The fund security hidden trouble of "the second Qing" platform

Absrtact: Under calm tide surging. One months after the central bank suspended the two-dimensional code for security, the truth began to surface. Now the regulators are not going to talk about the security of this business form (two-dimensional code payments). A Tenpay related negative

Under calm tide surging. One months after the central bank suspended the two-dimensional code for security, the truth began to surface.

"Now the regulators are not going to talk about the security of this business form (two-dimensional code payments). A tenpay-related official told the 21st century Economic report. He still believes that the moratorium may have touched on the "other" interests, "but we will cooperate fully to implement this policy".

The 21st century Economic report was informed by a number of people familiar with the matter that a number of third parties, including Tenpay and Alipay, did not report to the central bank before paying for the development of two-dimensional codes. The information was also confirmed by an authoritative person close to the central bank.

According to the 21st Century Economic Report reporter survey, as early as October 2013, Tenpay Shenzhen Wifu Tong Technology Co., Ltd. (hereinafter referred to as "Wifu Tong") and other Third-party companies listed as partners, and signed a cooperation agreement. Through the opening of the interface to these partners, and then by the partners to develop multi-level agents, Tencent Tenpay mobile payment products business promotion, "including the expansion of businesses, provide technical support and related services."

A Wifutong signed cooperation agreement with a level of agents, Wifutong in Tenpay mobile payment of the relevant interface, the development of "merchant mobile payment management platform", merchants can access the platform Tenpay. Platform content includes merchant mobile payment terminals (SPAD), merchant mobile payment mobile software (SPAY), and swiftpass merchant mobile payment management backstage (including mobile phone version and mobile phone micro-letter version).

Tenpay two-dimensional code payment mode, the merchant to SPAD mobile payment terminal hardware and spay software input consumer purchase goods or services information, equipment automatically generate two-dimensional code, consumers again through the micro-letter scanning two-dimensional code to obtain consumer information, replacing the line through the Poss machine card link, Finally through the binding bank card's micro-credit payment function to pay.

"The equivalent of the traditional offline payment by sweeping the code into online payment." In this model, the Tenpay side of the bank card binding cards, the replacement of the role of UnionPay, but also acted as a recipient of the role of the agency, but by the traditional offline receipts into online orders. "One person in the world said.

Reporter investigation found that the most core problem is, "merchant mobile payment management platform" embedded in the bank has not been monitoring the account, tenpay as a receipt of the funds returned to the merchant from the account in the platform to clear, the fund security hidden dangers. This is also the central bank to suspend the two-dimensional code to pay the important reason.

In addition, tenpay through the model of multi-level agent, let the agent at the same time, to reduce the rate of credit card issuing line, breaking the traditional line under the rules of the rate of card payment, opened up a new payment model and ecology, the traditional mode of UnionPay, card issuing banks, the interests of the recipient institutions.

April 28, Tenpay's exclusive response to the 21st century Economic report said, "' two-dimensional code payment ' as an innovative payment service, Tenpay and the industry's third-party payment agencies will follow the central bank's guidance and regulatory requirements to carry out." ”

At present, Tenpay has carried out a gradual and orderly moratorium on related business and cooperation involved.

The fund security hidden trouble of "the second Qing" platform

In Tenpay, the business development model of developing multi-level agents through partners, Wifu developed a "merchant mobile payment management platform" as a partner. The platform is connected to the merchant as a Tenpay account of the receiving institution.

"The equivalent of Wifu to do a ' II-Ching ' (two-level billing system), all the money from the Tenpay through the Wifu account, can be returned to the merchant's account. This account is not subject to bank monitoring (not escrow account), at any time the risk of misappropriation of funds, there is a suspicion of irregularities. "A Tenpay two-dimensional code payment agent thinks.

According to the central bank's "bank card receipts Business management measures", the receiving institution should establish the Fund settlement risk management system, should not divert the special merchant to settle the fund, establishes the receipt transaction risk monitoring system, verifies the suspicious transaction in time and takes effective measures.

A third party who is engaged in the traditional receipt business thinks, according to the normal flow, the path of capital flow is "consumer account-UnionPay-receipt institution-merchant account", the information transmission is reverse; In the two-dimensional code payment model, Tenpay has assumed the dual role of UnionPay and the receiving agency, The money returned to the merchant shall be directly entered into the merchant's account by Tenpay, settle can only be carried out by the tenpay of the receiving-order license, Wifutong not have the receipt and settle qualification.

Reporter from an agent of the Merchant to promote information learned that, in order to ensure the safety of funds, Wifutong originally planned to introduce bank escrow account into the platform. That is, tenpay through the Wifu platform account to return to the merchant account funds, under the supervision of the bank.

"Wifu first let us find a bank cooperation, on the one hand, account supervision, on the other hand as a partner to help us open up businesses, banks are not willing to co-operate." "The agent said," finally Wifutong in Minsheng Bank opened an ordinary ' collection, pay ' company account, funds are collected from this account, and there is no bank custody and monitoring. ”

The central bank has said that the suspension of two-dimensional code payment is based on security considerations, its information security, financial security and other aspects need further study.

"Two-dimensional code payments are a new model, security is not authenticated and there is no test standard," said the person close to the central bank. In the traditional payment mode, the bank card, poss machine domestic and international have a very strict standard, related equipment and technology are detected by a third party. In addition, the technical content of two-dimensional code is not high, the production and generation of simple two-dimensional code of the technology threshold is very low, so the risk is relatively large. ”

Tenpay official response said, "Tenpay in accordance with the central bank and the Pay Clearing Association, is actively working with regulators, professional organizations, security agencies, etc. to discuss the development of two-dimensional code payment standards." ”

"The core of the two-dimensional code payment is to put the offline business online." Innovation needs encouragement, but it must have a safety bottom line. "A third party payer believes that two-dimensional code payments have breached the regulatory red line."

According to the 21st Century Economic Report reporter survey, before, Tenpay at least to Wifutong, Le Brush two partners opened two-dimensional code payment interface, and the corresponding business use of the terminal platform, two companies are developed separately. For reporters "whether there are other open interface partners, and Wifu pass the above platform has been tenpay approved" inquiries, Tenpay refused to respond; Wifutong general manager Dan said no comment.

After the central bank suspended its two-dimensional payment, Tenpay sent an official letter to Wifu to suspend business promotion.

According to people familiar with the situation, tenpay that this agent model is a mixed bag, the internal has been discussed whether to recover all the agent problem.

Stripping out the system of multi-level agency profit sharing

In the traditional offline payment mode, the merchant expands generally by the receipt organization which includes the bank and the third party to pay, the bank itself has the massive customer resources, mostly by the Bank Account Manager undertakes the development merchant's work, the third party pays uses the direct selling or the proxy mode.

Reporter investigation found that tenpay two-dimensional code to pay no matter in the merchant expansion mode, or the rules, have broken the traditional standards. The original offline payment ecology is a subversive change.

Tenpay business expansion is also a proxy model, which has a layer of "partners", such as Wifutong as partners to develop agents, and is a multi-level agent model.

"We are a regional agent, the central bank to suspend the two-dimensional code to pay before, most of the merchant is our own development, but also developed a number of two agents, as for this below there is no level three, four agents we do not know." said the Tenpay agent.

As stated in the "measures", the receiving agencies provide the outsourcing service to each other separately, and the management responsibility and risk responsibility of the receiving institution as the main body of the receiving business should not be transferred because of the outsourcing relationship.

"The receipt of business by layers of outsourcing, resulting in a thin profit agent, especially the last level of the agency's meager profit, may relax the examination of the merchant qualification." ”

A traditional collection of third-party payers said, "according to the NDRC's price guidance regulations, the receipt agency through the agent and the merchant to discuss the card handling fee can not exceed a certain limit, each industry slightly different, catering industry is 1.25%." ”

Agent revealed that this multi-level agent mechanism, tenpay through the Granville to a level of agents charged the rate is 0.65%, and then to 0.55%, the final payment rate of merchants by various agents and merchants to negotiate, and there is no ceiling rate, more part is the agent's profit; under the mechanism of multi-level agent, The next level of agents to the level of agents turned over the rates are also negotiated by the two, the rate difference is the intermediary agent's profits.

"Superior agents to develop subordinate agents, and then extract profits, which is similar to ' MLM ', undermining the original agent mechanism." "Third party payers who are involved in traditional receipts are said.

According to the above rate mechanism, the merchant pays 1.25% rate, Wifutong from the first level agent only to get 0.65% or 0.55% of the rate, remove Wifu pass of the cut, Tenpay get lower rates, more than half of them to the partners and agents, which also to pay the card issuing bank.

Under the traditional line of payment, card issuing banks, UnionPay, receiving agencies to the Merchant card processing fee is generally divided into the proportion of 7:2:1. That is to say, the fee charged by the receiving agency to outsource the merchant's expansion is divided by the receiving institution from the 20% overall rate.

Tenpay Two-dimensional code payment mechanism, then through a huge amount of concessions to partners and agents of the way, the purpose is to quickly expand the merchant.

According to the reporter understands, in Alipay, Tenpay and so on third party pays the docking card issuing bank, the cardholder through the third party pays the channel to carry on the fast payment, at present Alipay, Tenpay to the Bank Rate is 1-3, even free. In traditional online credit card payment mode, the proportion of card issuing banks is 70%, with 1.25% of the merchant card rate, the rate is 0.875%.

"Every industry has its rules. If you go on like this, you won't be able to play. It's such a proxy mechanism that I think is quite confusing. The suspension of the central bank makes perfect sense. "Third party payers who are involved in traditional receipts are said.

Suspension Sequela: Agent's War

Tenpay cheerfully layout two-dimensional code to pay, never want to be the central bank emergency suspension, leaving only agents of a feather.

According to the 21st Century Economic Report survey, only Tenpay to Wifu through the Open Interface, Wifu Tong at present in Guangdong, Hunan, Hubei, Guangxi, Liaoning Province, six provinces respectively developed 1 exclusive agents. Le Fu has also developed a large number of agents in several regions.

There are level two agents below. The last time the national Agency meeting, altogether sat 70 tables. A Tenpay agent said.

Tenpay an agent disclosed that the company has now expanded 11 outlets, of which 8 for the direct expansion of the merchant point, 3 for its two-level agents, employees over 200 people.

"According to the terms of the contract, we have now paid 700,000 items to Wifu, including agency fees and money to purchase terminal system equipment." Plus office leasing, staff wages, and so on, the total investment nearly 4 million. "The above one agent in charge said," the company is specialized for this agency business, now suspended business, more than 200 people idle for one months. ”

The central bank suspended order, Tenpay has been on the line of a small number of merchants to pay the function is also suspended, the original open up the merchant's agents into the trap.

Tenpay official response said, "for the legitimate rights and interests of partners, Tenpay very much, will be in accordance with the regulatory advice and relevant laws and regulations under the premise of protection." ”