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Why does the central bank suspend QR code payment, virtual credit card?
The relevant person in charge of the People's Bank of China said on 24th that the central bank only suspended, not terminated, the two services of QR code payment and virtual credit card proposed by relevant institutions. The central bank will fully demonstrate the technical safety, consumer protection, anti-money laundering and financial real-name registration system with all parties including relevant payment institutions, and start related businesses according to the principle of pilot first. Internet financial innovation must adhere to the essential requirements of financial services to the real economy, reasonably grasp the boundaries and intensity of innovation, and obey the overall requirements of macro-control and financial stability.

The purpose of suspending business is to prevent and control risks

The person in charge said that the technology and business model of QR code are still in the exploration stage, and there is no unified technical standard and testing and certification standard, which has certain potential risks. First, there are potential risks in the QR code generation mechanism and transmission process; Second, the security of payment terminals is difficult to guarantee; Third, the verification method of QR code payment instruction is relatively simple, and the security barrier is not enough. In recent years, there have been many risk cases about QR code payment in China. Customers' personal information was leaked and account funds were stolen because of scanning QR codes. Without the establishment of relevant safety technical standards, unified business rules and corresponding consumer rights protection system, it is unimaginable that payment companies with hundreds of millions of users will fully promote QR code payment.

the whole process of issuing virtual credit cards is networked, which omits the key link of risk control, breaks through the basic management requirements such as face-to-face examination of existing card issuance, and has a great impact on the anti-money laundering legal system and the real-name account system. At the same time, because the card-handling process cannot effectively confirm the customer's own willingness to handle the card, there is still a great risk of impersonating the card, which is very likely to damage the legitimate rights and interests of consumers. The regulatory standards for the issuance of "virtual credit cards" are inconsistent with those for the issuance of physical credit cards, which will inevitably lead to unfair competition in the card issuing market.

The person in charge said that the Measures for the Administration of Online Payment Services of Payment Institutions (Draft for Comment) is only in the stage of small-scale discussion between functional departments and institutions of the central bank, and the limit standard proposed in it is only a preliminary opinion based on comprehensive consideration of online payment transactions and anti-money laundering requirements of major payment institutions in recent years. The major issues involved in the "Draft for Comment" need to solicit the opinions of the public.

It cannot affect the transformation of liquidity in the banking system

The person in charge said that the concept, direction and policy of the central bank to encourage the development and innovation of Internet finance have never changed and will not change. Emphasizing the protection of consumers' rights and interests, preventing risks, and better serving the real economy go hand in hand with encouraging innovation. The central bank will work with relevant departments to further explore and improve supervision in accordance with the overall requirements of "encouraging innovation, preventing risks, seeking advantages and avoiding disadvantages, and developing healthily" to promote the healthy development of Internet finance.

first, internet financial innovation must adhere to the essential requirements of financial services to the real economy and reasonably grasp the boundaries and intensity of innovation. Internet payment in internet finance should always adhere to the purpose of serving the development of e-commerce and providing small, fast and convenient micro-payment services for the society; P2P and crowdfunding should adhere to the platform function, not engage in fund pools in disguise, and not engage in illegal financial activities such as illegally absorbing deposits, illegally raising funds, and illegally engaging in securities business in the name of Internet finance. Second, Internet financial innovation should obey the overall requirements of macro-control and financial stability. All financial innovations, including Internet finance, should be conducive to improving the efficiency of resource allocation, maintaining financial stability, steadily advancing the reform of interest rate marketization, and the central bank's regulation and control of liquidity, so as to avoid drastic fluctuations in financial market prices caused by certain financial business innovations, increase the financing cost of the real economy, and not affect the transformation of liquidity in the banking system, thereby reducing the credit support capacity of the banking system for the real economy. Third, we must earnestly safeguard the legitimate rights and interests of consumers. The fourth is to maintain the market order of fair competition. Fifth, we should properly handle the relationship between government supervision and self-discipline management and give full play to the role of industry self-discipline.