WeChat Alipay can't do anything about the way of payment in China. Many people went out without a wallet or wallet, and WeChat and Alipay just had to take a mobile phone to make people travel. It's convenient to take a taxi and eat. But this year, a new rule has been issued. What is the impact of the new regulation on Alipay and WeChat?
Another new banking regulation was formally implemented in December 20th, which has an impact on Alipay and WeChat payments.
Nowadays, the development of mobile payment has indeed brought us great convenience. Before the payment of Alipay and WeChat promotion lines, although there are tools such as online banking, telephone banking and Alipay online payment, they are mainly limited to online transactions, and businesses that support them are limited. They also need authentication such as U shield and dynamic passwords, so that they are not used frequently.
The upgrading of payment technology, the popularity of smart phones and the significant reduction of mobile traffic fees have led to the rapid development of mobile payment in recent years. Idle away in seeking pleasure, not just online transactions, most of the scenes in daily life, from government services to utilities such as hydropower and gas, are being supported by Alipay stores or WeChat scan codes. It has become a habit for many people to go out with only a mobile phone without a wallet.
Not just collecting and paying, but also the business that has been closely related to banks such as transfer and financing. Now it is easy to fix through Alipay or WeChat payment. On the surface, it seems that many of us have little intersection with banks, an important financial institution. But in fact, banks have been playing a very important role in this. Alipay and WeChat, as the third party payment institutions, have to bind the bank card to receive payment, and many of our transactions are actually based on bank cards. Therefore, the adjustment of bank payment rules is likely to affect Alipay and WeChat payment business.
On December 13, Bank of China announced that another new bank payment regulation will be officially implemented, that is, the cooperation channel with third-party payment institutions under the original direct connection business mode will be closed on December 20, 2018, including agreement payment, gateway payment and collection and payment business. Many friends see this rule is not very clear, do not know the impact on Alipay and WeChat payment, and even worried that Alipay and WeChat can not transfer?
Xiao Bian is here to reassure everyone. This worry is unnecessary. This regulation will have an impact on the third party payment institutions such as Alipay and WeChat. At least, some adjustments will be made in the internal trading process. But from the perspective of our users' use and experience, we can't feel any change. Our change and surplus treasure will not be affected. And our future transactions will become more secure.
In fact, the regulation to be formally implemented by the Bank of China on December 20 is the implementation of the requirements of the regulatory authorities on the disconnected direct payment business. Some netizens ridicule that because Ma Yun is going to retire, these Regulations for the three party payment institutions such as Alipay are available. However, in fact, this requirement was issued in August 2017, and every bank and third-party payment institution must follow it. However, due to the connection of technical and system adjustment, the formal implementation of major banks is different.
In the past, like Alipay and WeChat, these third party payment institutions had direct connections with banks, and our transfers and receipts and payments transactions went directly to the bank accounts through Alipay and WeChat. As a result, a large number of funds could be divorced from regulation, and even some cash and illegal financial transactions had emerged. The provisions of direct and indirect connection require that funds must be liquidated through UnionPay or Internet Federation, which is equivalent to adding a supervised liquidation institution between Alipay (WeChat) and banks. Due to the mature technology, the service level, service efficiency and system support capacity of clearing institutions have been significantly improved. The added link will not make our normal transactions feel the experience difference such as delay.
Of course, the provisions of direct connection must have a great influence on the third party payment institutions such as Alipay. First of all, your capital transactions are regulated. Recently, the central bank also issued a regulation that the customer reserves of third-party payment institutions should be deposited centrally from January next year. The disconnection of direct connection makes the centralized deposit transparent. It will become history to rely on the customer reserves to eat interest or misappropriate the reserves. Secondly, in the past, banks directly connected with banks, and the rates could be negotiated with banks. Such giants as Alipay and WeChat had the advantage of negotiation. They could rely on price and channel advantages to gain a more dominant position. Now they are transferred through the union of Hong Kong UnionPay, and the price war space between the payment institutions is reduced.