At the end of 2017, the central bank successively issued documents Nos. 281 and 217. While regulating the third-party payment industry, it also brought far-reaching influence to the industry. The commercial functions of third-party payment institutions are quietly changing.
Recently, iResearch issued the “Research Report on the Reform of Third-Party Payment Business Functions in China†(hereinafter referred to as “Ireland Reportâ€), pointing out the status quo of third-party payment institutions and the direction of future functional changes in the new environment. In the iResearch report, the functions and values ​​of the receiving end are highlighted, and the receiving end with high barriers and high thresholds becomes a key part of the payment. Among the third-party payment institutions, UnionPay Business and Lacala have been engaged in bank card acquiring business for many years and are typical representatives of the receiving end institutions.
Acceptance end: high barriers and high value
With the development of the third-party payment market, many online payment institutions have begun to move toward the broader offline payment market, and actively explore the offline payment scenarios. However, in the payment chain of the offline scene, the division of the account and the receiving end are clear, and the trend of integration has begun to form. The account side is closer to the average consumer. When the consumer uses the third party payment, he can choose Alipay, WeChat or different bank's savings card, credit card, etc., which belongs to the “account sideâ€; on the other hand, the receiving tool can accept these methods. It is the “receiving endâ€, and the receiving end is backed by merchants, which are mainly business operators.
The iResearch report pointed out: “The receiving end has formed a relatively stable and closed market.†On the one hand, because it is closer to the merchants, it is not known to ordinary consumers, and the service of individual users is completed by the power of the merchants. The audience is small and slightly closed; on the other hand, it is the high barriers of the industry formed under the high requirements of supervision. The attention of the regulatory layer also reflects the importance of the status of the receiving end.
From the perspective of qualifications, offline acceptance requires a bank card acquiring license. In addition, institutions with national bank card acquiring licenses must also establish corresponding branches in each province for localized management. At this stage, the central bank has no longer issued new licenses. Organizations that can meet these conditions at the same time have the scarcity of licenses in the industry. The high threshold determines the number of institutions at the receiving end. It is reported that UnionPay Business and Lacala are the representatives of the bank card acquiring business, occupying an important position in the top two of the receiving end.
Trading chain: account-side growth, resulting in increased acceptance of transactions at the receiving end
The iResearch report pointed out: "At this stage, most third-party payment transactions are completed by the account side and the receiving end. The large amount of business at the account side can also drive the transaction increment of the receiving end." This means that the same transaction is the same. The funds have gone through the account side and the acceptance end. Nowadays, Alipay and WeChat pay a large-scale development of the offline scene, driving the offline scanning code to pay for the market environment, the transaction volume of the offline acceptance end will also increase with the amount of scanning code payment. Therefore, the acceptance end represented by UnionPay Business and Lacala is multiplied by the transaction volume, which is inseparable from the pulling of Alipay and WeChat payment on the account side.
The account side and the receiving end are both third-party payment institutions. The value between the past institutions is often estimated separately. In fact, the account-side link users and the receiver-side link scenes form a complete payment transaction chain. The value of the role will also be seen in the future. According to the iResearch report, the more high-quality enterprises that the chain can access in the future, the stronger the industrial capability of the platform, which will drive the value of the entire transaction chain.
The acceptance end is connected with the merchants and the consumption scene. The larger the level of merchants that can be accessed and the wider the industry coverage, the higher the capabilities and value of the platform. Taking Lacara, the representative office of the receiving end, as an example, Lakara has deployed different types of acquiring terminals such as smart POS, MPOS and Q code in the market, which can provide targeted scene-based acquiring services for merchants in different industries. Among them, Lakara Smart pos not only ranks first in the industry in the coverage of the intelligent POS market, but also in the market leading position in the industry segmentation of retail, catering, insurance, hotels, tourism, education, real estate and other scenarios. In the era of third-party payment competition, the combination of high-quality account and high-quality acceptance will also be the trend of the future. The two sides will jointly create the optimal payment chain and gradually complete the transformation and upgrading of their business functions. At the same time as the development of the trading chain, the third-party payment industry will be promptly adapted to the change of the big environment, and the industry will continue to develop well and quickly.
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