Third party payment develops rapidly, the bank accelerates electronic transformation, and the prospect of mobile finance is broad.

Third party payments have developed rapidly. Data show that in 2008, the market size of third party payment was more than 270 billion yuan, 2010 reached 1 trillion yuan, 2011 years more than 2.1 trillion yuan. In the third quarter of 2012, China's third party internet payment market transaction size has reached 976.4 billion yuan, an increase of 73%, the previous three-quarter cumulative transaction size has been more than 2011 year. At present, the central bank issued a licence to the Third-party payment enterprises have reached 197.

In addition to the traditional online payment business, third party payment, with the help of its data accumulation and mining advantages, began to expand directly to the supply chain financing, small micro-enterprise credit and other fields, using the advantages of trans-line, informatization and technology leading, began to expand a variety of derivative innovation business, forming the crowding and challenge to the traditional banking business.

Third party payments have developed rapidly, forcing banks to accelerate the transformation of electronic. 2012 Bank accelerates electronic channel construction, rich product features, enhance the user experience, and a high-profile advance in E-commerce, mobile payments and other non-traditional banking business areas, vigorously develop mobile finance business, initially established covering online banking, telephone banking, mobile banking, home bank and self-help bank, including the Electronic channel service system. 2012 Bank mobile phone users by leaps and bounds, mobile phone Bank volume growth rate year-on-year.

December 14, 2012, the People's Bank of China issued a series of financial mobile payment technology standards, the relevant policies to further clarify and improve, will accelerate the bank, UnionPay, telecommunications operators, third-party payment industries and other enterprises to fully advance in the mobile payment market process. At present, commercial banks generally with China Unicom (600050, shares bar), China Telecom in the multi-level strategic cooperation, a total push mobile phone payment products. The mobile payment market is in the ascendant, the development prospect is broad, meanwhile, the market competition will be further intensified.

Reasons for inclusion:

The rise of third party payment and the development of mobile finance will lead to the historic change of payment mode, and banks will be forced to accelerate the transformation of banks in the face of the financing and the media.

Expert comments:

In recent years, China's third party payment industry has developed rapidly, the whole market experienced a from the beginning of the influx to the current standard operating state. In the growth process of the third party payment in our country, the milestone is the "management method" of the Non-financial Payment enterprises promulgated by the Central bank in June 2010. This method set up a strict entry threshold for the third party payment field, when a total of 40 payment enterprises were eligible for business. At the same time, the elimination of a large number of small, involving vicious competition in enterprises. To the present, China's third party payment in order to adapt to the changing market, it is necessary to make adjustments in the future, which is most likely to enter the financial sector. This is in line with the big situation in our market: whether it is the international background of post-crisis era or the present China's willingness to foster small micro-enterprises, the third party payment industry's involvement in the financial sector can bring about a change in the current economic nature, and in the third party payment domain in the information asymmetry in the unique advantages, Also compared to other enterprises are more conducive to the credit business of small and medium-sized enterprises to grasp the operating conditions. Although China's third party payment industry has emerged as a non-financial institution in accordance with the regulations published in 2010, as the central bank has opened its mind, it is now gradually being managed in accordance with financial institutions and may be involved in more financial areas in future business expansion.

In fact, commercial banks have seen the broad prospects of mobile finance, accelerate the transformation of electronic, and the third party payment enterprises in the industry comprehensive payment, standby deposit tube, bank card receipts, electronic payment, cash management, prepaid cards, trade chain financing, personal business and other areas of all-round cooperation. The cooperation between the Bank and the third party payment enterprise can make up the lack of the online transaction channel of the small and medium Commercial Bank, increase the intermediary business income, help the commercial bank to shunt the small transaction customers and reduce the flow pressure of the network counter. The large number of personal and enterprise user information resources obtained by the third party payment enterprises in the years of operation have certain reference value to the Commercial Bank user credit management, credit risk control and the innovation Business Development on this foundation.

Comments: Director of the Financial Key Laboratory of Chinese Academy of Social Sciences, Huatai Securities (601688, shares bar) chief economist Liu Yuhui