The central bank issued an emergency document on 20 13. 03. 14, demanding that offline bar code (two-dimensional code) payment and virtual credit card related businesses be suspended immediately, and effective measures be taken to ensure a smooth transition during the business suspension.

Virtual credit card is different from the traditional credit card business model. Customers can enjoy the financial services of "application, card issuance and payment" on the Internet platform. Prior to this, Alipay and Tencent announced that they would jointly launch online credit cards with CITIC Bank, which would be responsible for credit granting and quota adjustment, payment settlement, bill generation and delivery.

At the same time, the virtual credit card will change the existing credit card model. According to the data of the central bank, by the end of 20 13, the cumulative number of credit cards issued reached 39 10/00000, including nearly 200 million by the four major state-owned banks. Under the original model, it will be difficult for small and medium-sized joint-stock banks to get ahead in the credit card field, and the introduction of virtual credit cards will break this pattern.

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For the reasons for the suspension, the central bank explained that offline bar code (QR code) payment broke through the traditional business model of accepting terminals, and its risk control level is directly related to the information security and capital security of customers. Virtual credit card has broken through the existing credit card business model, and further research is needed in implementing customer identification obligations and ensuring customer information security.

The industry believes that this reflects the cautious attitude of the regulatory authorities towards the rapid development of Internet finance, which will force third-party payment platforms to come up with a higher standard security system to prevent problems before they happen. It is estimated that in the next step, the regulatory authorities will conduct a unified assessment from the perspective of risk.

Risk prevention cannot be ignored in internet financial innovation. The security and risk of virtual credit card related products need to be further evaluated. It is suggested that the third-party payment platform should submit a report on security detection and risk prevention to the regulatory authorities as soon as possible to build a "firewall" for Internet security. ?

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