. In addition, the potential for cooperation between third-party payment and non-banking institutions such as securities funds and insurance is also remarkable. For example, the balance of Baobao, which is hotly debated recently, actually reflects the common foreign currency fund consumption payment function, and through third parties. The cooperation of payment is realized.
Looking forward to the market-oriented regulatory operating rules "China Times": What kind of development path do you expect the domestic third-party payment market to take in the future?
Yang Tao: It should be said that the construction of China's payment and settlement system needs to be strongly supported as an industry to cope with the pressure of open competition and the challenge of diversified payment needs. We have seen that under the guidance of information technology, the entire modern payment industry has been transformed from supply-oriented to demand-oriented, in which a large number of specialized, third-party payment organizations have emerged. This customer-oriented impact is more reflected in the retail payment field. In a sense, the nature of the credit card industry is the connotation of supply-driven, but electronic payment essentially shows the connotation of demand-driven. As the new technology revolution leads the arrival of the information age, and also ushered in the personalized era of customer payment needs, the electronic payment industry has gradually become the protagonist of the industry, which will have a profound impact on the modern payment market structure and participating organizations. In the long run, network-based virtual payment will have a huge impact on traditional card payment based on chip cards and magnetic stripe cards, which will have a huge impact on traditional payment settlement organizations and transit clearing organization structures.
For China's payment and clearing market, the evolution path that can be expected is: the new technology revolution represented by the information industry - the behavior pattern that affects consumers - the diversity of customer demand demand - the change of merchant behavior - the realization of business The reintegration of the format – stimulating the innovation of electronic payment instruments – has led to the evolution of new payment organizations – a comprehensive change in modern retail payment systems. Further, the construction of the future retail payment system will become more and more based on the Internet-based public network system, which will intensify the service-oriented competition and will exert a profound impact on the wholesale payment system. In the end, the marketization and openness of the payment system will further increase. The basic network barriers of the traditional retail payment system will gradually disappear completely, and the barriers to the wholesale payment system will disappear.
If we roughly divide the modern payment and clearing market into three parts of payment, liquidation and settlement according to their nature and function, we can conclude that: First, payment is a financial exchange between the buyer and the seller. To achieve complete marketization; second, liquidation is the calculation of the receivables and payables of monetary and financial relations caused by certain economic behaviors. It should be partially market-oriented, limitedly liberalized, and allow foreign and domestic private entities to intervene on the basis of controlling risks. Thirdly, settlement is due to the receipt and payment of monetary funds caused by economic activities. All countries are the core of supervision and stability. They are implemented around commercial banks and belong to the field that should not be released.
"China Times": How to establish more reasonable game rules and institutional constraints?
Yang Tao: To promote the sustainable development of the third-party payment industry, the key is to determine more reasonable and more complete game rules from the system level. These rules are not administrative rules, but market-oriented supervision and operation rules. Then it is to realize the effective combination of technological innovation and financial innovation, information and finance, as well as the need to strengthen basic research, especially cross-study in the fields of finance, information, technology and industry, and lay a theoretical foundation for its healthy development.
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