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Why suspend the virtual credit card?
On the one hand, the central bank issued a document to urgently stop Alipay and Tencent's virtual credit card products, and

Code (QR code) payment and other face-to-face payment services, on the other hand, it plans to pay online payment services to payment institutions.

Further standardize and substantially reduce the transfer amount of personal payment accounts.

Internet third-party payment institutions will be like wearing a "tightening spell", and banks and UnionPay will recover from the impact of Internet finance and enjoy "cheese" again. Where internet finance will go is a problem.

The virtual credit card was suspended.

The applause of the market for the virtual credit card business launched by Alipay, Tencent and China CITIC Bank [1.97% capital research report] has not yet fallen, and the central bank immediately shouted to stop.

On March 13, the central bank issued the Letter from the Payment and Settlement Department of the People's Bank of China on Suspension of Offline Barcode (QR Code) Payment of Alipay Company, stopping the virtual credit card products of Alipay and Tencent, and stopping face-to-face payment services such as barcode (QR code) payment.

In this regard, Feng Xinya, the Payment and Settlement Department of the People's Bank of China, confirmed that the Payment and Settlement Department of the People's Bank of China has issued the Notice on Stopping Virtual Credit Card and QR Code Payment, and copied it to relevant branches, clearing institutions and payment and settlement associations of the People's Bank of China.

Feng Xinya said that the reason for stopping the virtual credit card and QR code payment business is mainly from the perspective of customer payment security. Next, we will evaluate these two products from the perspective of risk. Now we just ask them to fulfill their reporting obligations, and ask them to supplement some information and do further research according to the materials. Feng Xinya said that it is uncertain when the two businesses will resume because the business direction of the relevant companies is inconvenient to answer.

In contrast, the attitude of UnionPay experts is more accurate. They believe that the essence of Alipay barcode payment is to transform offline credit card payment into online transaction and low-risk transaction into high-risk transaction with the help of barcode technology such as QR code. From the daily monitoring, the risk problem of this kind of payment is becoming more and more serious, which is easy to cause systemic risks. Once the risk occurs, it cannot be traced.

Alipay said that it has reported and communicated with the central bank and will submit relevant materials according to the requirements of the central bank. Please don't worry, keep your confidence.

The "ruthless move" of the central bank may continue.

In the face of the central bank's move, although Alipay is calm, no one knows whether it still has confidence in the future, because the "ruthless move" of the central bank will not stop there.

According to the news of March 14, the central bank recently issued a draft of the Administrative Measures for Online Payment Services of Payment Institutions to a number of institutions for comments. Some sources revealed to the media that this is the third time that the central bank has solicited opinions, and it is likely to be the last time to solicit opinions. The feedback time is only three days, which ended on 13. However, it is worth noting that there is a huge difference between this draft and the previous two drafts, and many policies have exceeded the expectations of the industry.

According to the exposure draft of the Administrative Measures, the bill transfer amount of individual payment accounts shall not exceed 1 000 yuan, and the annual cumulative amount of all payment accounts of the same customer shall not exceed 1 000 yuan. The payment institution shall separately manage the transferred funds, which can only be used for consumption and transfer, and shall not be returned to the bank account.

By the way. In this regard, Ali Xiao Wei Financial Division

Relevant persons said, "If the final management,

So, then this means mutual.

Cumulative application for online wealth management products and baby products

The purchase cannot exceed 1 ten thousand yuan. "

Even for consumption, the provisions of this exposure draft are more stringent. It stipulates that the single consumption amount of an individual payment account shall not exceed 5,000 yuan, and the monthly cumulative consumption amount of all payment accounts of the same customer shall not exceed 1 1,000 yuan. Exceeding the limit should be handled through the customer's bank account. Once the management method of this content is formally implemented, the third-party payment institutions represented by Alipay will not only wear a "tightening spell".

Bank UnionPay retakes "Cheese"

Regulatory measures have been introduced one after another, which is tantamount to a blow to third-party payment institutions including Alipay. On the day of the news of March 14, the H shares of Tencent Holdings fell by 4.08%, and the AH shares of the cooperative Bank of Fang Zhongxin also fell sharply in the morning and were temporarily suspended in the afternoon.

Just a few days ago, Ma Yun, Chairman of Ali Board of Directors, said: "If a product can play a role in promoting history, even if its life cycle is short, it will be glorious. If one day Yu 'ebao's interest rate and the bank's deposit interest rate merge, even if Yu 'ebao's mission really ends, it will play a very good role. " The industry didn't expect the change to be so fast.

For the central bank's move, some people think that in addition to monitoring potential risks and protecting consumers' interests, Internet finance has also moved the cheese of banks and UnionPay. It was the payment institution that moved the cheese of the bank; In O2O, the payment institution moved the cheese of UnionPay.

Third-party payment institutions have always focused on online payment, and UnionPay and banks have always dominated the offline field, and the two sides are fighting each other. However, with the maturity of QR code offline payment technology, third-party payment institutions began to seize the offline payment market. CICC believes that payment methods such as QR code are essentially online and offline acquiring business, and the interests of UnionPay are greatly damaged. Virtual credit card will promote the closed-loop construction of Alipay and Tenpay O2O, and promote the transfer of offline payment to online payment, which will still harm the interests of UnionPay. This may be the main reason for the suspension of related business.

At present, the competition between Yu 'ebao and banks for residents' deposits is also in full swing, and banks collectively reduce the transfer amount of fast payment. If the relevant contents of the exposure draft of the Measures for the Administration of Online Payment Services of Payment Institutions are implemented, the war between banks and "babies" will also come to an end.

Banks and UnionPay are working together to rewrite the existing pattern, and the possibility of retaking "cheese" is increasing. It remains to be seen whether the regulatory authorities will provide corresponding development space for Internet finance, whether Internet finance can develop steadily and calmly, and whether related risks can be effectively regulated.