Alipay has entered into cooperation with UnionPay and Internet Federation to carry out payment and liquidation business.

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 Alipay has entered into cooperation with UnionPay and Internet Federation to carry out payment and liquidation business.


Our reporter Xie Shui Wang reports from Shanghai.

In September 13th, the economic report reporters from twenty-first Century approached the UnionPay and Alipay personas to verify that UnionPay and Alipay have already carried out payment and liquidation cooperation in a low profile.

Both sides are very low-key and have no publicity. A number of people familiar with the matter said. In twenty-first Century, the Economic Times reporter did not comment on many times related to UnionPay and ants.

From the overall situation of disconnection and direct connection of Payment institutions, payment giants Alipay and Cai Fu Tong have carried out liquidation cooperation with UnionPay and Internet alliance platform, which is of great significance.

With the completion of the two major clearing houses of the Union and the Internet Federation, the two giants work of direct connection is expected to advance smoothly, together with Alipay and Hong Kong. The two payment giants have a large business volume and complex business model, which is an important driving force for the industrys disconnected work. Xue Hongyan, director of the Internet Financial Research Center of Suning Financial Research Institute, told the twenty-first Century economic news reporter.

Xue Hongyan also said that after the disconnection, the infrastructure of third-party payment institutions has been consolidated and the foundation for centralized deposit of reserves has been laid. Next, we should focus on promoting standardization of unified rates, unified two-dimensional code standards and other industries; at the same time, we should innovate the third-party payment business model, based on centralized payment. Data value-added services can also be put on the agenda.

In order to disconnect the direct connection between Payment institutions and banks, in August 2017, the Payment Department of the Central Bank, in its Article 209, requested that from 30 June 2018, all payment services involving bank accounts accepted by payment institutions should be processed through the Internet connection platform; in December of the same year, the Central Bank issued the Bar Code Payment Business Standards (Trial) requirements. When a bank or payment institution carries out bar code payment business involving cross-bank transactions, it shall be handled through the Peoples Bank of Chinas inter-bank clearing system or a legally qualified clearing institution, which shall take effect from April 1, 2018.

Xue Hongyan believes that, from the practice of disconnection and direct connection, the supervision and acquiescence of Payment institutions to access the network and union platform at the same time, and did not clearly define the division of labor between the two. In the current industry environment, it is a rational choice for payment institutions to access two clearing houses simultaneously.

As early as early as April this year, Fiscal has been connected to UnionPay and UnionPay, formally launched Wechat payment bar code payment business cooperation, and began to cut the volume of work.

But the process of Alipay is rather tortuous. In April 27th, it was reported that Alipay had access to the UnionPay. On the evening of the same day, the UnionPay statement denied the matter indirectly. In May 11th, the Internet Union and Alipay announced the cooperation in the bar code payment business at the same time, but later, the Internet Union also deleted the announcement. However, many people familiar with the matter revealed that Alipay had been connected to the Internet.

It is worth mentioning that the above cooperation highlights the liquidation agencies to provide payment bar code payment business transfer liquidation services.

The Barcode Payment Business Standard (Trial Implementation) of the Central Bank shows that the barcode payment business refers to the business activities of banks and Payment institutions to realize the transfer of money and funds between the payees by applying barcode technology; the barcode payment business includes payment sweeping and payment sweeping. A payment institution in Beijing told the twenty-first Century business news reporter that on the one hand, this is a clear requirement for the bar code payment business standard (Trial Implementation); on the other hand, Alipay and Cai Fu Tongs bar code payment business has wide audience and many application scenarios. In the third-party payment format, bar code payment accounted for the largest proportion, the fastest growth rate, bar code payment of thedisconnected direct Connectionsolved, the third-party payment of thedisconnected direct Connection is close to success. Xue Hongyan said. However, the disconnection has been postponed. Most Payment institutions have chosen to access the platform of UnionPay and Networking at the same time, and are carrying out the work of cutting down the amount of work to achieve a complete disconnected direct connection is a long way to go, but it is already possible. (Editor: Ma Chun Yuan) this article source: twenty-first Century economic report editor: Wang Fengzhi _NT2541

The Barcode Payment Business Standard (Trial Implementation) of the Central Bank shows that the barcode payment business refers to the business activities of banks and Payment institutions to realize the transfer of money and funds between the payees by applying barcode technology; the barcode payment business includes payment sweeping and payment sweeping.

A payment institution in Beijing told the twenty-first Century business news reporter that on the one hand, this is a clear requirement for the bar code payment business standard (Trial Implementation); on the other hand, Alipay and Cai Fu Tongs bar code payment business has wide audience and many application scenarios. In the third-party payment format, bar code payment accounted for the largest proportion, the fastest growth rate, bar code payment of thedisconnected direct Connectionsolved, the third-party payment of thedisconnected direct Connection is close to success. Xue Hongyan said.

However, the disconnection has been postponed. Most Payment institutions have chosen to access the platform of UnionPay and Networking at the same time, and are carrying out the work of cutting down the amount of work to achieve a complete disconnected direct connection is a long way to go, but it is already possible. (Editor: Ma Chun Yuan)