The reason why Wacai went offline may be the result of the state’s rectification of Internet deposit products and deposit series apps. Wacai was launched in June 2009. It is an earlier personal accounting and financial management platform in China. It is committed to helping customers optimize personal asset management and provide cloud services for personal financial statement supervision. The platform's services include mobile phones and Web. Its main products include apps such as "Wacai Accounting, Investment and Financial Management", "Wacai Credit Card Manager", "Wacai Money Manager", and "Wacaibao". The above is the relevant content about the reasons why Wacai was removed from the shelves.

1. The so-called Internet deposit products refer to the deposit products launched by banks on the Internet platform, and have nothing to do with Yu'e Bao, funds, etc. These products and services are provided by banks, and the platform provides product information display and purchase interfaces.

2. Take the deposit product "Xiangyunbao 188-day Term" launched by a certain platform as an example. The product provider is Xinjiang Huihe Bank. The deposit term is 188 days, and the annual maturity deposit interest rate is 4.50%. There is a "+3%" interest discount reminder; the bank also has a product with a term of 5 years, an interest payment cycle of 180 days, and an annualized interest rate of 4.42%.

3. The deposit interest rates of the two products are much higher than the 1.3% half-year benchmark interest rate for time deposits announced by the central bank. Among Internet deposit products with other maturities, the current highest interest rates are 2.25% for 1-year terms, 4.125% for 3-year terms, and 4.875% for 5-year terms—all close to or reaching the upper limit of the national self-regulatory pricing mechanism. Not only is the interest rate high, it is also convenient to buy. Nearly half of the deposit products have a minimum deposit amount of only 50 yuan, and all fixed-term products support withdrawals in advance at any time, and the funds can be received on the same day; the purchase process only takes a few minutes, and when the product expires, the funds are automatically returned to the electronic account, and cash can be withdrawn to the bound bank card middle.

4. In addition, each platform will also highlight the information of “deposit insurance protection within 500,000 yuan”. High interest rates, low thresholds, ease of use and guarantees sound very attractive indeed. Why would such a product be targeted by regulators?

5. Since encouraging funds to shift from empty to real and reducing financing costs, domestic market-based interest rates have been steadily declining. The new regulations on asset management and financial management that were subsequently introduced by the regulatory authorities also advocated breaking the "guaranteed minimum" and "just redemption". High-interest savings products in the traditional market have increasingly lost their place.

6. Since launching Internet deposit products, some small and medium-sized banks have indeed absorbed a large number of deposits. For example, according to China Business News, Huatong Bank's customer deposits at the end of 2018 were approximately 1.436 billion yuan, and at the end of 2019, the deposits soared to 7.077 billion yuan; Huarui Bank's deposits in 2018 were 88.313 million yuan, and at the end of 2019, personal fixed-term deposits The balance of savings deposits rose to more than 6.061 billion yuan. Good guy, it has grown several times or even dozens of times!

7. But the problem is stability. As mentioned earlier, when selling these products, various platforms will highlight the selling points of "guaranteed" and "confirmed payment." In this case, as long as the deposit is within 500,000 yuan, depositors do not need to consider the platform risk, they only need to see which one has the highest return. In this way, depositors' stickiness to the bank is very low. Once they find that another bank has a higher interest rate, they can theoretically withdraw money and leave at any time.