Aggregate payment quietly broke out "Second Qing" suspects cited industry disputes

Since this year, many stores or supermarkets are no longer the only payment model for Alipay and WeChat wallets. An emerging payment method, aggregate payment, is emerging. Aggregated payments are between third-party payments and merchants, and there are no restrictions on licensing licenses. This method provides comprehensive payment services by aggregating various payment tools such as various third-party payment platforms, cooperative banks, cooperative telecom operators, and other service provider interfaces. Then, what is the current status of aggregate payment development, what is the profit model, and what risks exist... For these questions, the reporter conducted interviews from various angles.

In the context of stricter third-party payment supervision and tightening of licenses, fourth-party aggregate payments are quietly erupting. Yesterday (December 19), the reporter noticed that according to incomplete statistics, there are currently about 30 aggregate payment companies, including Qian Fanghao, Yan Labao and so on.

Wang Pengbo, senior analyst of Analysys Financial, pointed out that the aggregation payment enterprise has great potential for development. After all, the rapid development of the mobile payment industry will drive the demand for mobile payment services for large and medium-sized merchants under the massive line. In addition, licensed third-party payment cannot fully cover the market. In addition, at present, some of the aggregation payment companies are suspected of “two clears”.

However, while the aggregation payment brings convenience and speed to people, the issues of “two clearings”, profitability and supervision cannot be ignored. Feng Zixiang & Xiang Fubao Marketing President Li Zijian told reporters that the aggregate payment as a fourth party payment is subject to the adjustment of the upstream channel policy.

The development potential of aggregate payment is huge

Since the second half of this year, the fourth party aggregate payment service has become a topic of concern in the payment industry.

The so-called aggregate payment service provides a variety of derivative services based on payment. It does not have a payment license, but a comprehensive payment service that aggregates payment tools such as various third-party payment platforms, cooperative banks and other service provider interfaces. And no fund clearing.

The reporter found out that there are currently 30 or so aggregate payment companies in the market, such as Qianyuan, Labaobao and Paymax.

"The specific mode of aggregate payment is to aggregate the various mainstream payment channels such as WeChat payment, Alipay, QQ wallet, Jingdong wallet, Baidu wallet and so on into the same QR code." Li Zijian said.

Wang Pengbo told reporters that when an emerging industry develops to a certain stage, there will inevitably be an aggregation service platform like aggregation payment and intelligent shopping guide. "If the rise of third-party payments is due to the closed vertical account system between banks, the aggregate payment will repeat the path that third-party payments have taken in the past, except that the aggregated objects have joined third-party payment institutions."

Wang Pengbo further pointed out that compared with third-party payment companies, the advantages of Aggregation Payment Agencies are that they can reach users more conveniently at the “front end” without touching the user funds, and the cost of compliance is also lower. Compared to smart POS companies, aggregation payment organizations have less hardware development costs. Therefore, the cost of trial and error for the aggregation payment enterprise is lower, the market changes are more flexible, and the solution is more suitable for market demand.

The reporter learned that from the perspective of the development direction of the aggregation payment company, there are currently two main evolution paths.

“One is to deepen the payment industry, collect merchants’ commissions for transaction services, and further develop value-added services such as consumer installments derived from their own systems; the other is to expand the scope of services to achieve platform-connected Enterprises, open up the industry supply chain, give flexible solutions to the financial needs of traditional enterprises, and do the 'connectors' of financial companies and traditional enterprises." Wang Pengbo said.

Wang Pengbo believes that the aggregation payment enterprises still have great potential for development. "The development of the mobile payment market, especially after the two-dimensional code payment is released by the regulatory layer, the growth rate of the mobile payment industry will be more rapid, and the development of the industry will drive the demand for mobile payment services for small and medium-sized merchants under the massive line." The brand's third-party payment companies are unable to achieve full coverage of the market, and organizations like aggregate payments are needed to help open up external channels.

"Second Qing" risk is widely concerned by the industry

In fact, at present, ant Jinfu, Tencent Tenpay and other industry giants are building an open platform strategy.

In this regard, Wang Pengbo said that although the aggregation payment platform does not currently compete with these open platforms, if the aggregation payment enterprise as a traffic portal allows the giants to feel the threat, it is not impossible to block the incident in the payment field based on the channel and the entrance dispute. . After the completion of the pre-marketing, the quality payment channel has tightened into a high probability event.

He further analyzed that, with the giants such as Ant Financial and Tenpay, as an example, the already open ecosystem, the high market share has allowed it to ignore the impact of external traffic channels, if quality resources are selected to shield or Withdrawal, the operational risk of the aggregation payment platform is bound to increase.

Wang Pengbo told reporters that in addition, the profitability of the aggregation payment platform needs to continue to explore. As the number of market competitors increases, the mode of relying on the rebate commission will inevitably be unsustainable, better use of the precipitated users to expand value-added services, and flexible ability to grasp the aggregation capability. Possible future development direction.

In addition to the problems of profit and so on, the risk of “two clears” is also a concern in the industry.

"Some of the aggregation payment companies are suspected of 'two clears'." Wang Pengbo said.

Li Zijian also pointed out to reporters that the aggregation payment as a fourth party payment is subject to the adjustment of the upstream channel policy; at the same time, it is necessary to evade the risk of "two clear".

Many industry insiders admitted that although the fourth party's aggregate payment does not involve liquidation and is not subject to the supervision of payment licenses, it is still inevitable that a very small number of enterprises will play the "two clears". In the future, if the regulatory authorities strengthen supervision over the “second Qing”, the survival of aggregate payments will be difficult to predict.

The so-called "two clears" refers to a mode in which units or individuals that have not obtained the central bank's payment for business licenses actually engage in payment services and fund liquidation with the support of licensed acquirers.

In recent years, due to the lack of barriers to entry for merchants, the annual transaction volume of “Second Qing Institutions” has reached a trillion yuan, and behind this, “the security of merchant accounts is difficult to be protected”, and the chaos of running roads has also caused regulatory layers. Highly valued.

However, some insiders told reporters that the aggregation payment company is only equivalent to the information agency of the payment company. All the incoming goods, risk control and liquidation are handled by the payment company, and the aggregate payment service provider does not have the opportunity to do the "two clear". .

Aggregate payment

Also known as “fusion payment”, it refers to payment services other than “payment, settlement, and clearing” services. It relies on banks, non-bank institutions or clearing organizations, and relies on payment channels and clearing settlements of banks, non-bank institutions or clearing organizations. Capabilities, using their own technology and service integration capabilities, to integrate payment services from more than one bank, non-bank institution or clearing organization to provide merchants with but not limited to "payment channels", "collection reconciliation", Service content such as “technical docking”, “error handling”, “member account”, “operation process software”, “operation and maintenance”, “terminal provision and maintenance”, etc., to reduce the cost faced by merchants in accessing and maintaining payment settlement services Expenditure, increase the efficiency of the merchant's payment settlement system, and collect payment services for value-added income.