Guotai Junan: "Intelligence + Convergence", offline payment into a new era

Event: The Payment and Clearing Association issued the “Bar Code Payment Service Specification” (Draft for Comment) to the payment institution. The opinion draft clearly indicates the safety standards that the payment institution must follow to carry out the barcode business. This is the first time the central bank officially recognized the status of two-dimensional code payment (Netease Finance) after stopping the QR code payment in 2014.

Bar code payment has been widely used in the field of third-party payment, and the subsequent beneficiaries are UnionPay, banks and other institutions. The core players in the payment industry include banks, bank card clearing organizations, and third-party payment companies and upstream and downstream support vendors. In the bar code payment business, the three-party payment enterprise represented by WeChat payment and Alipay has achieved considerable first-mover advantage. As a payment institution such as UnionPay and Bank, which also has a large number of user bases, it is expected to realize a larger field in the field after the policy is clear. Scale investment.

Smart + integration, offline payment industry has entered a new era. Bar code payment will usher in a wider range of participants and further drive the outbreak of the overall industry. We believe that in the state of vigorous development of bar code payment and continuous penetration of O2O in life services, China's POS machine industry will develop in the future with integrated payment based on intelligent POS machines, such as bar code payment, magnetic stripe, NFC chip and biometric identification. The technology is parallel, and the level of intelligence of the implements is further improved. On this basis, China's pos machine will usher in a large-scale replacement update, and the intelligent pos machine will usher in new opportunities.

Investment suggestion: The beneficiaries of the core industry are third-party payment companies, intelligent POS terminal hardware companies and two-dimensional code technology related parties. Recommended targets: (1) Dahua Intelligent: Participating company card friends pay for the national bank card acquiring and holding enterprises, the future core direction is the construction of integrated payment system based on intelligent POS machine, and cooperation with WeChat payment, help WeChat payment merchants expand, the company's offline channel advantages and merchant resources are expected to become an important support for acquiring a wider range of partners and occupying the core position of the industry in the future; (2) New country: The company's smart POS business developed well in the first half of the year, and the bar code payment method The promotion is expected to lead to a full-scale outbreak of the business of intelligent POS machines; (3) New World: The company actively builds a system for paying the entire industry chain, and plans to acquire the nationwide bank card acquiring company, Guotong Xingyu, and deploy the O2O ecosystem through Wings Technology. . The subject of benefit: Zhengtong Electronics.

Risk warning: The uncertainty of the time and details of the final landing of the policy.

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