What is the impact of the new rules on non-bank payments on the market?

"Let me tell you a basic situation, if you count according to the number of payments, eighty percent are payment institutions, two percent are banks; if you calculate according to the amount of payment, the majority is banks, and the small proportion is in payment institutions. Banks and non-bank payment institutions together constitute the main body of payment services, with a clear division of labor and mutual cooperation, with the purpose of providing safe and efficient payment services for business entities and the public. On December 28, Zhang Qingsong, deputy governor of the People's Bank of China, said at a regular policy briefing of the State Council.

Recently, the Regulations on the Supervision and Administration of Non-bank Payment Institutions (the "Regulations") were promulgated, which further clarified the rights, obligations and responsibilities of all parties in the payment industry, and gave the regulatory authorities administrative powers in accordance with the law, marking a new stage in the development of the payment industry.

Zhang Qingsong pointed out that "scanning code payment and mobile payment are the business cards we are proud of, an important embodiment of high-quality development, and a new solution brought by scientific and technological progress and industry development to business entities and the public, which is a good thing." But in the process of rapid development, some problems and risks have emerged. Based on this, the "Regulations" were promulgated. The first is to ensure that payment institutions operate in accordance with laws and regulations, the second is to adhere to the purpose of small amounts and convenience for the people, and the third is to ensure healthy competition and vitality in the industry.

Zhang Qingsong stressed that the People's Bank of China will administer according to law, strictly implement the provisions of the "Regulations", treat and supervise all kinds of payment institutions, whether they are head institutions or small and medium-sized institutions, to ensure that they provide high-quality payment services to business entities and the public. At the same time, we will continue to build a healthy and dynamic payment format.

How to guide the payment industry to better serve the real economy?

At present, there are more than 4,000 commercial banks and more than 180 payment institutions, effectively meeting the payment needs of 160 million business entities and hundreds of millions of consumers. The annual number of transactions of these payment institutions is about 1 trillion yuan, with an average transaction amount of 330 yuan, and they are closely related to the business activities of business entities and the daily life of the public, and it is of great significance for them to establish a stable and adequate supervision and management framework.

Zhang Qingsong said that in order to guide payment institutions to further improve the quality and efficiency of serving the real economy, the "Regulations" have been guided from many aspects.

The first is to emphasize the core positioning of payment institutions to serve the real economy. It is clarified that the purpose of payment institutions in carrying out business shall be to provide small-amount and convenient payment services, and their supervision and management shall focus on whether the goal of serving the real economy is achieved.

The second is to require payment institutions to "strike iron and need to be hard". Appropriately raise the registered capital requirements for payment institutions, requiring them to have business systems, facilities and technologies that meet the requirements, as well as governance structures, internal control and risk management capabilities, etc.

The third is to adhere to the "return to the origin of payment business". Guide payment institutions to focus on and improve service levels, conduct business in accordance with the approved business type and geographical scope, and must not engage in other businesses that require approval in accordance with law without approval.

Fourth, encourage payment institutions to cooperate with banks. It is necessary not only to give full play to the advantages of payment institutions in terms of wide access to users and convenience of services, but also to encourage banks to play an important role in ensuring the safety of funds and improving the efficiency of capital use.

Fifth, we are committed to maintaining the order of fair competition. It is emphasized that payment institutions shall not carry out monopolistic or unfair competition acts, which hinder the order of fair competition in the market, and is conducive to protecting the legitimate rights and interests of payment users in accordance with the law.

Sixth, a number of regulatory red lines have been clarified. Guide payment institutions to firmly establish the business philosophy of "compliance is productivity and competitiveness", prevent illegal operations, and promote the healthy development of the industry.

What is the impact on the current payments market?

With the rapid development of Internet technology and the deep penetration of economic life, the payment industry has maintained a very rapid development for a period of time.

"We judge that the transition to maturity at this stage will still maintain growth, but not explosive growth. Zhang Qingsong pointed out that with the rapid development of the industry, there have been some problems in the payment industry. For example, the compliance awareness of payment institutions needs to be firmly established, the development pattern of the industry still needs to be optimized, there are shortcomings in the service capabilities of institutions, and the construction of regulatory capacity needs to be continuously strengthened.

Zhang Qingsong believes that the "Regulations" in the form of national legislation provide a solid institutional guarantee for the future healthy development of the payment industry, and strive to create a stable, transparent, standardized and predictable business environment based on the rule of law, which is conducive to promoting the long-term standardized and healthy development of the payment service market.

First of all, fair regulation is used to ensure fair competition in the industry. The "Regulations" adhere to the principle of licensed operation and strengthen the supervision of the whole chain and the whole cycle, which is conducive to strengthening the implementation of supervision, maintaining the healthy development order of the industry, and effectively preventing risks such as business alienation, misappropriation of funds, and data leakage.

Second, improve the quality and efficiency of payment service supply. The "Regulations" clarify the purpose of small and convenient services for payment institutions, which is conducive to enhancing the service capabilities of inclusive payment, people's livelihood, and suitable for the elderly. Emphasizing the maintenance of the order of fair competition is conducive to guiding the leading payment institutions to play a good role as "head geese", pay more attention to the interests of the industry, society and the public, take the lead in maintaining fair competition, promote interconnection, and expand ecological openness.

In addition, we will promote high-level opening-up. The Regulations give national treatment to foreign-invested payment institutions, and insist on paying equal attention to "bringing in" and "going out", which is conducive to further promoting the efficiency of domestic and cross-border capital circulation and improving the level of payment services for new forms of business such as cross-border e-commerce.

In recent years, the high-level two-way opening up of the payment field has steadily expanded. At present, the Cross-border RMB Payment System (CIPS) has participants in 111 countries and regions, covering 182 countries and regions, effectively serving the international use of RMB.

What has been done to facilitate the payment of overseas personnel to China?

Overseas visitors to China mostly use bank cards and cash and other payment methods, and are not suitable for using mobile payment.

"From the perspective of the evolution of global retail payment tools, some overseas people come to China to pay inconveniently, largely because they are in different stages of payment Xi, which is different from each other. Zhang Qingsong said, "We are all Xi to mobile payment, but many overseas people to China, especially those from Europe and the United States, are still Xi to using bank cards and cash, and their payment Xi habits are inertial." Therefore, it is necessary to solve this problem of inconvenience for foreigners to pay in China due to the difference in payment and Xi between the two sides. “

He pointed out that in order to solve this problem, the People's Bank of China, in conjunction with relevant departments, has established a special working mechanism, issued guiding opinions, and is organizing all units to advance various tasks in an orderly manner. This solution can be summed up as "large-value card swiping, small-amount code scanning, and cash pocket".

The first is to improve the environment for accepting overseas bank cards, organize all branches of the People's Bank of China to find out the acceptance of outdoor cards for domestic merchants under their jurisdiction, and work with departments of commerce, culture and tourism to demarcate key business districts, airports, railway stations and other major foreign-related venues, and guide commercial banks and payment institutions to accelerate the opening of foreign card acceptance by key merchants. This is known as "big card swipe".

The second is to enrich the supply of mobile payment products. At present, the People's Bank of China (PBoC) has guided Alipay, Tenpay, China UnionPay and other companies to launch products such as "Binding External Cards", "Outsourcing and Internal", and UnionPay Travel Pass, and innovating and developing digital RMB solutions to meet the mobile payment needs of overseas travelers to China. This is a "small amount scan".

The third is to improve the environment for the use of cash. Organize banks to carry out ATM foreign card acceptance transformation, and improve the ATM coverage rate that supports foreign card cash withdrawal. Continue to carry out special rectification work on the refusal to accept RMB cash. This is the last "cash pocket".

Zhang Qingsong said that in the next step, the People's Bank of China will work with relevant departments to give full play to the role of the special working mechanism, and continue to promote the acceptance of foreign cards, mobile payment, cash use, account services, publicity and promotion in accordance with the established work plan and goals, so as to further improve the payment facilitation of overseas people coming to China.