Author: Wei Qian
Regulators have made new progress in requiring third-party payers to disconnect from banks and access legitimate clearing organizations (UnionPay and Netcom).
Yesterday, the Shanghai Securities Journal reporter confirmed from the insider, China UnionPay and Alipay held an internal signing ceremony on September 10th, and reached relevant cooperation on payment and liquidation business.
At this point, the two big payment giants Alipay and WeChat payments were "incorporated" by the legal liquidation group. WeChat paid earlier to cooperate with the Internet Union and UnionPay to pay settlement business. Alipay has always been a bit paradoxical. It has heard the news of cooperation with UnionPay and Internet Federation. But UnionPay was quick to deny the market rumors; UnionPay was quick to delete the announcement, and then add the announcement that "is still in the negotiation of individual details". Since then, there has been no news of new progress.
But on the news, UnionPay and Alipay said yesterday: no response.
Since 2016, the people's Bank of China has issued a series of articles to purge the third party payment industry. Among them, the most far-reaching impact on the industry is a hard requirement that third-party payment institutions must disconnect from the bank, access to the legitimate liquidation organization, the time limit is on June 30 this year, the industry commonly known as "6.30 disconnected direct connection".
The reason for demanding the disconnection of direct links is that the regulatory authorities can grasp the capital flow and information flow of the payment institutions and clean up the market disorder; the other is that they cut off the interest chain between the payment institutions and banks, breaking the business operation mode and business ecology of the payment industry for more than ten years.
According to the latest data released by Yi Guan, in the first quarter of this year, China's third-party payment mobile payment market transactions amounted to 40364.51 billion yuan, an increase of 6.99%. Among them, the market share of Alipay and Tencent Finance (WeChat payment) were 53.76% and 38.95%, respectively.
Obviously, the two payment giants are key players in the PBOC-led disconnection effort, and naturally they have received much market attention.
Wang Pengbo, an analyst with Analysys payment industry, said that "this is a landmark event" for the cooperation between UnionPay and Alipay in the payment and liquidation business. Regardless of the size of the transaction or the size of the users, Alipay and WeChat pay the most important part of the work. WeChat's attitude towards payment is relatively open, so it is relatively early to cooperate with clearing houses. Alipay has also reached a short-term goal of seeking the lowest rate.
However, even if the Federation reached the above cooperation with Alipay, it did not mean that the end of the work was ended.
At present, most of the payment institutions have basically joined the Union and the Internet Federation, and are gradually cutting the volume. Wang Pengbo said that the disconnection work is still in tight schedule, and some safety tests have not been completed, mainly on the bank side. Whether all preliminary cuts can be achieved by the end of the year remains to be tested.
"All cuts take time, and during this period the industry will experience a round of shuffling." Wang Pengbo said.
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