Compared with traditional business, mobile e-commerce has a broader development space. As a vital part of the development of mobile e-commerce, mobile payment can be applied not only in the field of mobile e-commerce, but also directly in the traditional business environment. This paper focuses on several product models, technical models and business models of mobile payment at this stage, discusses the future development direction of the industry, proposes that the development of mobile payment needs to rely on the formulation and unification of industry standards, and analyzes the future development of domestic mobile payment. The inevitability.
First, the development history of mobile payment
According to the development of mobile communication technology and the change of business model, the development of mobile payment service can be divided into the following three stages.
Phase 1: SMS + IVR payment
Mobile payment is used as a payment information flow carrier through SMS and IVR (Interactive Voice Response). Among them, SMS payment is an extension of SMS and MMS services, and IVR is an extension of voice communication services. These services have low thresholds and simple modes. The cardholder's mobile phone number is bound to the bank card account and is paid via SMS. This mode is currently the most widely used in China, reaching a user scale of 18 million.
Phase 2: WAP+ mobile client software payment
The WAP solves the problem of complicated text input and the plain text display of the password in the short message, and the payment completion time is also greatly shortened. Combined with the mobile client software, more complex payment services can be realized, and the user experience is better than the SMS payment.
Stage 3: Smart Card Mobile Payment
Smart card mobile payment combines mobile phone and smart IC card, and uses smart IC card with non-contact function integrated on mobile terminal as payment information carrier, realizes contactless on-site payment through NFC (Near Field Communication) technology and mobile communication network respectively. And remote payment features. The transaction process of smart card mobile payment on site is basically the same as the traditional financial transaction (non-contact) mode of financial IC card. The remote payment function can interact with the user through the mobile client software, and the operation is more convenient.
Second, mobile payment technology model analysis
At present, the universal wireless communication standard for on-site mobile payment uses RFID technology. The communication frequency range used by the RFID system ranges from 9 kHz to 5.8 GHz. There are two main signal frequencies in the domestic payment field: 13.56MHz and 2.45GHz. Based on years of practice at home and abroad. The high frequency band of 13.56MHz, as the international common frequency of contactless payment applications, has been accepted by most application organizations and related manufacturers, and has a wide application base. The 2.45GHz that appeared in the payment field in the past two years belongs to the microwave frequency band, and was originally used in production, logistics, tracking, and asset management. The advantage is that it is less interfered by various strong electromagnetic fields, the recognition distance is far, the label can be designed to be small, but the cost is high. The feasibility of the current market application and the stability of related technologies have yet to be tested.
NFC evolved from the integration of contactless radio frequency identification (RFID) and interoperability technologies, enabling the identification and data exchange with compatible devices using a 13.56 MHz frequency over short distances. Originally a simple merger of RFID technology and network technology, this technology has evolved into a short-range wireless communication technology that is growing rapidly. The mobile payment standard adopting NFC technology is compatible with the People's Bank of China "China Financial Integrated Circuit (IC) Card Specification" and can be accepted by POS machines that comply with the PBOC 2.0 standard.
Third, mobile payment product model analysis
1. Mobile payment product form
At present, mobile payment can be realized by carrying different applications through independent chips, smart SD cards, and mobile SIM cards. At present, these carriers are used to implement four solutions such as smart SD card, iSIM, SIMPass and NFC mobile phones. China Mobile launched the RFID-SIM product.
In the above several product forms, the smart SD card, the NFC mobile phone of the independent chip and the ISIM product can be separated from the SIM card, and the payment application is completely based on the financial account, and the mobile operator mainly assumes the responsibility of wireless communication in these product modes. With the development of mobile internet services, different types of mobile value-added services are developed according to different customer segments. The development of the above product models in the future will mainly depend on the rational business model design, as well as the efficiency of resource integration and overall promotion of mobile operators, content providers, issuing banks and China UnionPay.
SIMPass products and RF1D-SIM products are mainly based on chips in mobile phone SIM cards. Mobile operators have more direct control over customer control and applications, and are more beneficial to improve their loyalty and brand stickiness. On the one hand, mobile operators are more motivated to invest in related resources and costs, and even if the final business value is relatively low, they will continue to work tirelessly; on the other hand, the financial system directly related to payment is likely Due to concerns about policy compliance, product safety, and customer service quality, this model is more cautious and cooperative.
2. The pros and cons of various solutions
At present, NFC mobile phones and smart SD card products use financial standard security chips as information carriers, and the business model and payment process are implemented by the relevant security mechanisms of financial payment. However, NFC mobile phones are currently in the early stage of development. The supported mobile phone models are few, the coverage is small, and the unified technical standards have not been released. Mobile phone manufacturers have not followed up on a large scale. The smart SD card works well in remote payment and is easily accepted by the market. However, when paying on site, it needs to be solved by means of a plug-in shaped card. The iSIM card product separates the secure payment carrier from the SIM card by means of filming. The financial institution can effectively control the secure payment carrier, and the effect is better in the field payment, but the remote payment is subject to the communication technology of the data short message, and currently only the credit card can be realized. Some simple remote payment, such as repayment, payment recharge, etc., need to be improved. SIMPass products are mainly from the perspective of mobile operators, and there are not many considerations for the openness and sustainability of partners. The combination of secure payment carriers and SIM cards is not conducive to the security management of secure payment carriers by financial institutions; The effect is better, remote payment and iSIM products face the same problem
Fourth, the problems and suggestions in the development of mobile payment
China has more than 700 million mobile phone users and is the world's largest mobile market. After several years of development, China's mobile payment industry is still in its infancy in terms of user scale and application. The development potential is huge, but it requires the cooperation of all parties in the industry chain, the support of financial regulatory policies, and the elimination of possible security risks. The cultivation of user concepts and the huge investment generated during the development process have brought great uncertainty to the development path of mobile payment.
1. Problems facing the development of mobile payment
(1) Policy guidance issues
Mobile payments require the cooperation of the financial industry and the mobile communications industry. At present, the People's Bank of China and the Ministry of Industry and Information Technology have not yet issued relevant guidance documents on the positioning of mobile payment. The market parties have different views on the future development trend and business model of mobile payment, which affects their cooperation and advancement. The policy guidelines of the competent authorities have a very important guiding role for the healthy and rapid development of the future mobile payment business.
(2) Mobile payment standards are not uniform
At present, the most urgent problem solved by the mobile payment industry is standardization. If there is no uniform standard, all manufacturers will do their own thing according to their own standards, and they will miss the opportunity to formulate industry standards in the initial stage, which makes it more difficult to unify in the future.
(3) Cost investment problem
The cost of the mobile payment service in the early stage is mainly the cost of the mobile terminal modification and the cost of the on-site payment acceptance environment. The former coexists with multiple payment solutions, and its industrial chain structure and business model are quite different, but its development direction may tend to be the main subject of customer development; the latter will gradually get along with the development of domestic financial IC cards. solve.
(4) Acceptance of environmental compatibility issues
Mobile payments support both on-site and remote payments. In the financial sector, on-site payments use a communication protocol that conforms to the ISO 14443 specification and uses a communication frequency of 13.56M. At present, POS terminals that accept non-contact IC cards in China meet this standard. The 2.45 GHz communication frequency standard of RFID-SIM products may cause duplication of construction and waste of resources in the future acceptance environment, and even hinder the development of the mobile payment industry.
(5) Industry card integration problem
At present, the market order of domestic industry card is very irregular, the standards of various industries are not uniform, and there are wastes of resources in the field of IC cards in the industry. Mobile payment uses a financial IC card to support multiple application features. From the perspective of resource conservation and convenience of the people, it is necessary to integrate the industry card into the mobile phone. How to break through industry barriers and achieve cross-industry interconnection is a key issue to be studied.
2. Mobile payment development advice
(1) Unifying thoughts and improving the financial policy framework
As an emerging business, mobile payment still lacks clear industry norms, including access policies, regulatory policies, resource sharing, service quality assurance, and service specification development. It is necessary to have clear regulations. The development of mobile payment has a “policy bottleneck†to some extent. . In recent years, the introduction of the Electronic Signature Law and the Electronic Payment Guidelines has laid the foundation for electronic payment in terms of policy and legal status. With the advancement of the People's Bank of China in the management of electronic money and the management of clearing organizations, it will lay a solid foundation for the popularization and development of mobile payment.
(2) Forming a unified standard through industry alliances
Unlike other mobile value-added services, mobile payment covers a wide range of industries. Its industry chain consists of mobile operators, commercial banks, China UnionPay, third-party mobile payment service providers, terminal equipment providers, chip manufacturers, mobile phone manufacturers, and finally The user consists of multiple links. In this industry chain, the situation of “coexistence and common prosperity†is presented. No matter which aspect is backward, the development of mobile payment will be affected. Therefore, it is necessary to collect resources from all parties in the form of industrial alliances and jointly study and determine relevant standards suitable for the development of mobile payment through collective intelligence. Under the guidance of the standards, “all the duties†should do “the job†to promote the sustainable and healthy development of the industry.
(3) Mobile payment finance standardization
Mobile payment as a combination and extension of IC card payments and Internet payments should be based on bank card accounts. At present, the state has strict requirements and restrictions on the main body of bank card issuance and operational qualifications. The electronic money that is legalized in the circulation field is only the bank card issued by the bank. Payment products in any other industry can only be used in the industry, can not enter the circulation field, and can not meet the requirements of the general network.
In order to ensure the universality of mobile payment, the payment model should be in line with financial standards, and the best solution is to adopt the relevant financial standards issued by the People's Bank of China. Use the resources and mechanisms of the existing financial system in terms of account management, fund settlement, etc., to avoid potential risks in the development of mobile e-commerce.
(4) Reasonable business model innovation
Innovation is the source of strength for social progress, and the mobile payment industry needs to continue to innovate to provide products that better meet market needs. Financial institutions should be based on financial payment accounts. Provide users with complete mobile payment services including remote payment and on-site payment. Operators should base on mobile terminals and mobile communication networks to create a mobile e-commerce application platform based on remote and on-site payment, providing end users with a full range of mobile e-commerce services and comprehensive information services. Other parties in the industrial chain need to take advantage of their own resources to promote breakthroughs in business models, manufacturing processes, and product forms. As long as all parties can actively explore the innovation work of all aspects of mobile payment within the framework of compliance with national financial regulatory laws and regulations, they will be able to create mobile payment products that are recognized by the state, accepted by the market, satisfied by customers, and win-win by many parties.
(Text / Assistant Manager of China UnionPay Product Innovation Department Xiao Bo)
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