Alipay mainly affects the inter-bank fund transfer business of China UnionPay, a subsidiary of the People's Bank of China, because part of Alipay's inter-bank fund transfer business is cleared by signing different bilateral agreements with various banks, which is outside the clearing system of China UnionPay, so China UnionPay can't make any money. Commercial banks don't like this, but they are also helpless. This Alipay has existed for several years, and it has grown together with other payment platform systems, and banks can't object.

Yu 'ebao is a derivative product of capital preservation investment fund that Alipay cooperates with a previously unknown Tian Hong fund company. Alipay is only responsible for absorbing funds and handling payment and settlement, while Tian Hong Fund Company is responsible for investment and wealth management, except for bond investment products, which has high yield and is relatively safe. Such a large amount of money is drawn from the current and fixed savings deposits in the banking system. Tian Hong Fund Company became the agent of this large number of "traitor funds" in the banking system overnight. On behalf of the beneficiaries of these funds, it negotiated with banks respectively, talking about agreement deposits, which are "high-interest deposits" between financial institutions with independent pricing and market price orientation. The higher the agreed deposit interest rate, the more favorable it will be for Yu 'ebao users (investors). Therefore, in the early period when the market was short of funds and Yu 'ebao further catalyzed the shortage of deposit funds in the banking system, Tian Hong Fund Company held the power of life and death of funds and was able to obtain a higher level of agreed deposit interest rate, which not only polished the signboards of Yu 'ebao, Tian Hong Fund Company and Alipay, but also made some deposit funds return to banks at a higher cost, and even banks with little deposit losses could increase their deposits, which can be said to be a "win-win" for the time being. But this "* * * win" is based on the bank being caught off guard and being cut. When banks, especially large state-owned commercial banks, wake up, they will hate it when they recall the mistakes of Yu 'ebao and Tianhong Fund Company. With the courage of the central bank, big banks can besiege the phenomenon of Yu 'ebao at various high-end "think tanks" gatherings in Beijing and even Boao. When denouncing Yu 'ebao, the governors will solemnly say that the lost income will always be reflected in the interest rate of the loan. The high income of Yu 'ebao, and then the bank reluctantly bought the agreed deposit funds of Yu 'ebao, and then added some handling fees to lend out, which is the logic of the princes. It is said that there are many high-rise buildings, and it is euphemistically called Yu 'ebao, which is harmful to the real economy and the people. In fact, it is the rulers who want to win over and rely on the broad masses of the people to fight against Yu 'ebao. In fact, Yu 'ebao did not change the life of the bank, but only caused pain to the bank and lost some income from the difference between deposit and loan. But in the long run, banks should be worried. They are worried that all kinds of treasures, such as Yu 'ebao, have quickly catalyzed a forced interest rate marketization reform when China's interest rate market is immature. If this continues, it will become more and more difficult for banks to make money. On the other hand, it was really easy for banks to make money in the past. Only professionals know that the cost of management failure is too low and the income distribution gap is too large. Not many banks' income, which has increased substantially every year, has actually been implemented in the salary increase of ordinary employees. On the contrary, in the past three years, ordinary employees of large banking institutions in many places have gradually reduced their salaries. It is time for a force to force the dying domestic banks to make up their minds to follow the interest rate liberalization.

There seems to be a lot of complaints on it. A brief overview. Alipay has caused the long-term pain of China UnionPay, while Yu 'ebao has caused the pain of domestic banks.