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Have to rely heavily on banks free of charge but Alipay WeChat started charging?

via:好奇心日报     time:2017/12/14 9:07:39     readed:589

(The original title: from cash withdrawal to credit card, the original free Alipay, WeChat how have started charging?)

Bank free, internet finance service charges one more project. This matter has increased in recent years.

In February 2016, WeChat announced that it will pay a fee of 0.1% for the part where the user withdraws more than 1,000 yuan. This is a free quota of 1,000 yuan for a lifetime quota, after the withdrawal of each withdrawal should pay fees, 0.1 yuan.

Alipay that network red temperament official microblogging then said "early in the morning there are many small partners to ask the baby, I unified reply: Alipay mention now free!

Alipay official micro in the micro-channel announced the withdrawal of fees and charges after the response. Figure / Sohu Technology

Seven months later, Alipay announced that due to rising operating costs, they will charge 0.1% service charge and 20000 permanent credits to individuals who exceed the free limit (20,000 yuan).

Withdrawal fees not only affect the user to remove cash, but also affect the transfer. After all, people who collect money also need to mention the cash.

This is for the WeChat, Alipay bank account for the use of people is not a small impact. Compared to the bank transfer to enter a dozen of the account, name, bank, WeChat or Alipay payment faster and more convenient, in a chat interface, point transfer and then enter the amount you can. Smaller companies even take them as wage cards.

However, after the withdrawal of fees is not necessarily. If a person has a rent of 5,000 yuan / month house to rent out, pay one charge is 20000 yuan, over a limit of 20 yuan fee will be.

Not too much, but for bank direct transfer of online banking, but rather free. This is not the same as before.

Once, the bank is doing what must charge place

China started issuing bank cards in 1985. Few people today enjoy the convenience of payment tools. Few people remember that until the end of 2001, only 18 cities in China could still use bank cards across banks and cities.

Bank of China Great Wall Card before the 1990s, there is no card Union today, common card, Visa and other organizations. Figure / China Financial Museum

A staff member who joined China Construction Bank in the 1990s told Curios Daily News that CCB had not set up a personal finance department at that time and only one savings bank had been set up. Verification of the vouchers of all outlets had to be switched to the backstage check-in of branches. For other independent business-based intermediary business income, such as funds, insurance, precious metals, banks almost no indicators, "I do not remember the fund to buy, are employees buy their own."

Professor Wang Yijiang, who served as adviser to the World Bank, concluded that in 2000, the basic conditions for Chinese-funded banks were a high proportion of non-performing assets, poor profitability and a backward corporate governance structure. The main source of income of the bank is the deposit-taking interest spread, and the performance indicators are basically for the public service.

China's banking reform began in the early 2000s. Chinese banks introduce shareholders of foreign-funded banks, and some open markets also introduce technologies and management methods. HSBC shares Bank of Communications, Royal Bank of Scotland stake in Bank of China, Goldman Sachs shares are in that period of time. With the help of foreign investment banks, the four state-owned banks also divest non-performing assets and list them in Hong Kong one after another.

People's Bank-led unified payment system was also really established at that time. In 2002, China UnionPay was established under the direction of the People's Bank of China to unite the national network of bank cards with various commercial banks.

Real-time bank transfer of 7 * 24 hours was not realized until the People's Bank of China launched the Small Volume Payment System (BEPS) in 2005. Prior to this, every day the bank initiated after the transfer of money to be the next day arrived.

This is the bank infrastructure Alibaba faces after launching Taobao and Alipay.

As the function is perfect, the banking industry's personal fee is coming quickly. From 2003 to 2006, the banking industry added more than 20 charges: the account balance is too small (100 yuan or less) with a small account management fee; go to the counter to save too much change with zero banknote counting fees; mobile phone to receive the account amount Change the text messages have to pay a few dollars a month; even holding a bank card to CCB ATM check the balance to be charged at 0.2-0.3 yuan each fee.

Internet users to do even more expensive. A fee set by the ICBC since 2004 shows that for online banking U Shield 80 yuan and online banking annual fee 12 yuan, it is a mandatory fee. There are other charges such as remote remittances received by the counter standard fees, SMS account remind monthly 4 yuan and so on.

Also in 2004, a free Alipay appeared.

Thirteen years ago, Alipay forced the banking system to pay for free

Alipay was originally Alibaba in order to solve the security of Taobao transactions set up a function, using a "third party secured transaction mode." Alibaba in 2004 set up a special Alipay company, for users and merchants to provide free transactions, transfer. Through Alipay, buyers pay for the payment needs to be temporarily stored in Alipay, and so after receiving the goods to determine the payment to the seller.

However, the bank has many restrictions on Alipay early. Alipay in 2004 can not be directly bound bank card deductions, with bank card Alipay account playing money, until the checkout when shopping buckle.

Later, the quick payment of Alipay allows users do not have to pre-charge the account, direct billing bank card debit. However, opening this function should take a good ID card, online banking U Shield, bank card to offline outlets opened, each with 500 yuan payment limit.

Alipay quick payment of 500 yuan daily payment limit. Figure / Sina Technology

Alipay also gradually negotiated cooperation agreement with the bank to achieve a similar "ICBC card money to Alipay and then withdrawn to the Merchants Bank card" inter-bank transfer, just 1-2 working days to account.

Alipay processing timeliness with the People's Bank real-time payment system is close, but it does not charge, the web interface is also much more friendly than the bank's products. Others like remote alipay transfer between accounts, SMS reminders and other bank charges are also free to users.

After a few years, with the growth of Taobao, Alipay access to one after another bank. The process of docking bank cards is also gradually simplified into a text message to complete.

The balance treasure launched in 2013 made Alipay no longer just a payment tool.

The essence of balance treasure is a money fund. It is a kind of bank that has been selling related financial products for years, but not many people know it.

Compared to bank time to buy funds to bring good documents, credit card to the network opened financial accounts, and then enter the client you want to know a good six-code to buy, balance treasure on the screen as long as a few user agreement to complete Real-name certification, you can go directly to the money to get interest.

Alipay becomes so much like the current bank account is almost the same thing: the user to save money inside, part of the liquidity on Alipay, part of the investment needs of the remaining balance of treasure, eat, pay the water coal charges, shopping, transfer ... ... Directly in the phone a few clicks on it.

The balance of large pool of treasure and users gathered, the number of users at the end of the first year of service on line reached 40 million, in the first half of 2014 increased to 124 million. As of the first half of this year, the balance of treasure funds reached 1.43 trillion yuan, the number of users exceeded 300 million. The scale of the funds is close to the current deposit balance of 1.63 trillion in Bank of China by the end of 2016, exceeding the current-account deposit and fixed-term deposit balance of China Merchants Bank.

WeChat came late, but when it came Alipay has solved the problem of cooperation between Internet companies and banks. In a far better than Alipay inception of the financial infrastructure,TencentWeChat users quickly into micro-channel payment users. After the Spring Festival in 2015, WeChat paid 400 million subscribers. By the first quarter of this year, WeChat has paid more than 600 million paying users and trading 600 million transactions every day.

Free and easy to use, this is Alipay, micro-channel gives the impression.

Now charge a fee, Alipay and WeChat say the cost is too high

Ma 2016 faced the challenge after announcing the withdrawal of handling fee in 2016, explaining that this is because the WeChat transfer to the bank account requires a 0.1% rate. Before this Tencent subsidized their own fees.

Weixin also need to pay the bank fee, the gold is estimated that this figure is 0.15%. Tencent's first quarter financial report for 2016 shows that the cost of "other" projects including payment business is about 14 billion yuan, with the main component being bank charges. The segment losses 800 million yuan.

WeChat did not discuss liquidation with the commercial banks, but set up settlement transactions through the centralized collection and payment channels of the branches of the People's Bank of China. A bank liquidation center staff earlier said in an interview with Economic Observer that the channels used by WeChat for payment, in addition to Shenzhen Financial Electronic Settlement Center, "and the centralized collection and payment channel for branches of Tianjin, Shaanxi and Shanxi Central Banks" .

In May this year, the People's Bank of China banned these institutions to provide services for public utilities and non-public enterprises to provide payment collection services. They have started business before the end of the year, so that WeChat will find new channels. Due to the scarcity of these clearing resources themselves, the fee of the new channels of WeChat is likely to rise after the suspension of the People's Bank of China.

Alipay is bypassing the clearing house itself and the banks talk about cooperation. Alipay never publishes its own commission fee, but considering its online transaction size and liquidation method, it charges less than WeChat.

Credit card repayment is also a reason, the billing side of the payment will be charged. Banks do not charge because they each have their own credit card business, which users pay for the business at the same time they pay, and the more money the user needs to pay back, the more likely they are to pay installments and pay the bank high interest.

Expenses increase at the same time, Alipay, WeChat and other third-party payment agencies also lost an interest income.

Previously because of "secured transactions", customers pay for the purchase price, until the receipt of the goods and make sure, has been deposited in the accounts of services such as Alipay, this part of the funds have been turned into "reserves." In the reserve fund management approach promulgated by the People's Bank of China in 2011, the interest accrued on the customer's reserve fund is determined as a third-party payment company.

According to a survey conducted by CCTV Finance, third-party payment agencies paid interest on reserves accounted for 11% of the total payment agencies. Calculated by CICC, the gross profit of third-party internet payment in 2016 was 64.7 billion yuan, equivalent to 7.1 billion yuan of interest income.

However, in April this year, the People's Bank of China changed the deposit-taking mechanism for depositors to pay centralized depository requirements, requiring the payment agencies to deposit the depositors to a designated deposit account according to a certain percentage and temporarily paying no interest. The previous payment company can use this part of the interest subsidy fee costs, now gone.

The reason another internet company does not say is that people are used to them and the fees do not change

The number of Alipay users reached 200 million in 2009, when the number of Internet users in China was 384 million and about 50% of Internet users opened Alipay accounts. Since then, the number is still rising. With the addition of WeChat Payments, third-party mobile payment has really come to people, the number of users using more than the number of online banking.

The Annual Report of the P & L Association for Payment and Liquidation of the People's Bank of China shows that the transaction volume of electronic payment in China is three times the transaction amount of bank cards. Alipay, WeChat and other non-bank financial institutions handle nearly 100 trillion yuan turnover, which is double the spending on bank cards.

According to the "2017 China E-Banking Survey," statistics show that third-party payment has the highest penetration when users make online payments, followed by online banking and mobile banking.

Figure / "2017 China Electronic Banking Survey"

Another CICC research report predicts that the overall transaction size of third-party payment will maintain medium and high-speed growth in the next four years with an average annual increase of 27.1%. Bank card consumer business over the same period only 4.3% average annual growth.

In this changing trend, CICC expects Alipay and WeChat payment to still account for nearly 90% of the total Internet payment market. In addition, as of the first half of this year, the balance behind Tianbao treasury fund assets of more than 1.5 trillion yuan, is the second ICBC Credit Suisse 2.5 times. Alipay is China's largest payment company, is the largest fund company.

Internet economy often grab the user through high subsidies, free or direct money, which will be very effective in the early stage of competition. Drips, the United States regiment, what are the first hungry people paste habits people develop, and then gradually began to raise prices for cost recovery.

In 2014, Tencent used red envelopes and subsidies to take a taxi to cultivate people's micro-payment habits. And early payments account neither mandatory real-name authentication, nor mandatory binding of bank cards, as long as the help with the red envelopes, transfer and other functions, Tencent micro-channel users into WeChat payment threshold is actually very low.

Chart / CICC Research Report

And then with the 2015 Spring Festival "shake" send red packets marketing, Tencent allows users to bind 200 million bank cards within 8 days. Prior to Alipay made 200 million registered users (not necessarily tied card) spent 6 years.

However, the rapid growth of the number of users also means that the subsidy costs are rising rapidly. Therefore, when the number of enterprises reaches a certain number, the cancellation of free strategies or the reduction of subsidies will not result in a drastic reduction in the number of users. For reasons of control costs, They usually stop subsidies.

A lot of users have been linked to the Alipay, WeChat now subsidies can also leave users around.

Internet companies make the traditional payment field more efficient, but eventually became part of the system

Ma Yun said in 2008, "If the bank does not change, we will change the bank."

Banks have indeed been changed. In recent years, including bank card annual fee relief, withdrawals and other off-site fees, including a number of costs. Some costs such as Internet banking U Shield fee charged according to the standard, some banks will also paste their own money up.

Compared with the foreign capital, the original line of the standard fee is also very low. Such as Bank of America's domestic counterparts generally transfer 30 US dollars a pen, not yet credited in real time.

For a time, Alipay appeared to bypass the People's Bank to establish a good financial system.

Ma Yun did not say a few years then, banks are no longer everywhere Alipay set limits. In 2011, CCB launched a savings card that directly opened the Alipay function to pay for the Dragon card. Users do not need to open online banking, and then with Alipay account binding. When shopping checkout Alipay account if there is no balance, directly deducted from the savings card.

As we have discussed before, Alipay is directly negotiating with banks to liquidate funds. In fact, it has bypassed the interbank payment system dominated by the CUP.

The liquidation agency is responsible for checking the receipt and payment instructions and the information of both parties in the transaction and confirming the release of funds after both parties have correct information. Its middleman of cash flow, blocking the two sides of the transaction directly docking.

Alipay transfer between accounts, in fact, the People's Bank at all levels of clearing centers, payment systems, UnionPay any one of the clearing house regulation. Its direct bank settlement funds also make it a de facto clearing house.

Alipay spent chant, Jingdong white, are the Internet finance service to do their own type of credit card business. They each also have their own credit system.

But at least so far, end-users still need to transfer their money to the bank at the time the settlement is with the bank. The user withdraws the money means that the funds still flow around the banking system and the handling fee will therefore continue to be generated. At this time, interconnected financial services are more like participants in the traditional financial system.

With the establishment of the two new agencies led by the People's Bank of China, the Internet companies' newly opened road may also be blocked.

One is the Internet. Its full name is "Network payment and settlement platform for non-bank payment agencies", initiated by the Payment and Settlement Association. Clearinghouse and UnionPay are members of the payment and settlement association.

The single largest shareholder of wanglian, the people's bank clearing center. Then the safe (sycamore investment platform) and other government agencies have invested, they accounted for 37% of the net equity.

Alipay and caifutong are the third major shareholders have the right to speak. But it itself means that the people's Bank will take back the current channels of liquidation between the Internet Co and the banks.

The second half of 2018, online payment is all cleared through a network platform.

The other is the credit union, in charge of the core business credit of the financial system. Originally, the people's Bank has its own credit reporting system, but there is no data from Internet Co, such as sesame credit, WeChat credit and Jingdong Xiao Bai credit rating.

It is reported that the people's Bank of China has decided to set up a personal credit information platform by the mutual Gold Association and will be formally approved by the end of 2017. After the people's Bank has issued "in early 2015 eight companies notice" on the good personal credit business preparatory work in Alipay, Tencent, to carry out personal credit business for their data will be unified data base access to national credit.

Alipay was born 13 years, Internet Co forced banks to enhance efficiency, improve service, has also been recognized supervision.

But they are not able to bypass the banking system in the end. With the formation of the new regulatory system, they have become part of the system from the subversive of the banking system.


Ali cloud

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