Yesterday, the Central Bank's Payment and Settlement Department issued a document to urgently stop the payment of two-dimensional code payment services such as Alipay and Tenpay. Previously, Alipay, Fortune and other companies have introduced face-to-face payment services such as bar code (QR code) payment to physical merchants, and will launch virtual credit card products with United Commercial Bank.
QR code payment is suspended
According to the document, “offline barcode (two-dimensional code) payment breaks through the business model of traditional acceptance terminals, and its risk control level is directly related to customer information security and capital security. Currently, barcode (two-dimensional code) is applied to payment. In terms of technology in the field, the security standards of terminals are not clear, and the security of the relevant payment instruction verification methods is still questioned, and there are certain hidden risks of payment risks."
The document also stated that “virtual credit cards have broken through the existing credit card business model, and further research is needed to implement customer identification obligations and protect customer information security. In order to maintain the stability of the payment system and protect the legitimate rights and interests of customers, the relevant departments of the head office will An overall assessment of the compliance and security of this type of business."
The Central Bank Payment and Settlement Department requested that Alipay and TenPay “all suspended offline barcode (two-dimensional code) payment and virtual credit card related business. Effective measures were taken to ensure a smooth transition during the business suspension period, properly handle customer service and reduce the impact of public opinion. At the same time, Alipay and Tenpay will report the detailed introduction of the products, management system, operational procedures, institutional cooperation and profit distribution mechanism, customer rights protection mechanism, emergency response, etc., and the central bank's Hangzhou Central Branch Payment and Settlement Office and Shenzhen Central Branch. Payment settlement office. The two branches will fully evaluate the offline barcode (two-dimensional code) payment, virtual credit card compliance and security, and submit the Alipay report materials and relevant regulatory advice to the payment department before March 31.
According to the document, the Payment and Settlement Office of the Hangzhou Central Branch and the Payment and Settlement Office of the Shenzhen Central Branch should, in accordance with the principle of territorial management, require commercial banks and payment institutions within their jurisdictions to launch innovative products and services and cooperate with overseas institutions to conduct cross-border payment services. Perform business reporting obligations at least 30 days in advance, and supervise and guide commercial banks and payment institutions within their jurisdictions to conduct payment business in strict accordance with relevant system regulations and management requirements, carefully assess the compliance and safety of products and services, and improve relevant management systems and Risk prevention and control measures to effectively protect the legitimate rights and interests of customers.
Innovation and regulatory blur
Bar code and QR code payment are the recent emerging mobile payment methods. Since the Spring Festival, Alipay and TenPay's subsidy war on taxi software is a typical case of this type of payment. The convenience of this type of payment is well-known in the industry.
The rise of two-dimensional code payment will bring huge impact to the existing market structure. First of all, QR code payment has great temptation for merchants, such as the current WeChat payment for all categories. The merchant's rate is 0.6%, while the offline POS card credit rate ranges from 0.78% to 3%, and there is no need to lay POS machines and other fees. Second, for consumers, a convenient payment experience is easily welcomed by young people.
However, as a typical payment method for O2O, the two-dimensional code payment has a certain degree of conflict with the current "Bank Card Collection Management Measures".
Article 16 of the “Administrative Measures for the Collection of Bank Cards†stipulates: “The acquiring institution shall conduct localized operation and management of the entity's special merchants' acquiring business, and accept the receipts in the provinces (autonomous regions and municipalities) where the special merchants and their branches are located. Single institution or its branches provide acquiring services, and may not carry out the acquiring business across provinces (autonomous regions, municipalities). For the special business of chain operation or group management, the acquiring institution or the branch of the special merchant authorized by it The institution may sign a bank card acceptance agreement with the special merchant and implement localization services and management responsibilities in accordance with the provisions of the preceding paragraph."
If this rule is strictly followed, it means that Alipay and Tenpay must establish a branch in the country before they can sign an acquisition agreement with a specific merchant in the country. But the problem is that the QR code payment is taken by the online payment channel, not the offline payment channel. Then whether this type of business belongs to online payment or offline payment. Industry veterans said that according to current regulatory requirements, no clear definition can be made.
At the beginning of January this year, the central bank issued the "Notice of the People's Bank of China on Strengthening the Management of Bank Card Business" (commonly known as Circular 5), which reiterated the relevant provisions on the bank card acquiring business. Among them, the relevant provisions of Article 16 of the Measures for the Management of Listing and Acquisition Businesses are particularly emphasized.
At present, the rapid rise of two-dimensional code payment has faced the problem of how to comply with existing regulatory requirements. This requires not only the choice of the regulatory layer, but also the payment institution itself to think.
[Latest progress] The virtual central bank and the bar code payment will be suspended.
On March 14, the market reported that the central bank issued an urgent document yesterday to stop Alipay's virtual credit card products, and also called face-to-face payment services such as barcode (two-dimensional code) payment. The central bank paid the relevant person of the clearing department to Xinhuanet reporter that the central bank news office will respond in a unified and timely manner when the virtual credit card and bar code payment are suspended. The reporter called Alipay and said that it was verifying.
Central Bank: "suspended" virtual credit card is not "stop"
The relevant officials of the Central Bank Payment and Settlement Department confirmed this document, saying that the central bank has indeed issued a document to suspend Alipay's virtual credit card business. However, the official repeatedly emphasized the 21st Century Network's virtual credit card. The central bank is “suspended†rather than “stopped.†“The suspension is that you wait for the first time, wait until we figure it out.â€
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