"96 fee change" card implementation of the New Deal: restaurant owners to reduce the burden of high-end consumption

Starting today, the Notice on Improving the Pricing Mechanism for Bank Card Credit Cards issued by the National Development and Reform Commission and the People's Bank of China began to be formally implemented.

The new card-sweeping policy, which is called “96 fee reform” in the industry, not only canceled the industry classification, but also changed from government pricing to the market-based pricing of the acquiring institutions, and the processing fee for card swiping was also greatly reduced. It is worth noting that with the cancellation of the credit card swipe rate "single cap", the credit card rate is higher than the brush debit card, and some car 4S stores have made it clear that they will no longer accept credit card payments.

Let's see what changes have been made to the new rules in terms of rates...

1. What are the changes in the new regulations?

1. No longer distinguishing the merchant category rates are the same

In the 2013 credit card fee regulations, the charging standards were classified according to the industry, and were mainly divided into four categories: catering and entertainment, general, people's livelihood and public welfare. Among them, the catering and entertainment category has the highest card processing fee rate of 1.25%; the department store and other general merchants have a handling rate of 0.78%; the supermarket and gas station have a handling rate of 0.38%; and hospitals, education and other public welfare categories have zero rate. .

After the implementation of the new regulations, the merchant category will no longer be distinguished. All merchant rates are the same, but the debit and credit card differential charges are applied, that is, the credit card rate is higher than the credit card. The specific rates are as follows:

Compared with the current management methods for acquiring orders, it is not only decoupled from the price mechanism stipulated by the National Development and Reform Commission, but the distribution ratio of issuing banks, acquiring institutions and UnionPay 7:2:1 has also been completely broken.

2. Cancel the credit card cap offer

As can be seen from the above rate table, the single fee for the savings card consumption in the new regulation does not exceed 13 yuan, and the credit card transaction cancels the previous single charge capping control.

Previously, if the handling fee was calculated at the rate of 1%, if the credit card holder brushed 100 yuan, the merchant would have to pay a handling fee of 1 yuan. If the cardholder brushed 5,000 yuan, the merchant would have to pay a handling fee of 50 yuan, if the cardholder If you brush more than 5,000 yuan, the merchants only need to pay 50 yuan and enjoy the capping discount. After the implementation of the new regulations, there will be no more restrictions on credit card processing fees.

Second, how the new regulations will cut the cake

The credit card rate has been lowered, and the distribution pattern of the original market interest has been broken. Is it a happy or a pros and cons? The following small series analyzes one by one from the perspective of each participating entity.

For consumers

1) Large credit card or rejected

Originally like buying a house, buying a car, wholesale industry and other merchants, credit card fees are concessions. For example, if you spend 200,000 to buy a car, swipe your credit card, and the capping fee is 50 yuan, the merchant can completely ignore the cost. After the implementation of the new regulations, the credit card fee rate capping limit was abolished. Similarly, a car with a value of 200,000 yuan was purchased by credit card. According to the rate of 0.45%, the merchant had to bear the handling fee of 900 yuan, and the cost increased. Merchants are more likely to reject consumers' credit cards or pass the costs on to consumers.

2) "Cash out" will be eliminated

Previously, some speculators used a large number of credit cards to cash in and make investment and wealth management to earn income. It uses a capping machine, brushing tens of thousands or hundreds of thousands of out, only need to give the bank a tens of dollars in handling fees, the cost can be ignored. After the capping offer is cancelled, the cash-out cost has risen several times.

3) "Setting code" phenomenon will improve

Originally, depending on the type of merchant, the credit card rate ranged from 0.38 to 1.25%, so many merchants changed the merchant category of the POS machine privately to save the handling fee. For example, it is obvious that it is consumed in restaurants, but it is not uncommon to see supermarkets when you swipe your cards. But in the end, there will be credit card people to bear the consequences. In this set of code pos machine, not only does not have points, consumption records, food and entertainment high-cost projects accounted for a relatively small, it is not conducive to increase the amount.

After the implementation of the new regulations, the business category will no longer be distinguished, and the strangeness of the "sets" will naturally disappear.

2. For merchants

After the introduction of the new rules for card processing fees, it has been reported that the average fee calculation for merchants is about 0.6%, which is significantly lower than before.

The highest rate of credit card fees in the past was the catering industry. At present, 90% of the restaurant consumers will use credit cards. After the new regulations, the card rate will be reduced from 1.25% to 0.6%, which is 100 yuan consumption, and will be paid by credit card. A fee of 1.25 yuan will be generated, and only 0.6 yuan will be available from September 6. Many restaurant owners have said that profits have increased invisibly.

3. For the issuing bank

The lowering of the rate has a greater impact on the income of the issuing bank, because the card processing fee paid by the merchant is usually divided by the issuing bank, the acquiring bank and the UnionPay according to the ratio of 7:2:1. The biggest impact of the income is undoubtedly the issuing bank; the second is the bank. Increase in operating costs. The adjustment of credit card fees involves the transformation of multiple technology systems such as card issuance and acceptance, as well as the transformation of multiple related systems within the bank, and the re-signing of cooperation agreements with the original merchants; after the rate adjustment, banks and UnionPay Business and third-party payment companies are fiercely competing for expanding the number of credit cards and competing for high-quality merchants. Some even do not hesitate to fight price wars, and the bank card business will face more intense competition in the same industry.

However, the reduction in the credit card rate will have some adverse effects on commercial banks in the short term, but in the medium and long term, the bank card business of commercial banks is also facing new opportunities. This adjustment will help to increase the amount of bank card issuance, penetration rate, live card rate and bank card penetration rate, and will gradually improve the development of bank card business.

4. For the acquiring institution

The regulations state that the service fee for the receipt of the link is subject to market adjustment. That is to say, the acquiring service fee charged by the acquiring institution is negotiated by the acquiring institution and the merchant to determine the specific rate. This means that the already hot-selling third-party payment acquiring market will usher in more intense competition.

According to the data of the central bank, the current cost-to-acquisition rate of the acquiring industry is four-thousandths. If the cost of manpower, depreciation, etc. is counted, it is necessary to maintain a rate of five thousandths of a mile. After the "96 fee change", the fierce price war is inevitable. It is not excluded that a large number of payment institutions will be eliminated.

5. For UnionPay

Similarly, the above-mentioned "Xiao Li consumes 1,000 yuan in the hotel" as an example. Before the fee is changed, according to the rate of 1.25%, the merchants need to pay a handling fee of 12.5 yuan, which is allocated in a ratio of 7:2:1. UnionPay can obtain 1.25 yuan. . After the implementation of the new regulations, the same 1,000 yuan, according to the issuing bank and the acquiring institution each pay 0.0325%, UnionPay can charge up to 0.65 yuan, compared with before.

Overall, the fee reform not only limits the barbaric development of merchants' package and credit card cashing, but also regulates the management of bank card receipts, allowing credit cards to return to their essential positioning. Consumers should re-plan in the process of using the card to avoid becoming a buyer of large fees.

influences

Industry classification is gone, catering card processing fee has dropped

There are two major changes to the new rules for bank card processing fees. One is to cancel the industry classification; the other is to implement debit card and credit card differential pricing. The debit card is still capped, and the credit card processing fee is “not on the credit card. Capped."

The reporter found that the current domestic credit card rate is linked to the industry classification. The highest fee rate for meal and entertainment is 1.25%; for general stores such as department stores, 0.78%; for supermarkets and gas stations, 0.38%; hospitals, education, etc. The public welfare category is zero rate.

This time, after the cancellation of the merchant industry classification, the overall fee rate will be greatly reduced, especially for ordinary debit card consumption. According to the new policy requirements of some banks, the adjusted rate levels are: debit card is 0.5% of the transaction amount, single charge is up to 20 yuan; credit card is 0.6% of the transaction amount, and the cap is cancelled.

Mr. Li, the operator of a restaurant, said that his hotel has about twenty or thirty credit cards per day, and the single purchases range from tens of yuan to several hundred yuan. After this adjustment, the credit card processing fee rate will be lowered from the current 1.25% to 0.6%. That is to say, the original customer spends 100 yuan on the hotel card, the merchant bears 1.25 yuan fee, and only needs to deduct 0.6 yuan after September 6th, "all of a sudden can save half of the cost."

Earlier, the relevant person in charge of the National Development and Reform Commission and the central bank said that preliminary calculations, after the implementation of the policy, the total amount of merchants' spending can be reduced by about 7.4 billion yuan per year. After the adjustment, the total service fee and network service fee rate of merchants' credit card and debit card transactions in the catering and other industries can be reduced by 53% to 63%, respectively, and those in department stores and other industries can be reduced by 23% to 39%.

If you don’t cap it, the big credit card consumption will be “rejected”

After the adjustment, the "credit card single-card credit card is not capped" rule means that the handling fee incurred by the large credit card consumption increases. This will undoubtedly face a situation where the credit card fee is too high for merchants who promote credit card installment.

Yesterday, the reporter came to Guangqi Honda International Trade 4S shop and Beijing Qin and Buick 4S shop. The staff said, “You can't pay by credit card since Ming'er. It is recommended to use a debit card, because we only used the bank to pay 80 yuan. Fees, but starting from tomorrow, you will need to pay a handling fee of six thousandths, and the top is not capped."

Some businesses are also transferring the cost of large credit card consumption to consumers.

Ms. Xia, a citizen, recently added new furniture to her home. The sales staff of the furniture company said, “From September 6th, the fee for using a credit card to swipe the card at the POS machine is not capped, and the handling fee is charged at 6,000. The yuan will be 60 yuan, and so on. The fee will be borne by the cardholder, and the debit card will not be affected."

Why is the new card policy different in terms of rates and debit card and credit card transactions? In this regard, the relevant person in charge of the National Development and Reform Commission and the central bank said, “Because of the different overdraft rights, compared with debit cards, commercial banks need to bear additional costs such as capital occupation in credit card transactions, and the risk of business loss is relatively high. This move draws on the common practice of foreign card handling fees, which is conducive to mobilizing the enthusiasm of commercial banks and expanding the credit consumption business."

Wang Weiguo, president of the Bank of China Law Research Association and a professor at the China University of Political Science and Law, believes that “credit cards generate higher fees than debit cards, which may cause merchants to prefer debit cards. Debit cards are payment-based payment tools. This kind of tilt helps to encourage savings."

Price wars intensify, third-party payments are affected

It is worth noting that this rate adjustment is the biggest change in the history of the bank card acquiring industry. With the new rules, the industry will be able to stimulate the consumption of credit cards, which means that the already hot-selling third-party payment and acceptance market will usher in more intense competition.

The so-called bank card acquiring business refers to the cardholder's card consumption at the bank signing merchant, the bank performs settlement, and deducts the fee calculated according to the rate and then pays the money to the merchant. It is understood that the current cost of the acquiring industry is about four thousandths. If you count the cost of manpower, depreciation, etc., you need to maintain a rate of five thousandths to lose money.

"After this fee change, the fierce price war is inevitable." In the eyes of the industry, payment institutions that rely solely on fees for living will face a severe test of survival.

The data shows that in 2015, non-bank payment institutions handled a total of 33.399 billion Internet payment services, amounting to 24.19 trillion yuan, up 55.13% and 41.88% respectively over the previous year; non-bank payment institutions handled a total of 39.861 billion mobile payment services, the amount It reached 21.96 trillion yuan, a year-on-year increase of 160% and 166.5%.

The insiders believe that next, third-party payment institutions will uniformly access the network, and the transition from the bank direct connection mode to the third-party platform will be transferred to the clearing mode. This means that the third-party payment institution will not be able to realize the closed loop of information flow and capital flow. Competitiveness may be affected. "If third-party payment agencies only do channel business, I am afraid it will be difficult to support themselves."