The first foreign payment institution to enter China!
On September 30, guofubao announced that the people's Bank of China approved the application for equity change of guofubao, and paypal became the actual controller of guofubao through its subsidiaries and entered China's payment service market.
Dong ximiao, chief researcher of Zhongguancun Internet Finance Research Institute and distinguished researcher of the national finance and development laboratory, told the reporter of international finance that the official entry of PayPal into China's payment service market is conducive to creating a fair competition market environment, deepening the reform of China's payment service market and expanding and deepening the opening of the financial industry to the outside world.
Dong Ximiao believes that fight hand to hand with Alipay and WeChat (WeChat) to build a duopoly pattern, short-term domestic and foreign payment agencies will not choose to fight with domestic payment agencies. As a foreign-funded payment giant with a high degree of internationalization and rich experience in cross-border payment, PayPal may focus its resources on developing cross-border payment.
1. PayPal is here
According to the announcement, PayPal officially entered the Chinese payment market through its meiyinbao information technology (Shanghai) Co., Ltd., which acquired 70% of the equity of guofubao and became the actual controller of guofubao.
It is reported that PayPal is a NASDAQ listed company and a leading third-party payment enterprise in the world, covering more than 200 countries and regions around the world, with more than 286 million active payment accounts and supporting transactions in more than 100 currencies around the world.
PayPal was founded by comfort. In 2001, confinity and Tesla leader Elon & middot; After the merger of x.com founded by Elon & middot; musk, the company's name was changed to PayPal. In 2002, PayPal was listed on NASDAQ and subsequently acquired by eBay, a well-known e-commerce platform.
According to the disclosure of guofubao, it was granted the Internet payment and mobile phone payment business license by the people's Bank of China in December 2011, the fund payment business license in 2015, the cross-border RMB payment business license in 2016, and the prepaid card issuance and acceptance business license in 2016 (Hainan Province, Shaanxi Province, Yunnan Province, Hunan Province and Beijing City). The company mainly provides payment products and industry supporting solutions for enterprises in e-commerce, cross-border commerce, air tourism and other industries.
According to the introduction of guofubao official wechat, guofubao is a member enterprise of HNA Group. It is a comprehensive technology and financial service platform based on third-party payment, providing B2B, B2C and other payment and value-added services to enterprise customers.
According to tianyancha information, guofubao was established on January 25, 2011 by the China international e-commerce center of the Ministry of Commerce in cooperation with HNA Commercial Holdings Co., Ltd., mainly engaged in third-party payment business, including e-payment platform business and mobile payment.
2. Can we shake the pattern
What impact will American payment giant PayPal officially enter the Chinese payment market? Can the impact of Alipay and Cai Fu Tong (WeChat payment) on the duopoly pattern? What development strategies will PayPal adopt?
Dong ximiao told reporters that PayPal, an American payment service provider, officially entered the Chinese domestic market by acquiring Chinese funded Payment institutions. This is the first foreign-funded payment institution to enter China's domestic market after the announcement of the people's Bank of China [2018] No. 7. The opening of China's financial industry to the outside world is expanding and deepening.
Dong ximiao pointed out that the formal entry of PayPal into China's domestic payment service market is of various significance. First, the realization of unified access standards and regulatory requirements for domestic and foreign payment institutions will help to cultivate new competitive advantages driven by innovation and further optimize the payment industrial structure.
Secondly, the appropriate introduction of Foreign Payment institutions is conducive to creating a market environment of fair competition, improving the efficiency of resource allocation and improving the service level of Payment institutions and payment industry. In addition, expanding the two-way opening of the payment and clearing market is conducive to deepening the reform of China's payment service market, accelerating innovation and transformation, improving system construction, and expanding and deepening the opening of the financial industry to the outside world. " Dong ximiao said.
Dong ximiao believes that China's payment market has developed rapidly in recent years, and bank payment and non bank payment go hand in hand. In the process of rapid development, non bank payment has also exposed some problems. Violations at the business level occur from time to time, and the over centralized market pattern is not conducive to long-term development. In this context, expanding and deepening the opening of non bank payments is not only an important part of the opening of China's payment and clearing market, but also the internal requirement for the high-quality development of non bank payments.
However, in the face of the duopoly pattern formed by Alipay and Cai Fu Tong (WeChat payment), Dong Ximiao believes that foreign payment institutions are hard to shake in the short term. Domestic 5 & permil; The charge rate is also far lower than the international charge level of 1.5% to 2%. In addition, it takes time to adapt to the domestic system and culture, so in the short term, domestic and foreign payment institutions will not choose to fight with domestic payment institutions. ".
China's one belt, one road initiative, is being implemented by Dong Ximiao. More and more Chinese enterprises and citizens are going out, and more and more foreign enterprises and citizens are coming in. The demand for cross-border payment is booming and fast growing, and it may become the next blue ocean. As a foreign-funded payment giant with a high degree of internationalization and rich experience in cross-border payment, PayPal may concentrate resources to vigorously develop cross-border payment, give full play to the advantages of the merged payment institution guofubao, and cultivate and form differentiated competitiveness on this basis.