UnionPay draws small and medium-sized payment institutions, and the mobile payment market is fading

However, Li Yinghao, CEO of Qianfang, said in an interview that the UnionPay QR code payment is difficult to popularize because WeChat and Alipay are pre-emptive, and it will be difficult for users to change their spending habits.

On December 12th, China UnionPay released the QR code payment standard, which means that after the official recognition of the QR code payment, it has officially begun to implement. The difference with the payment of the physical bank card lies in the change of the payment information exchange mode. The UnionPay QR code payment background account is still based on the physical bank card account.

According to the currently known information, UnionPay QR code payment has at least the following characteristics:

1. UnionPay two-dimensional code payment is more widely used than the previous offline POS machine. In addition to the small and medium-sized micro-merchants covered by the offline, the electronic version of the QR code can also be used for online payment.

2. Because the back-end of the UnionPay QR code is still based on the physical bank card account, it is highly coincident with the bank's interests. The UnionPay QR code payment is based on the existing UnionPay system to develop mobile payment services, which is better than the individual banks to operate separately;

3. The UnionPay two-dimensional code payment end will mainly rely on UnionPay's own APP and the mobile APP of major commercial banks and APP launched by small and medium-sized payment institutions, and the other end will rely on terminals that support UnionPay two-dimensional code payment;

4. In the future, people will not need to bring a physical card to the ATM machine, and only need to scan the QR code to complete the withdrawal or transfer.

Small and medium-sized payment agencies find "backing"

In the field of mobile payment, Alipay and WeChat show a duopoly. According to the data released by Analysys, in the second quarter of 2016, the trading share of China's third-party mobile payment market was as follows: first, Alipay, market share of 55.40%; second, TenPay, market share of 32.10%; third, Lakara, with a market share of 4.40%.

In other words, Alipay and Tenpay have already occupied 87.5% of the mobile payment market, which has caused many small and medium-sized organizations to suffer from “cold”. It has become more and more difficult to grab the site from WeChat and Alipay.

However, the appearance of UnionPay QR code payment seems to have allowed them to find a “backer”. Wang Pengbo, an analyst with Analysys of Internet Finance, believes that UnionPay's two-dimensional code payment standard facilitates the development of two-dimensional code payment for small and medium-sized payment companies. This is the basis for cooperation between the two parties:

"Because UnionPay is also a transit clearing institution, in addition to WeChat payment and Alipay, more payment institutions are settled through the UnionPay channel. Therefore, small and medium-sized payment institutions will be more likely to accept UnionPay's QR code payment standards and subsequently launch. Related products can also borrow the UnionPay scanning code payment terminal to reduce the promotion cost. For UnionPay, the more payment institutions that access UnionPay, the greater the scale advantage of UnionPay."

Sure enough, after the release of the UnionPay QR code payment standard, the third-party payment institution has announced that it has supported the UnionPay QR code payment standard and became one of the first payment institutions to support the standard. This means that the company will enter the UnionPay QR code barcode payment acceptance system.

It is foreseeable that in the future, more small and medium-sized third-party payment institutions will support the UnionPay two-dimensional code payment standard, and small and medium-sized payment institutions will also become an important force for the UnionPay game WeChat and Alipay. Both UnionPay and small and medium-sized payment institutions will become winners.

Still difficult to shake the status of WeChat and Alipay

In fact, commercial banks have taken various countermeasures in the face of the increasingly popular offline QR code payment of WeChat and Alipay, including:

1. When recharging funds from the bank account to WeChat and Alipay, the handling fee is charged for WeChat and Alipay (the actual fee is only charged in the withdrawal process when WeChat and Alipay are actually executed), and the commercial bank's own mobile bank transfer is free, attracting users to the mobile phone. Banks stay more;

2. Launched NFC payments with mobile phone manufacturers including Apple, Samsung, Huawei and Xiaomi;

However, both strategies have had little effect. At least at present, WeChat and Alipay have become the mainstream of offline payment, and Apple Pay, Huawei Pay, etc. have not been recognized by users from beginning to end, and the popularity is not as good as the original.

However, the potential of UnionPay's two-dimensional code payment should not be ignored, because compared with the joint mobile phone manufacturers, it appears that there are some tepid NFC payments, and UnionPay QR code payment has more advantages:

First, compared to the NFC payment that is still difficult to become mainstream, the habit of two-dimensional code payment has been cultivated by WeChat and Alipay, and UnionPay’s move is also a homeopathic;

Second, for past NFC payments, Apple Pay, Huawei Pay, etc. require users to use the corresponding brand of mobile phones. Once the user replaces the new mobile phone brand, it means that the user disappears, but the UnionPay QR code payment has nothing to do with the mobile phone brand. Change your phone's troubles;

Third, UnionPay has accumulated a large number of online POS machines in the past. These users are expected to be converted into UnionPay QR codes users in the future.

Based on the above-mentioned advantages, the market share of the bank in the field of mobile payment is expected to further expand, and even grab some market share from WeChat and Alipay.

However, the promotion of mobile payment relies on channels and scenarios. WeChat and Alipay have the advantages of e-commerce and social scenes, and vigorously deploy offline scenes through subsidies and other activities. The moat has been constructed in terms of users and merchants, and the status will still be compared. stable.

When WeChat and Alipay have occupied nearly 90% market share in the mobile payment field, I think that when a person is spending in a supermarket or restaurant, they have already used to use WeChat or Alipay to pay, but let the other party open the mobile banking from now on. APP or UnionPay APP pays through the UnionPay QR code, which is not an easy task.

"The market structure of QR code payment will not change in the short term." Wang Pengbo said that as UnionPay and its member institutions gradually launch related businesses in order to expand market share, the market competition based on consumer scenarios will become more intense in the future.