summary:
On the occasion of the 18th anniversary of e-Bao Payment, Broadcom Parlor had the honor to invite a witness to the development of the industry - Tang Bin, CEO of E-Pay.
Tang Bin, CEO of EBao Payment
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Key takeaways:
1. The core ability of the payment institution is also the precipitation of capital flow, capital processing, information security and the licensing of licenses.
2. The important development direction of payment enterprises in the future is to empower B-side customers to better digitize based on transaction data and capital flow at the transaction service level.
3. Normalized strict supervision is for the development of the industry to be better, but the perspective of supervision is not exactly the same as that of enterprises, enterprises see development and innovation, and supervision sees more of a balance between risk, user interests and development and innovation, which we understand and support, and the two are not contradictory.
4. Enterprise payment accounts are the foundation of the industrial Internet, and the epidemic has accelerated the digitization of a large number of enterprises, especially small and medium-sized enterprises, if there is no enterprise payment account as a carrier, digitalization is difficult to implement.
5. For risk control, Yibao first focuses on large customers, and the possibility of problems from the client is much smaller, on this basis, plus risk control systems, technical systems, automatic identification and so on. For example, Yibao's system is verified by the market, whether the merchant is compliant in the end, more than 95% of the probability within three days can be judged, these are based on basic data, do not need manual, plus manual words basically there will be no major mistakes in the judgment of merchants
It can be seen that from the almost starvation at the beginning of the business, to the rapid development of the payment business in the first industry, to the focus on transaction services, eBao Payment and Tang Bin have experienced too many unknown hardships.
"What is your original intention?" Our original intention is to make transactions more secure and convenient through payment. When I returned to China, I found that some industries, such as air tickets and mobile phone recharge, are very inconvenient, and I want to make these industries more convenient. ”
"The impact of Yibao's corporate culture on Yibao is mixed, the good aspect is that the direction is very correct, we are based on trust, not the kind of pit abduction, not simply for the sake of profit at all costs." On the other hand, the bad thing is that the culture is a bit less grounded, and the execution is not enough. ”
In the conversation with Tang Bin, there are two personality characteristics that left a deep impression on the author, one is straightforward, and the other is a profound insight into the industry. It seems that the life history of Stanford graduates and Silicon Valley returnees has filled him with confidence at all times. Does this also indicate the firm determination of eBao Pay to focus on transaction services and bet on the digital transformation of enterprises in the future?
In Tang Bin's view, the tide of digitalization is accelerating, transaction services are the most need to digitize, after the problem of online informatization is solved, the digital problem of transactions has not been completely solved, especially in traditional industries.
Tang Bin firmly believes that without the blessing of payment, all industries cannot do the digitalization and information transformation of transactions. "The digitization of transactions must open up the flow of funds and information, and the flow of capital flows in traditional industries was separated or separated. And this also represents the future of the payment industry. ”
The data obtained by the author shows that the share of e-bao payment in the B-end transactions of the air tourism industry has exceeded half. Another surprising data is that in the Wenchuan earthquake alone, the donation through the Yibao public welfare platform is as much as 18.5 million, which is almost equal to the scale of Tencent platform donations in the same period.
Interview Transcript:
l 01 Without payment, the digitization and informatization of transactions cannot be done
Author: Everyone thinks that after the agreement payment, there is no real technological innovation, I don't know if you agree with this view? What innovation do you think there is?
Tang Bin: There are too many innovations, it depends on which level you stand at. Jump out of the payment to see, like the education service level, there are too many innovations, education risk control there are too many innovations, risk control and data combination, and upstream and downstream combination.
Author: So still innovating in services?
Tang Bin: There is no end to innovation. Like Alibaba e-commerce has been very successful, but there are still JD.com, Pinduoduo and many new models out, innovation is endless, as long as it is a benign ecology.
Author: I know that Yibao did a lot of industry innovation when starting a business, including industry payment, which was also the first time Yibao proposed it, which made great contributions to the development of the entire industry, how do you think about the driving force of innovation at that time, and what is the reason?
Tang Bin: In my opinion, innovation is driven by two forces, one force is external competition, and if you don't innovate, you will be finished; there is your values, what is your original intention? Our original intention is to make transactions more secure and convenient through payment, do the industry because of our resource endowment, when I returned to China, I found that some industries like air tickets, mobile phone recharge, etc. are very inconvenient, so I want to make these industries more convenient to trade, plus there is competition, so I need to be more efficient and more focused.
Now it has reached a point again, the entire C-end payment market pattern has been determined, and the B-end is the direction of our innovation efforts at this stage, around the merchant resources. For example, like Air China, there are actually many problems to be solved after the epidemic, the future will also have cross-border payment, the development of overseas agent cooperation, his sub-accounting system, such as some transactions, overseas users to buy tickets before the epidemic, how to control the risk of wild cards, there are too many businesses that can be innovated based on existing businesses. Including how to combine aviation and tourism, such as consumers going to Tokyo, how to combine local tourism resources and e-commerce resources in Tokyo. You can see that this space is very large, which is what Yibao can do, which is the essence of industry payment.
Author: Innovation is not only about payment, but also about being based on payment.
Tang Bin: Transaction services, transactions are my frame of reference, payment is my entry, and my mission is to make transactions more secure and convenient through payment and related services. I always say that trading is my end and payment is the means.
Author: What difficulties will be encountered in the actual operation process? Payment to provide a better access point, to provide a channel is no problem, but in fact, there are many things involved behind the transaction, such as supplier and merchant management, user operation, etc., this technology, business level of things are many, and face a lot of external similar institutions of competition, I don't know how you see the transformation of everyone in the industry now?
Tang Bin: There are too many difficulties, how do you know without trying? We are trying how to jump out of the payment, in the transaction service level to kill a blood road, we are in the industry with some large players in-depth cooperation, now still groping, a little feeling, has not yet broken through, but the future is bound to break through, because the transaction service, especially after the epidemic, the digital tide accelerated to come, transaction services are the most need to digitize, online information solved, but the transaction has not been completely solved, especially in the traditional industry.
Author: Can you describe what kind of scene it is after the breakthrough of trading services?
Tang Bin: For example, in the past, payment was inconvenient, for example, in the past, you had to pay for a house, you had to have an intermediate account number, you had to go to the bank to queue, open a card to you face to face, and store the money in it. Now anytime and anywhere through the network to solve, such as the second-hand housing information platform, the online payment and purchase of the process through, large amount of no problem, this is a typical through the payment to make the second-hand housing transaction process more convenient and efficient.
Author: There is a reserve deposit in an account, and then transferred after the transaction is completed.
Tang Bin: Yes, re-freeze, and then unfreeze or refund according to the situation, which is typical of simplifying the transaction process through payment. After the settlement, the transaction process is fully electronic, and there are no intermediate links.
Author: Payment must be the most important entrance, without payment, all industries can not do the digitization and informatization of transactions.
Tang Bin: The digitization of transactions must open up the flow of funds and information, how can it be done without opening up? This is the basic logic, in the past, the flow of capital in traditional industries was separated or fragmented.
Author: This kind of process is something that payment institutions can do through their own efforts, and then up, such as the need for supply chain management, do we need to find cooperation or can we solve it internally?
Tang Bin: Further up, we will definitely have to find cooperation, if it is not our core ability, which is beyond our scope, then we need cooperation.
Author: Core capabilities or link up?
Tang Bin: The core capability is still our permission for the precipitated ability and license of capital processing, capital flow, and information security.
Author: The license plate actually has a certain threshold. So the ability to do capital processing, there are not many domestic can do these things?
Tang Bin: Not much.
Author: There are not many people who can deeply understand the industry, so we can still go deep into this industry for a long time?
Tang Bin: Of course, we have been doing it for 18 years.
l 02 There are no benefits or disadvantages to public welfare, this is your mission
Author: 18 years, for a person to reach adulthood, in these 18 years, what are the most memorable things that make you experience?
Tang Bin: There are still several things, such as the first thing, we were established in 2003 when SARS was launched, which is a very unique moment. At the end of that year we ran out of money, less than a few hundred thousand dollars. By the time of the Spring Festival in 2004, we made a decision, starting from February 2004, the executives did not take salaries, the middle management seemed to be 75%, the grass-roots colleagues took 100%, at that time there were very few people, probably adding up to more than thirty people. There was $200,000 to hold it up for a while, and it was almost June when we got a new amount of money, which was a memorable moment. There is already no food, and the middle and high levels have made concerted efforts to take no or less, so that I remember it very clearly.
Another thing is that we had a launch at the Kerry Centre on April 7, 2005, and our electronic payment service was launched, and I remember it very well.
Another thing I remember very clearly, at the end of 2004, the Indonesian tsunami occurred, at that time our system has been online, you can do transactions, but there is no official promotion, the real promotion is April 7, 2005. At that time, we took the initiative to call the Red Cross and said that we had an electronic payment platform that could make donations through the Internet, and that we hoped to be able to participate in the Indonesian tsunami and help more people. So I have always said that E-Bao public welfare and payment are inseparable twins, one is to get material enjoyment through payment, to buy delicious and fun things, and the other is to help people in need through online payment, no matter where he is at the end of the world. One is a need for love, one is a material need, combined through payment, and is a natural twin. So Yibao Public Welfare has been working hard since then.
Author: I think Yibao has been doing public welfare.
Tang Bin: Yes, Wenchuan earthquake, we and Ali, Tencent, three donated a total of 60 million through the network, two of them a little more, we are 18.5 million, not a lot, we launched banks and merchants, because Yibao is doing industry payments.
Author: So in the field of public welfare, we will gather more of our resources and give full play to the advantages of our platform.
Tang Bin: Right.
Author: What do you think is the benefit of doing public welfare for enterprises?
Tang Bin: There is no advantage or disadvantage, this is your mission, this is the two sides of the coin, the need for love and the need for material, I think it is inseparable from the root, I use payment to connect it, so for Yi Bao, this is what should be done. It will have benefits, but also have to invest, the benefit is to let people know that what we do is beyond the material meaning, I believe that there is some subtle impact on everyone, there is also some help for brand building, and we are very happy to see helping others. Including the flood in Zhengzhou, we also participated, our customers also donated millions, UnionPay Cloud Flash Payment and we are the exclusive cooperation.
Author: Just mentioned an important key point, that is, the platform, I think your particularly advanced point is that around 2010, you have proposed to do a platform similar to Alipay. Connecting merchants and users, operations including the payment of water, electricity and coal, the circulation of funds, etc., how did you think of the idea of the platform at that time? Why didn't it go big?
Tang Bin: In fact, it is a natural choice to do those things, because our mission is to focus on transaction services instead of payment, payment makes transaction services more secure and convenient, makes the user experience better, this is my mission, so I will do this a transaction service platform, or help transaction services to empower, this is an inevitable trend, but it was a little early, we are not too mature. But my direction is still that direction, but I am now more inclined to industry transaction services, more focused, with air tourism, education and other industries as the center.
Author: It's about going to be a platform.
Tang Bin: Yes, I empowered, I took a step back, but my mission is to make trading services safer and more convenient, more personalized. The mission hasn't changed, the decision is a little later. Before the word empowerment came out, we did this thing, you see when we were in 08, the mission and values were written very clearly, "let the transaction service change life", we focused on the transaction service, not just payment.
Author: The focus is on trading services.
Author: You also mentioned our corporate culture just now, whether it is doing public welfare or making payments change lives, what is the impact of corporate culture on us? Has e-Treasure's corporate culture changed?
Tang Bin: The impact of Yibao's corporate culture on Yibao is mixed, the good aspect is that the direction is very positive, this group of people is generally more open, more based on trust, not the kind of pit deception, not simply for the sake of profit, our cultural guidance is very good. On the other hand, the bad thing is that the culture is a bit less grounded and the execution is not enough. Like we have a free leave, as long as you get the job done. But this to be honest, a little ahead, easy to be abused, produce negative effects, but we continue to correct later, the direction is still this direction, but the method to avoid bad money to expel good money, this is my lesson, is too ideal culture, the direction is very good, the method level is prone to loopholes, but we still insist on moving forward.
Author: Everything is like this, the intermediate process must be constantly revised, what kind of process is the process of correction?
Tang Bin: It's a very painful process.
Author: Because there are all kinds of problems and things in the middle.
Tang Bin: Yes.
Author: What is the method of correction?
Tang Bin: Depending on the specific situation, on the one hand, it is too idealistic, so let's stratify and raise the threshold a little; the second is that you find that you have violated the rules, and the punishment that should be dealt with has not been obvious and resolute enough in the past, and this aspect has been more resolute in the past two years.
l 03 The innovation focus of eBao's future model breakthrough is to facilitate transactions
Author: What was the most successful thing Yi Bao did in the course of 18 years?
Tang Bin: There are still some things. The first thing is the model we choose, and EBao chooses the industry model. In terms of industry payment, I want to make the transaction service a little deeper; the second is the culture of Yibao, the culture itself I think still represents the advanced development direction; the third I think that the attempt of Yibao public welfare is also meaningful, including the team of Yibao, who knows so many people and struggles together. Some people say that Yi Bao is the Whampoa Military Academy, although some people have left, but it is also rewarding to cultivate talents for the industry and exert influence.
Tang Bin: In addition, eBao has had a significant impact on some industries in China, such as the aviation industry, helping the industry to upgrade informatization and digitalization, and our share has increased during the epidemic because the services we provide are more sticky.
Author: In the deal of selling all tickets?
Tang Bin: Yes, in the B-side transaction, we participate in more than half of the transactions, no matter what the front end is, the back-end connection to the enterprise includes refunds, sub-accounts, etc., which can be said to be half of the world.
Author: In addition to transactions, at present, everyone is focusing on the risk control of the industry, including compliance, I don't know what products or layouts we have in this regard?
Tang Bin: The central bank has also issued a lot of policies, and the effect is still good. We are also embracing regulation and focusing on compliance development. One is that there are lessons, we have profound lessons, and we must work hard to rectify; the second is that we have technical ability to support; the third is the company culture, which is also a very important part of compliance; and the fourth, you have to choose the right track, you don't want to do anything to customers, what industry to do, we don't have this ability, compliance Is very important point is kyC understands your customers, but when you do everything in any industry, it is difficult for you to know who the customer really is, because the customer can wear a vest, he can sell apples during the day Selling pears at night, it is difficult to know who is really, so Yibao does industry payment to focus on several industries.
Author: Can you give an example?
Tang Bin: Focusing on the industry, we prefer large customers, because the possibility of problems from the client is much smaller. Plus risk control system, technical system, automatically do some identification and so on. Yibao's system is still verified by the market, and whether the merchants of the basic Yibao are compliant merchants or not can be judged by more than 95% probability within three days. And these are based on basic data, do not need to be manual, plus manual words basically there will be no major mistakes in the judgment of merchants, there may be occasional mistakes, but there will be no major mistakes.
Author: What are the main sources of income of E-Bao? Will there be any changes in the way future earnings will be made?
Tang Bin: The income comes from the value, and now our value is more about completing the transaction and charging a little fee. In the future, we are preparing to upgrade and facilitate the transaction, because when I help you facilitate the transaction, my value is even greater, but this model we are trying, there is no breakthrough, I think if you wait another year, there should be a breakthrough, within one or two years.
Author: Is it our focus at this stage?
Tang Bin: This is the innovation focus of my breakthrough, that is, to facilitate the transaction.
Author: Can you talk a little more, how to facilitate the transaction?
Tang Bin: For example, Yibao has been working in the air tourism industry for more than ten years, I have established deep cooperation and trust with these big airlines and travel companies, and they are also very difficult under the epidemic, especially in the tourism industry, including the aviation industry, how can I help them provide users with good, cheap and suitable products, and my resources can facilitate their transactions.
Author: In the future, for payment institutions, especially B-end payment institutions, what else can we do?
Tang Bin: There are too many things, you can do risk control, supply chain, help customers empower, provide the capabilities behind it.
Author: Use a model to tell customers how to do it, how to refine data, how to process data, how to go down?
Tang Bin: This is the direction of the future that I think is very important for payment companies, that is, at the transaction service level, based on the data and capital flow of transactions, to empower these enterprises to better digitize, especially to B enterprises.
Author: Last question, if you want to give a good summary of the 18th anniversary, how would you summarize it?
Tang Bin: First, do not forget the original intention, our original intention is to make the transaction more secure and convenient and personalized, which is the core; the second point is to face the future, especially the upgrading of corporate transaction services under the tide of digitalization, which is our upgrade from industry payment to industry transaction services; the third point is to adhere to some of the basic characteristics of Yibao, our culture, our philosophy, our public welfare and payment combination, these to be officially landed, 18 years ago there was no "adulthood", not too sensible, many things are too idealized, think too simple. [Laughs]
Author: More focused, more grounded.
Tang Bin: Do not forget the original intention, face the future, learn lessons, and move forward firmly.
