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The temptation to pay: Has the change just begun?
China UnionPay and Jingdong Finance have reached eight strategic cooperation plans to open up a new pattern of payment
The article reads: From cash, credit card, to the mobile phone "sweep code pay", and then just a phone gently, NFC (Near Field Communication, near field communication) technology will help you to complete the payment ... The progress of technology is Make payment more convenient, safe and humane, and future payments may even be achieved with only one finger or one eye.
From cash, credit card, to mobile phone scanning, to just a phone, NFC (Near Field Communication, Near Field Communication) technology can help you to complete the payment... Technological advances are making payments More and more convenient, safe and humane, the future payment may even be realized with only one finger or one eye. Of course, what is even more exciting is the change in the business structure that has been triggered, and this change has come faster than we thought. Two years ago we were still discussing whether a mobile phone could replace a wallet. Now it has penetrated into pancake stalls.
In the past 2016, not only all kinds of “Pay†appeared on the stage, but also more than a dozen Internet companies such as the US group got their payment licenses, and they were prepared to “buy up their sleeves and work hardâ€. At the beginning of 2017, big news broke out in the payment area - Jingdong Finance and China UnionPay, and the two sides will adopt deep cooperation in eight areas and want to “open up a new pattern of payment marketâ€. When the president of China UnionPay, Shi Wenchao once pointed out, “The tyrannical local tyrants with hundreds of billions of trillions of market capitalizations want to enter into such a profit-making industry. It is by no means our profit of less than 2 billion yuan.†Into so many giants, where is its temptation?
Payment pattern has been fixed? Far from it!
On January 4th, China UnionPay and Jingdong Finance signed a strategic cooperation agreement in Beijing, and announced that Jingdong Financial's payment company has become a member institution of China UnionPay's acquisition. According to the agreement, the two parties will conduct in-depth cooperation in eight major areas such as mobile payment product innovation, joint card, big data application, rural finance, and international business.
At the same time, China UnionPay and JD Finance will jointly formulate UnionPay brand name card product standards. This is the first time that China UnionPay has worked with non-financial institutions to formulate UnionPay card product standards. Huaxia Bank, Beijing Bank, Bohai Bank and other 12 banks signed the first batch on the same day. In the future, banks will be the card issuer, UnionPay will be the bank card manager, and Jingdong Finance, as the technology provider, will provide more card issuers with risk identification and customer management services.
"The huge UnionPay network is now defined as China's financial infrastructure. We work together and we will first make a name for ourselves in the payment sector." Talking about holding hands with Jingdong, Shi Hongchao, president of China UnionPay, is very modest. But the discourse did not hide CUP’s ambitions.
Jingsheng Sheng, CEO of JD Finance, said: “We always overestimate some changes that may occur in the next two years and underestimate some changes that may occur in the next decade. The impact of new technology on the payment industry may be unimaginable to everyone. The demand of the users, including users, is changing, technology is changing, and the market structure is changing. So now the entire payment market is still undecided."
According to a research report released by Analysys, the third-party mobile payment scale in China in the third quarter of 2016 reached 90,91.9 billion yuan, a year-on-year increase of 20.5%. Among them, Alipay's market share accounted for 50.42%, TenPay (WeChat + QQ) was 38.12%, the market share of the two reached 88.54%, the industry continues to show a duopoly situation.
"The pattern of mobile payments that people are seeing now has only occurred in the past two or three years. It is relative to the young Internet population. The proportion of mobile payment transactions is not high in the overall payment. There is a huge amount of uncertainty." Xu Ling, vice president of Jingdong Finance, told reporters.
In Xu Ling's view, Jingdong's payment is not to go to Alipay and WeChat to grab food in the “small marketâ€. “The pattern of Jingdong is to look at the bigger market.†He said that the past players are all Bypassing UnionPay, Jingdong’s choice is to embrace UnionPay.
“Closing and embracing are different strategic choices for different companies, and they also form different strategic patterns. What we value is not to occupy a single, small share of the market, but to pay more attention to the greater layout of the connection between finance and life. Xu Ling said.
Alipay said in its response to reporters: “We have always had communication with UnionPay. Based on our efforts to create value for our customers, we do not rule out the possibility of future cooperation.†But according to the reporter’s understanding, joining UnionPay currently The clearing network has more than 120 third-party payment agencies, covering the vast majority of licensed third-party payment agencies, but it does not include Alipay, which has the largest market share.
Big article behind payment
In fact, before Jingdong and UnionPay announced their cooperation, the two sides have already made some innovative attempts in new areas such as "cloud flash payment." “As long as the mobile phone is close to the POS machine, the mobile phone will automatically call out the payment interface of Jingdong’s white bar, and the payment can be completed through fingerprints or entering a password. There is no need to open any app or scan the QR code. This kind of payment method has a better experience.†Ling said.
According to the reporter's understanding, at present, UnionPay POS acceptance terminals that support cloud flash payment have reached 10.5 million, and the number of users has reached 20 million. According to relevant Alipay sources, the number of merchants under the word of mouth supporting Alipay payment is 1.5 million. The number of cooperative merchants announced by WeChat Payment in August 2016 was 800,000. However, the number of users of the two companies far exceeds that of the cloud flash payment, the number of Alipay real-name users reaches 450 million, and the number of WeChat payment users exceeds 400 million.
The industry chain for NFC flash payment is much longer than "scanning code payment," and it is also a lot more complex. It also requires that smart phones must have built-in NFC chips, and the market needs to be intensively nurtured. Users also need to cultivate. However, the agency predicts that the proportion of total NFC mobile phone shipments in 2017 will exceed 60%, and the picking-up rate of mobile phone fingerprint recognition capabilities will exceed 50%.
"Payment is the foundation and support of the Internet financial service system, and it is also the 'skeleton' for the smooth development of modern finance," said Li Chao, a senior analyst at iResearch. The payment of profit based on rate is actually not a profitable industry. At least for BAT (Baidu, Alibaba, Tencent) and JD.com companies with such a large body size, it is certainly not tempting, but payment is the source and foundation of financial services, especially the provision of With big data from users, payment has become a hotly contested place for the military, and it has even become a "head-breaking blood." For example, if you have mastered the payment data of your users, you can better provide them with consumer financial products; if you have mastered the big data of merchants, you can use them as the basis for the issuance of supply chain financial products.
“Payment is the infrastructure of financial services, connecting all aspects of financial services, and is the most direct service we provide to our users. We will jointly promote technology and business model innovation in payment, risk control and customer service, and let finance Market participants reduce costs, increase efficiency, and provide customers with an extremely safe payment experience. I believe that in the spirit of technological innovation and openness, there will be new changes in the payment market,†said Chen Shengqiang.
Financial technology output is the ultimate goal
If you select the 2016 hot word for the financial circle, it is estimated that Fintech will be elected without any dispute. Fintech, the abbreviation of finance + technology, means “finance technologyâ€, which refers to the use of emerging technologies such as cloud computing, big data, and mobile internet to transform, innovate, and even subvert traditional finance.
Xu Ling said, “Jingdong does not want to be a bank or a financial institution to do finance, and China has no shortage of banks and financial institutions. We have always wanted to become a financial technology company and to serve the entire traditional financial system through our openness. Although Jingdong Finance has launched some financial products and services before, these are mainly the ability to demonstrate Jingdong to the industry and will gradually transform in the future.
“The financial technology defined by JD Finance is a new type of service provider on the road to the transformation and upgrading of the banking industry. The 'new' performance is that we not only provide a technical solution for banks, but also integrate data capabilities, marketing capabilities, and provide services. The output of the platform has helped banks create a new business model,†said Xie Jinsheng, general manager of Jingdong Financial and Financial Technology Division.
According to Xie Jinsheng, in the past, “Internet + finance†was the responsibility of the Internet and finance. Internet companies expanded their financial services, and financial institutions actively developed Internet technology. Banks simply used the Internet as a new channel. In the future, the Internet will no longer be merely a channel, but will use the Internet to create new formats. Many banks themselves do not have this capability. For example, many banks do not have the ability to build direct sales banks. Even if they are established, there is no passenger flow.
"Financial technology is undoubtedly the highlight of the financial industry in 2017, and its output of technological innovation will have a profound impact on industry changes." Ma Guangyuan, deputy director of the Central Economic Commission and an independent economist, told reporters that he said that Jingdong Finance and UnionPay In essence, strategic cooperation represents a deep integration of financial technology and traditional finance. It is also a powerful practice. If we can find a new path for the sound development of financial science and technology to drive traditional finance, it is undoubtedly important for the entire industry, enterprises and even users. significance.
Dialogue with Jingdong Finance Vice President Xu Ling:
Payment is the number of conventions of life to finance
Reporter: Judging from the current information, Jingdong Financial seems to be playing more of a “hero behind the scenes†in payments, doing some bottom-line work, and there will be some further moves at the C-side.
Xu Ling: Jingdong Finance did not hold such a press conference. This is the first time in history that we have not had any specific, quantitative product at the press conference. It is precisely because the pattern of the payment market is very large. It is of little significance if only a simple and improved small product is given. In fact, prior to this cooperation, both of us had an in-depth discussion in the past six months and also made very effective attempts to obtain feedback from a large number of users and industries, and more importantly, established mutual trust. In the next three to six months, we will see generations of payment products, whether they are small-scale or revolutionary, we will soon launch, let everyone see the changes in future payments.
Reporter: There are so many internet companies that are pegged at the payment business. Why does Jingdong have to make an effort to make a payment market? What is the most important?
Xu Ling: Payment is a convention number from life to finance. It is part of our life and it is also a financial technology. Any financial service, whether financial or credit, is accompanied by the occurrence of a payment. Therefore, Jingdong hopes to become an important player in the entire payment market and hopes to become an important promoter. In fact, payments are changing faster and faster. There was a long period of cash payment, credit card appeared for several decades, payment with QR code and APP occurred in the last two or three years. Now we have found that flash payment is a very good tool, even if the APP is not open, the phone can be a paste. The next step may be biological payments, which can be accomplished through our physical signs (such as fingerprints). Therefore, the changes in the new payment structure will not be delineated in the next three years, and it may be only one year. Flash payment growth is very fast, almost every month is a 100% growth rate.
Reporter: In order to make users accustomed to “pay codeâ€, Alipay and WeChat have paid a huge promotion fund, and also mobilized the resources of Taobao and WeChat two super portals to promote. In order to let users get used to new payment methods, such as NFC flash payment, how does JD.com and UnionPay promote? Will there be subsidies?
Xu Ling: Certainly will. Jingdong is best at converting users and guiding users. We have always focused on service users. But in general, we will tell users more directly: This product is very easy to use. Using this product will be more convenient, more favorable, experience better, and safer than the previous products.
China UnionPay and Jingdong Finance have reached eight strategic cooperation plans to open up a new pattern of payment
The article reads: From cash, credit card, to the mobile phone "sweep code pay", and then just a phone gently, NFC (Near Field Communication, near field communication) technology will help you to complete the payment ... The progress of technology is Make payment more convenient, safe and humane, and future payments may even be achieved with only one finger or one eye.
From cash, credit card, to mobile phone scanning, to just a phone, NFC (Near Field Communication, Near Field Communication) technology can help you to complete the payment... Technological advances are making payments More and more convenient, safe and humane, the future payment may even be realized with only one finger or one eye. Of course, what is even more exciting is the change in the business structure that has been triggered, and this change has come faster than we thought. Two years ago we were still discussing whether a mobile phone could replace a wallet. Now it has penetrated into pancake stalls.
In the past 2016, not only all kinds of “Pay†appeared on the stage, but also more than a dozen Internet companies such as the US group got their payment licenses, and they were prepared to “buy up their sleeves and work hardâ€. At the beginning of 2017, big news broke out in the payment area - Jingdong Finance and China UnionPay, and the two sides will adopt deep cooperation in eight areas and want to “open up a new pattern of payment marketâ€. When the president of China UnionPay, Shi Wenchao once pointed out, “The tyrannical local tyrants with hundreds of billions of trillions of market capitalizations want to enter into such a profit-making industry. It is by no means our profit of less than 2 billion yuan.†Into so many giants, where is its temptation?
Payment pattern has been fixed? Far from it!
On January 4th, China UnionPay and Jingdong Finance signed a strategic cooperation agreement in Beijing, and announced that Jingdong Financial's payment company has become a member institution of China UnionPay's acquisition. According to the agreement, the two parties will conduct in-depth cooperation in eight major areas such as mobile payment product innovation, joint card, big data application, rural finance, and international business.
At the same time, China UnionPay and JD Finance will jointly formulate UnionPay brand name card product standards. This is the first time that China UnionPay has worked with non-financial institutions to formulate UnionPay card product standards. Huaxia Bank, Beijing Bank, Bohai Bank and other 12 banks signed the first batch on the same day. In the future, banks will be the card issuer, UnionPay will be the bank card manager, and Jingdong Finance, as the technology provider, will provide more card issuers with risk identification and customer management services.
"The huge UnionPay network is now defined as China's financial infrastructure. We work together and we will first make a name for ourselves in the payment sector." Talking about holding hands with Jingdong, Shi Hongchao, president of China UnionPay, is very modest. But the discourse did not hide CUP’s ambitions.
Jingsheng Sheng, CEO of JD Finance, said: “We always overestimate some changes that may occur in the next two years and underestimate some changes that may occur in the next decade. The impact of new technology on the payment industry may be unimaginable to everyone. The demand of the users, including users, is changing, technology is changing, and the market structure is changing. So now the entire payment market is still undecided."
According to a research report released by Analysys, the third-party mobile payment scale in China in the third quarter of 2016 reached 90,91.9 billion yuan, a year-on-year increase of 20.5%. Among them, Alipay's market share accounted for 50.42%, TenPay (WeChat + QQ) was 38.12%, the market share of the two reached 88.54%, the industry continues to show a duopoly situation.
"The pattern of mobile payments that people are seeing now has only occurred in the past two or three years. It is relative to the young Internet population. The proportion of mobile payment transactions is not high in the overall payment. There is a huge amount of uncertainty." Xu Ling, vice president of Jingdong Finance, told reporters.
In Xu Ling's view, Jingdong's payment is not to go to Alipay and WeChat to grab food in the “small marketâ€. “The pattern of Jingdong is to look at the bigger market.†He said that the past players are all Bypassing UnionPay, Jingdong’s choice is to embrace UnionPay.
“Closing and embracing are different strategic choices for different companies, and they also form different strategic patterns. What we value is not to occupy a single, small share of the market, but to pay more attention to the greater layout of the connection between finance and life. Xu Ling said.
Alipay said in its response to reporters: “We have always had communication with UnionPay. Based on our efforts to create value for our customers, we do not rule out the possibility of future cooperation.†But according to the reporter’s understanding, joining UnionPay currently The clearing network has more than 120 third-party payment agencies, covering the vast majority of licensed third-party payment agencies, but it does not include Alipay, which has the largest market share.
Big article behind payment
In fact, before Jingdong and UnionPay announced their cooperation, the two sides have already made some innovative attempts in new areas such as "cloud flash payment." “As long as the mobile phone is close to the POS machine, the mobile phone will automatically call out the payment interface of Jingdong’s white bar, and the payment can be completed through fingerprints or entering a password. There is no need to open any app or scan the QR code. This kind of payment method has a better experience.†Ling said.
According to the reporter's understanding, at present, UnionPay POS acceptance terminals that support cloud flash payment have reached 10.5 million, and the number of users has reached 20 million. According to relevant Alipay sources, the number of merchants under the word of mouth supporting Alipay payment is 1.5 million. The number of cooperative merchants announced by WeChat Payment in August 2016 was 800,000. However, the number of users of the two companies far exceeds that of the cloud flash payment, the number of Alipay real-name users reaches 450 million, and the number of WeChat payment users exceeds 400 million.
The industry chain for NFC flash payment is much longer than "scanning code payment," and it is also a lot more complex. It also requires that smart phones must have built-in NFC chips, and the market needs to be intensively nurtured. Users also need to cultivate. However, the agency predicts that the proportion of total NFC mobile phone shipments in 2017 will exceed 60%, and the picking-up rate of mobile phone fingerprint recognition capabilities will exceed 50%.
"Payment is the foundation and support of the Internet financial service system, and it is also the 'skeleton' for the smooth development of modern finance," said Li Chao, a senior analyst at iResearch. The payment of profit based on rate is actually not a profitable industry. At least for BAT (Baidu, Alibaba, Tencent) and JD.com companies with such a large body size, it is certainly not tempting, but payment is the source and foundation of financial services, especially the provision of With big data from users, payment has become a hotly contested place for the military, and it has even become a "head-breaking blood." For example, if you have mastered the payment data of your users, you can better provide them with consumer financial products; if you have mastered the big data of merchants, you can use them as the basis for the issuance of supply chain financial products.
“Payment is the infrastructure of financial services, connecting all aspects of financial services, and is the most direct service we provide to our users. We will jointly promote technology and business model innovation in payment, risk control and customer service, and let finance Market participants reduce costs, increase efficiency, and provide customers with an extremely safe payment experience. I believe that in the spirit of technological innovation and openness, there will be new changes in the payment market,†said Chen Shengqiang.
Financial technology output is the ultimate goal
If you select the 2016 hot word for the financial circle, it is estimated that Fintech will be elected without any dispute. Fintech, the abbreviation of finance + technology, means “finance technologyâ€, which refers to the use of emerging technologies such as cloud computing, big data, and mobile internet to transform, innovate, and even subvert traditional finance.
Xu Ling said, “Jingdong does not want to be a bank or a financial institution to do finance, and China has no shortage of banks and financial institutions. We have always wanted to become a financial technology company and to serve the entire traditional financial system through our openness. Although Jingdong Finance has launched some financial products and services before, these are mainly the ability to demonstrate Jingdong to the industry and will gradually transform in the future.
“The financial technology defined by JD Finance is a new type of service provider on the road to the transformation and upgrading of the banking industry. The 'new' performance is that we not only provide a technical solution for banks, but also integrate data capabilities, marketing capabilities, and provide services. The output of the platform has helped banks create a new business model,†said Xie Jinsheng, general manager of Jingdong Financial and Financial Technology Division.
According to Xie Jinsheng, in the past, “Internet + finance†was the responsibility of the Internet and finance. Internet companies expanded their financial services, and financial institutions actively developed Internet technology. Banks simply used the Internet as a new channel. In the future, the Internet will no longer be merely a channel, but will use the Internet to create new formats. Many banks themselves do not have this capability. For example, many banks do not have the ability to build direct sales banks. Even if they are established, there is no passenger flow.
"Financial technology is undoubtedly the highlight of the financial industry in 2017, and its output of technological innovation will have a profound impact on industry changes." Ma Guangyuan, deputy director of the Central Economic Commission and an independent economist, told reporters that he said that Jingdong Finance and UnionPay In essence, strategic cooperation represents a deep integration of financial technology and traditional finance. It is also a powerful practice. If we can find a new path for the sound development of financial science and technology to drive traditional finance, it is undoubtedly important for the entire industry, enterprises and even users. significance.
Dialogue with Jingdong Finance Vice President Xu Ling:
Payment is the number of conventions of life to finance
Reporter: Judging from the current information, Jingdong Financial seems to be playing more of a “hero behind the scenes†in payments, doing some bottom-line work, and there will be some further moves at the C-side.
Xu Ling: Jingdong Finance did not hold such a press conference. This is the first time in history that we have not had any specific, quantitative product at the press conference. It is precisely because the pattern of the payment market is very large. It is of little significance if only a simple and improved small product is given. In fact, prior to this cooperation, both of us had an in-depth discussion in the past six months and also made very effective attempts to obtain feedback from a large number of users and industries, and more importantly, established mutual trust. In the next three to six months, we will see generations of payment products, whether they are small-scale or revolutionary, we will soon launch, let everyone see the changes in future payments.
Reporter: There are so many internet companies that are pegged at the payment business. Why does Jingdong have to make an effort to make a payment market? What is the most important?
Xu Ling: Payment is a convention number from life to finance. It is part of our life and it is also a financial technology. Any financial service, whether financial or credit, is accompanied by the occurrence of a payment. Therefore, Jingdong hopes to become an important player in the entire payment market and hopes to become an important promoter. In fact, payments are changing faster and faster. There was a long period of cash payment, credit card appeared for several decades, payment with QR code and APP occurred in the last two or three years. Now we have found that flash payment is a very good tool, even if the APP is not open, the phone can be a paste. The next step may be biological payments, which can be accomplished through our physical signs (such as fingerprints). Therefore, the changes in the new payment structure will not be delineated in the next three years, and it may be only one year. Flash payment growth is very fast, almost every month is a 100% growth rate.
Reporter: In order to make users accustomed to “pay codeâ€, Alipay and WeChat have paid a huge promotion fund, and also mobilized the resources of Taobao and WeChat two super portals to promote. In order to let users get used to new payment methods, such as NFC flash payment, how does JD.com and UnionPay promote? Will there be subsidies?
Xu Ling: Certainly will. Jingdong is best at converting users and guiding users. We have always focused on service users. But in general, we will tell users more directly: This product is very easy to use. Using this product will be more convenient, more favorable, experience better, and safer than the previous products.
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