Recently, the People's Bank of China Payment and Settlement Department has issued a Notice of withdrawal of the RMB customer back payment account, which means that the payment agency will have to withdraw the RMB customers' reserve fund by January 14, 2019. The reserve fund refers to the funds transferred to the account of a payment institution, after repayment of the client, ie after payment of the payment institution.
Since the Fund did not have a centralized deposit, it was fully implemented in January 2019. The central bank payment agency has completed the payment mechanism, which aims to deposit clients' reserve funds in less than two years.
Liu Gan, the founder of the Chinese payment network, said China Business Journal correspondent had two major implications for the withdrawal of the reserve fund: first, the payment institution is primarily dependent on the reserve fund, particularly the pre-paid card company's dependence. The company that survived the interest will be covered. Secondly, the payment agency can not negotiate with the reserve fund at a discounted rate, that is, cooperation between the payment company and the bank can be clean and can lead to further high rates.
The author of the Encyclopedia of Payment Encyclopedia Jan Ziantao said that the effect of the RMB customer's withdrawal from a back-up facility could have an impact on the users in the future, and added that the fee could be increased further.
Prepaid card companies will be further reduced
Centralized Depository Reserve Fund is one of the key areas of implementation of "Non-Bank Payments Risk Mitigation Plan", announced in October 2016. At the same time, the program paid special attention to "establishing a centralized payment system and payment system for clients of payment institutions" to "step-by-step removal of interest expenses for payment of customer's backup funds and reducing funds transfer to the client's reserve fund".
From April 17, 2017, the payment institution will place a client's reserve fund in a special deposit account of a certain organization, and the average deposit rate will be about 20%, and then the central bank will make a decision to pay the backup fund of the institutional client since 2018. Deposits ratio will increase from about 20% to 50%, and in June 2018, the Central Bank has issued a notice that 100% of deposits will be made before January 14, 2019.
Such a great deal of attention may be that some third-party payments may not be able to distinguish between payment companies. Shanghai Shanghai: In July 2014, Shanghai was granted a payment license, and only four months later, fraudulent trades were determined by accounting for households, virtual expenses and daily use. Expenses and dividends on shareholders are subjectively subjected to unlawful infringement. Since then, individual merchants have been disseminating information, breaking the rights of customers, and group events.
Such events are not. Qi Xiangtao told reporters that this is because of the inability of the original model to effectively control the flow of reserve funds. The depository depository fund depository claims require placement of the reserve fund of the payment institution in the depositary bank of the reserve fund, and the payment institution may go to each other. Bank Deposits, Reserve Funds Deposit banks supervise their clients 'reserve funds, but it is difficult to manage that banks' cash flow can not be managed by clients, especially the prepaid card business. The Group event took place in the advance payment card institution, as well as a number of payment organizations, which forced the central bank to strengthen its reserve oversight.
Starting last year, the purchase of tickets and cancellation of licenses was the norm in third-party payment industry. The Central Bank canceled 33 licenses and paid 238 licenses. Of the 33 institutions that canceled the license, 32 were pre-paid card institutions. And to pay blue sky, Shanghai Qianube and so on.
According to the type of business, the licenses of the central bank are divided into seven types: prepaid card, prepaid card issue, mobile phone payment, internet payment, fixed telephony payment, bank card and digital TV payment.
According to a study published by the China Payment and Clearing Association in August 2017, a prepaid card institution is the largest and most important non-bank payment institution and is the most difficult development after regulatory tightening in recent years. One type of institution.
According to Lewan Gan, one of the reasons for the above payment company's initiator to fill in the card is to reduce the amount of gold in the prepaid card license, and now withdrawing the backup deposit of the payment institution is bad for a prepaid card company. According to Liu Gang, more than half of the existing 238 payment offices are prepaid card companies. In future, the number of prepaid card companies will be further reduced.
Commission fee for future users will grow
On the other hand, in addition to striking a prepaid card company, the end of the era of interest, and, on the other hand, the payment institution can not negotiate with the bank at a discounted rate under a provision.
Earlier, according to the requirements of the People's Bank of China, the payment institution transferred the client's reserve funds to a special bank account. Qi Xiangtao is a very important deposit for the bank because the client's backup fund is named to the bank in the name of a payment institution. To ensure the contribution of the reserve fund, the bank provides a discount to the payment agency on the rate. The paying organization can use the reserve deposit, money transfer chip for immediate negotiation and retention of the bank. Users have low rates.
"Now the original model is no longer available, the reserve fund goes to the central bank, and the payment institution and the bank's trading authority will no longer exist. If the bank wants to increase its profit and increase profit, the payment institution will rise. They can not talk to the bank, and there is no trading system for small and medium-sized businesses, "said Yang Siantao.
In fact, the recent WeChat payment and the recent upcoming Mensheng Bank "Wish" event may be the beginning of growth. Wein's wallet from WeChat purse was transferred to the Minsheng Bank Card (usually known as cash withdrawal), after weighing the free quota WeChat increased by 0.05% and paid 0.15% of processing fee, and other bank cards 1%. Qi Xiangtao believes that the behavior of the two institutions is the behavior of the market and, in the future, after the receipt of the deposit, it increases the transaction speed. User interests may not be guaranteed.
Insiders of the payroll informed journalists that deposits had been transferred to the central bank, and that payment institutions would lose interest income, and bank fees would, in fact, reduce the cost of the payment.
Qi Xiangtao also noted that the current conflict between banks and payment institutions has not yet been expanded, so it did not affect users. Now payment institutions and banks are still in the mutual testing phase and the future increase in the size depends on the bank's relationship. "However, banks should not force them to raise prices, because nobody is ready to abandon the hate of users."
Regarding future growth rates, Liu Gan thinks nowadays payment institutions are paying off their bank card, and in the remaining cases they will still be free. Although it is difficult to estimate how much the future rate will increase, the monopoly payment agency constantly updates its energy saving standards to ensure its benefits.
In addition, a number of payment agencies told reporters that they would reject the reserve fund plan from the central bank, but would not affect the convenience of the payment and provide good practice.
(Editor: Gu Huai)