White strip flash payment mobile payment establishes new frontier

Recently, Jingdong Finance launched a new product called "White Strip Flash Payment". After opening this product, users can add the electronic account of JD Finance and Banking in the Apple Wallet of Apple's mobile phone or the Huawei wallet of Android mobile phone, and use the amount of Jingdong white bar to realize the card swiping on all Pos machines that have opened UnionPay flash payment in the country. consumption.

Old bottled new wine? This bottle is new?

If you look at the nature of the product alone, the "white strip flash payment" is just the old bottled new wine, but it is a mobile payment product that takes the bank channel to consume the Jingdong white strip quota. The simple payment behavior of “swipe card” has become “traditional” or even “old” in the market tide of rapid development of mobile payment in recent years. However, this is not the case. From a technical perspective, “going the bank channel to brush POS” This old bottle is the “artifact” of Alipay's offline payment market that Alipay has been trying to recapture after it was stopped by the UnionPay in 2013. However, if the bank account classification management mechanism issued by the central bank in December last year is reduced as a blessing, this business will still remain the "blocking" of UnionPay. The reason why this “Jingshi Flash Payment” product launched by Jingdong is not the original old bottle is because it cleverly uses the new rules of the account classification management mechanism, that is, the user registers the white bar with the physical bank card based on the class I account. After the service, Jingdong Finance used the Class I account information to verify the account opening of the Class II account in the cooperative bank according to the new regulations, and opened the account payment quota with the white line quota, thus unlocking the seal of “walking the bank channel to brush Pos”. Three years of business.

Marching into the era of hot weapons

Looking back on the history of offline payment market, due to the inability to “swipe” and the slow progress of NFC basic hardware construction in previous years, mainstream third-party mobile payment vendors including Alipay and TenPay encourage users to tie cards. Use the QR code to scan the code for offline payment, that is, "scan code". The offline payment business expansion of “Sweep Code” is mainly subject to two factors: one is the number of users tied to the card, and the other is the number of offline partners. Therefore, from the perspective of market expansion, third-party payment companies should attract users' attention and increase the number of users of their own payment systems. On the other hand, they must connect with other third-party payment companies through the marketing department. In order to find a small desktop on the merchant's checkout counter, you can set up a QR code for your own payment.

At the same time, with the development of the "sweeping code", the "Flash Pay" that missed the golden age in the early years also came to the fore, and it began to reverse from the end of last year. The so-called "flash payment", that is, the manufacturer using NFC near-field payment technology represented by UnionPay cloud flash payment, Apple Pay, etc. With the NFC chip becoming the standard for mid- to high-end mobile phones in recent years, and the promotion of UnionPay, the dilemma of technology and market-free hardware in the early years has long gone with the full bloom of NFC technology in bank cards, mobile phones, and pos machines. return. What the “Flash Pay” needs to do is to re-train the user’s payment habits and recapture the “lost golden age”.

And this Jingdong Finance launched the "White Strips Flash" business, when a few swordsmen held the sword against each other, one of them suddenly pulled out a pistol. The reason why it is described is because the "white strip flash payment" function breaks through the bottleneck of the original "scan code" must compete for the location of the offline QR code, but directly with the mature 19 million UnionPay flash payment. The Pos machine is docked. Of course, this will also give UnionPay and other third-party payment manufacturers new inspiration. UnionPay is suffering from how to explain to the users that "flash payment" is better than "scan code". The mainstream third-party payment manufacturers have always used the "sell money to attract users" to eat in China. The "a trick of the day". As more and more market participants understand the mystery of this, the pistol will slowly become a tank cannon, and the war in the offline payment market will be further extended.

Payment is never the terminal

Regardless of whether Jingdong Finance or Shanghai Bank, the two sides can't just work hard to break through the technical and regulatory obstacles and promote the cost of “white strips” for the purpose of meager channel usage fees and limited brand exposure. In the entire business system, payment has never been and will never be the terminal.

As the e-commerce business moves from emerging to traditional, whether it is independent listing or maintaining the status quo, JD Finance will be the growth engine that will lead the JD Group to the future. Therefore, the expansion of financial business has a strategic significance for JD. Since the central bank released eight personal credit pilot licenses in January last year, although the central bank’s boots have not yet landed, Jingdong has spent a lot of money last year investing in the famous big data analysis company ZestFinance. For Internet personal credits that link popular vocabulary such as consumer finance, precision marketing, and risk management, the “data” word is second only to the algorithm. Through the “White Strip Flash” business, JD Finance and Bank of Shanghai can continuously enrich the user's data dimension and further explore the potential of high value-added services such as consumer loans in combination with existing data systems.

In addition, "white strip flash" is not a biased phrase, but a side-by-side phrase. In the process of marketing, users only accept the concept of “flash payment”, and the market acceptance of “white strip” concept will also be improved to a certain extent. Just as convincing conservative Chinese consumers to abandon their savings cards and embrace credit cards, once the concept of “paying for the first time” is really deeply rooted in the hearts of the people, the surprise that the user brings to the whole market is not only the “white stripe pay” breakthrough. The technical barrier of the bank channel brushing Pos is so simple.

For the new regulations on account supervision, Jingdong Finance has already started a good job with the “White Strip Flash Payment” business. Next, how the market parties will see the move, we can still look forward to it.