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Since the second half of last year, the payment industry has fallen to the bottom.
At the beginning of September, Hainan Island One Card Payment Network Co., Ltd. completed the cancellation of the license, and the list of central bank cancellation payment licenses increased to 24.
In August, 25 payment companies received central bank tickets.
271 payment licenses, leaving only 247. The price of licenses on the market has soared to 2 billion.
The final reshuffle of the final battle, at the touch of a ......
01 paying fate
Paying for the industry, the wind is raging.
“The 24th license was revoked,†said Jin Yuan, a senior practitioner in the payment industry. Every payment company is highly nervous, waiting for the sword of fate to fall.
Among them, 13 companies accounted for the vast majority because of serious violations of the licenses.
"Fake, alter, hide data and other means to deliberately circumvent regulatory requirements, or maliciously refuse, obstruct the inspection and supervision." Jin Yuan said that according to relevant regulations, these 13 countries have the above problems.
In August, a total of 25 third-party payment companies were fined, confiscation of illegal income and a total fine of 4,182,300 yuan.
Once the gold payment industry, it entered the deepest pain and shuffling period.
The origin of the Chinese payment industry is Alibaba in 2003.
At that time, Ali's Taobao, urgently need to solve a problem: the buyers and sellers in online shopping, do not know each other, how to build trust?
Ali's solution is to establish a credit intermediary. The buyer first calls the money to the intermediary. After the seller delivers the goods and the buyer confirms, the intermediary then gives the money to the seller.
This intermediary is the bridge of trust between buyers and sellers.
In the beginning, Ali hoped that the intermediary would be made by the bank but was rejected. In desperation, Ali quietly established his own platform - Alipay.
But soon, Ali will find that the vitality of Alipay far exceeds an "accessory".
Alipay became the first squid to find the direction of the Dragon Gate.
With the demonstration of the giants, other players suddenly realized that the original payment can still play like this?
In 2005, it was called the “Business Payment Yearâ€.
Many payment platforms that emulate the Alipay model have sprung up, and hundreds of thousands have emerged. There are thousands of platforms on the market, some are conscientious, some are backed by big trees, and some are not good.
At this time, the payment industry has almost no threshold.
Its business model is also extremely simple. Registering a company and then opening an account with each bank in the name of the company is equivalent to opening up all the banking systems.
As long as the user opens a payment account at the company, the money can flow between banks.
In the craziest time, if you have a small payment company, you can have hundreds of millions and billions of money in circulation.
Such a model is only one line away from "illegal fundraising" and is dangerously dangerous.
The government has not given the payment institution a "point of distinction". "Illegal fund-raising" is like the sword of Damus, and there is always a dream.
Alipay also has this concern. At the end of 2010, Alipay users exceeded 550 million, and the number of merchants serving exceeded 460,000, with a backlog of more than 10 billion.
Ma Yun said: "Alibaba can make me sleep, Taobao can also make me sleep, Alipay makes me sleepless, because I may go to jail at any time."
Fortunately, regulation has begun to raise the industry threshold.
In May 2011, 27 payment institutions, such as Alipay, obtained the first payment licenses.
In the following four years, 270 large and small payment institutions obtained a “passportâ€.
Unfortunately, the payment industry is no longer a vast blue ocean. This river has a narrow twist and a lot of space, so there is no such thing as a player.
02 hard to survive
“The payment industry pays attention to economies of scale. When the transaction volume reaches a certain level, there is profit. Otherwise, even the personnel cost cannot be covered,†said Xue Hongyan, director of the Internet Finance Research Center of Suning Financial Research Institute.
80% of the Internet payment market is entrenched by giants, and offline orders are the world of UnionPay.
With the online platform led by Alipay and UnionPay, you come and go, punch and kick, other small and medium-sized organizations can only look at it, and some of them are cold and cold.
The scope of license business includes six categories. In fact, only online payment and bank card receipt can make money.
The gameplay is to charge a fee.
Take offline receipts as an example. The fee is divided into 7:2:1 for a long time. The card issuer collects 70% of the issuer's service fee, the acquirer charges 20% of the service fee, and the bank card clearing agency charges 10% of the network service fee.
In other words, 10 yuan, third-party payment agencies can only get 2.
Payment is a small-profit industry, and there is no institution that has a scale effect, and it is difficult to make a profit.
Their opponents, such as Alipay, Tenpay, and other giants, are not only bad at money, but also do not rely on fees to make money.
What the giants value is the customer, data, and funds deposited by the payment, which can extend the business lines of credit, wealth management and credit.
According to the sample data of the central bank, there are 2 third-party payment institutions with a transaction volume of more than 100 billion yuan, of which 2 are profitable; 5 of which have a transaction volume of 500 billion to 100 billion, of which 4 are profitable; There are 9 in the 100 billion to 500 billion, of which 9 are profitable; 16 in the transaction volume between 10 billion and 100 billion, of which 10 are profitable; 165 are trading below 10 billion, of which Only 51 are profitable.
It can be seen that if the transaction amount is below 10 billion yuan, the profit is very difficult.
How are these small payment companies living?
"It’s better to die than to live," said a senior executive of a payment company, who now has a trading volume of just over 6 billion.
"More than 6 billion, our income can only come from the interest of depositing funds in the bank, not enough for us to pay the bank fees and personnel expenses." The executive said that they started some illegal tricks in order to survive.
Erqing is one of the stubborn diseases.
The so-called "Second Qing Institution" is actually the "payment army" that did not get a license before. They changed into a "mercenary" of the license army and continued to do the original business.
The Erqing organization is similar to the agent of the take-out platform. They go to deal with the merchants, install the pos machine, train the salesman and so on.
At the beginning of the Erqing business, it was mainly the agent of the payment company. It was not allowed to contact the customer funds and bank card sensitive information. However, the compliant agents began to contact the client funds and became the illegal “two clear†institutions. And it is getting worse.
The gameplay is that “Second Qing†opens an account on a payment platform and directly clears it on the second clear account.
"So, there will be Sanqing and Siqing, just like the subcontracting of the project, the project of 100 yuan, 90 to the second Qing, the second clear and then 80 to Sanqing, so the cycle", Xue Hongyan said, three The clear play is to open an account directly in the account of Erqing, and so on.
Therefore, expanding the market offline has become a melee between agents.
It is reported that in 2014, there were more than 2,000 domestic Erqing companies, and the annual transaction scale was as high as one trillion yuan.
Layer-by-layer subcontracting is not the biggest hazard of the Erqing organization.
"In order to survive, we tried to dock Macau's casino funds and conduct money laundering transactions." The executives of the payment company interviewed said that they and the "Second Qing" company concealed and instructed them to dock the funds of unknown roads.
"We have to do it because other payment agencies do the same, gambling, pyramid schemes, corruption, darker money, higher profits," the executive said. Because of recent tightening of government regulations, many payment agencies have to give up black. Business, "Macau gambling industry is greatly affected."
"The market is a process in which bad money drives out good money." Xue Hongyan hit the nail on the head.
The anti-money laundering of financial institutions is generally monitored and reported by themselves. However, third-party payment companies often choose to avoid the UnionPay clearing, and the government does not monitor their trading information.
These behaviors have escalated from passive violations to criminal offences.
The nesting problem is also a common means of black-box operation.
Different merchants have different MCC codes and different fee standards.
The merchants are divided into four categories: food entertainment, general, people's livelihood and public welfare. The handling rates are 1.25%, 0.78%, and 0.38%, respectively, and public welfare merchants only charge the service cost price.
Many third-party payment, by forging false merchant information, cutting machines, etc., disguise the original high-fee merchants as low-cost merchants. For example, applying a MCC code to a restaurant can significantly reduce the credit card rate.
Fortunately, the timely release of supervision, issued a new policy on September 6 last year, the industry called "96 fee reform", the elimination of the merchant category, adopting the market pricing principle, the approximate rate is maintained at around 0.6%. This makes both the second clear and the set code difficult to operate.
The supervision will destroy one black and gray production, which has intensified the industry reshuffle, leaving small payment companies and illegally operating platforms with nowhere to escape.
03 license battle
The payment industry presents a strong "Matthew effect", the stronger the stronger, the weaker the weaker.
Alipay, WeChat payment, almost unified the world; and small and medium platforms, still under pressure, struggling with the subsistence line.
The small platform is hopeless for survival, and can only hope to sell the license.
In March 2015, the payment license was discontinued. Since then, the licensing war has begun.
In 2012, a third-party payment company license was offered at a price of 36 million. After bargaining, it was finally sold at 28 million.
In 2016, Evergrande spent 570 million yuan to acquire Jifutong, and the curve obtained a payment license.
Licensed agent Luo Jin revealed that the current license price has been called 2 billion.
Many people who buy licenses are giant companies, and they need to pay for this ring in their ecological closed loop.
Because payments necessarily involve transactional data and user data, giant companies do not want to leak or share core data. For example, Wanda and the US group may be due to this consideration.
"A lot of payment licenses are only regional and part of the business license. There are really 20-30 licenses for realizing online payment. Most of them are now home, and there are only two or three cards left. Will rise in the water," Luo Jin said.
At present, there are 247 companies with payment licenses in the market, which still far exceed market demand.
"After supervision, it is definitely not going to release the license application again." Xue Hongyan said that the large business group acquired the license of the small and medium-sized payment company, which is definitely the future trend.
This merger and reorganization can be completed within three or four years.
If there is no transaction within 5 years, the license will be cancelled. Therefore, all licensed and promising companies must be sold before this next renew.
The license war continued to be staged, and it was the ultimate stage of the final winner.
At last
The payment industry, the final pattern, is probably like this, and there are two types of living:
One is the giant, the Alipay and WeChat payment, and the other is the payment service under the closed loop of the giant company.
Other platforms, I am afraid it is difficult to survive in the gap of the giant.
From the origin of the trust intermediary to the explosive development, today's shuffling and chaos, the payment industry enters the final harvest season...
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