Bar code payment interconnection speed up small and medium-sized Payment institutions opportunity?

category:Finance
 Bar code payment interconnection speed up small and medium-sized Payment institutions opportunity?


In addition, the reporter of Securities Daily learned from people familiar with the situation that the first interconnection business led by the science and Technology Department of the peoples Bank of China was completed in the pilot city Ningbo on December 30, 2019. The transfer liquidation was conducted by the online joint liquidation office, and one of the two sides of the transaction was Ping An payment.

The interconnection of barcode payment is conducive to small and medium-sized Payment institutions, and will greatly improve the enthusiasm of small and medium-sized Payment institutions. For supervision, it will objectively reduce the risk of second clean brought by many aggregation payment barcodes. Liu Gang, founder of payment industry network, told Securities Daily.

UnionPay and wechat payment cooperation code scanning interconnection

The so-called barcode payment is the two-dimensional code payment. Due to the fierce competition among payment agencies, the barcode payment between each payment agency has not been interconnected. For example, when we pay in a shop, we will also see many independent two-dimensional codes such as UnionPay, Alipay, WeChat payment. If the barcode payment interconnection is realized, the merchant can only apply for a collection code in one payment institution, which can accept any app scanning payment from the consumer.

It is reported that the main body of mutual recognition between UnionPay and TenPay is cloud flash app and wechat payment. Both sides have realized the comprehensive connection of UnionPay QR code network and wechat payment network. The payment function of scanning wechat face-to-face QR code between cloud flash payment app and ICBC, ABC, BOC, CCB and other bank apps will be expanded from pilot areas to more areas, and finally realize comprehensive mutual scanning and mutual recognition of transfer, consumption and other scenarios nationwide. At that time, on the basis of the original experience and process unchanged, users can scan wechat merchant code through applications such as cloud flash app or show wechat merchants payment code in applications such as cloud flash app to complete payment. Merchants can accept more payment tools without system transformation.

For the above cooperation, Tencent TenPay did not deny, but did not disclose the relevant details.

It is believed that this move may be related to the unification of barcode payment coding rules led by the central bank. However, some insiders analyzed the Securities Daily reporter and said, the cooperation between UnionPay and wechat is more business cooperation oriented.

Since last year, regulators and the industry have been pushing to speed up the establishment of interoperability standards for bar code payment, so that Alipay and WeChat can pay the three party payment, and interconnect with the development of two-dimensional code such as UnionPay.

At present, bar code payment has only developed for a few years in China, but it has changed the payment habits of the public. Among them, the Alipay under the ants golden clothing and Tencents WeChat payment are the top two in the mobile payment field, occupying most of the market share.

Nowadays, when the interconnection of bar code payment has not been fully realized, there are a large number of aggregation payment enterprises in the market, whose function is to aggregate the two-dimensional codes of multiple payment institutions, so as to facilitate merchants and consumers collection and payment business. However, aggregate payment plays the role of shelter of undocumented Payment institutions to a certain extent, so there are many risks.

Liu Gang said, the interconnection of barcode payment will make the aggregation payment code lose its significance, which is a major blow to the aggregation payment providers.

Huang Dazhi, a senior researcher at Suning Financial Research Institute, told Securities Daily that the fragmented barcode payment market has caused waste of social resources and affected consumer experience, resulting in a series of risk problems. The realization of bar code payment interconnection is an important part of the infrastructure construction of payment system. For institutions, it can further realize fair competition among Payment institutions and promote the healthy development of payment industry.

Barcode payment interconnection is speeding up running through

As early as the end of 2016, UnionPay issued a two-dimensional code payment standard, intended to achieve one code universal between banks, which laid a foundation for the interconnection of inter agency bank card barcode payment.

After entering 2019, bar code payment interconnection began to speed up. In July 2019, Li Wei, director of the science and Technology Department of the peoples Bank of China, wrote, organize the preparation of technical standards for barcode payment interconnection industry, promote the unification of barcode payment coding rules, build a barcode payment interconnection technology system, and realize mutual recognition and scanning of different mobile app and merchant barcode.

In September 2019, the central bank issued the development plan of fintech (2019-2021), which clearly stated: promote the interconnection of barcode payment, study and formulate the technical standards of barcode payment interconnection, unify the barcode payment coding rules, build the barcode payment interconnection technical system, break through the barcode payment service barriers, and realize the mutual recognition of barcode marks of different apps and merchants Sweep.

According to many insiders interviewed by the Securities Daily, there are no technical difficulties in technology and application for the interconnection of bar code payment, and it will not involve the consumer experience of the user end or the merchant end, and more changes are made in the back-end infrastructure of payment.. The difficulties faced by reality are more closely related to who is the leader of the UnionPay or the Internet Federation, and whether it is biased toward Alipay or WeChat in terms of technology standards.

Source: responsible editor of Securities Daily: Yang qian_nf4425