Two-dimensional code security questionable

Summary: The central bank to stop network virtual credit card and two-dimensional code to pay the morning news March 14, there are rumors today that the central bank issued an emergency document to stop Alipay, Tencent's virtual credit card products, but also to stop the bar code (two-dimensional code) payment and other face-to-face payment services

Central bank to stop network virtual credit card and two-dimensional code payment

March 14 Morning News, today there are rumors that the central bank issued emergency documents to stop Alipay, Tencent's virtual credit card products, but also to stop the bar code (two-dimensional code) payment and other face-to-face payment services.

In response to the above situation, Alipay, Tencent and other relevant enterprises in charge of the company in the acceptance of Sina technology, the temporary did not give a positive response. And Sina Finance calls the central bank, its indication is verifying. The pay clearing society confirmed to Sina Finance that virtual credit cards have indeed been halted. The central bank pays the clearing division to confirm the matter.

Affected by this bad news, today morning disk two-dimensional code payment concept stock fall, CITIC Bank plate plunged more than 6%, the new world fell nearly 7%, Sunyard Electronic, aerospace information, letter, etc. are weak. Tencent fell more than 3.8% per cent on Hong Kong stocks.

Two-dimensional code security questionable

According to reports, the Central bank informed that the offline bar code (two-dimensional code) payment broke through the traditional terminal business model, its risk control level is directly related to customer information security and capital security. Virtual credit card breaks through the existing credit card business model, and it needs to be further studied in implementing the customer identification obligation and safeguarding the customer information security.

The central bank in the notification request, immediately suspend offline bar code (two-dimensional code) payment, virtual credit card business, take effective measures to ensure a smooth transition during the business suspension.

The central bank notice mentions that in order to prevent the payment risk, the security of the related payment instruction verification is still questionable. Virtual credit cards break through the existing credit card business model, in the implementation of customer identity obligations, and urged two sub-branch requirements to pay PO tenpay comprehensive suspended bar code (two-dimensional code) payment, virtual credit card-related business, and request Alipay, Tenpay will be related to product details, management system, operating procedures and other conditions reported.

Close to central bankers believe that Alipay, micro-letter launched two-dimensional code to pay the essence is O2O business, it opened the line, the line between the barriers. It is difficult to define whether online payments or entity payments, but it has brought regulatory hurdles to strict implementation of article 16th of Central Bank 5th.

The provision stipulates that "strictly enforce the management measures for the receipts and orders of the entities ' special merchants", and implement the requirements of the localization management of the receipts and orders, and shall not carry out the receipts business of the entities/special merchants in the provinces and cities of the entity branches. ”

These people believe that the provision stems from the demand for risk control by the People's Bank. and payment Pao and other emerging payment industries have been seeking cross-border payments.

Administrative rules are not referred to the vacancy

Other UnionPay people believe that the technology itself has two problems. "The first one has a low threshold, so it started out as a small payment." But from the current development point of view, the amount is expanding rapidly. And this kind of payment means that many of our current people's banks may be dead in order to guard against risk, or to guard against such a move.

Of course, to pay their own face some of the wind control measures, such as it can do a number of limits, that my biggest deal can not be more than how much. But we also see that the market will change rapidly, and when it comes to paying for this product in person, it is not surprising that the product was designed to enter the small pay market. ”

"From the perspective of the People's Bank, the People's Bank has not yet issued more detailed and accurate regulatory policies to adapt to this new industrial development." The current regulatory policy, in my opinion, is a little unclear. The UnionPay said.

Just yesterday, Citic Bank also issued a bulletin on the Internet financial business cooperation, announced that because of CITIC Bank business development needs, the bank recently in the Internet financial field of a series of related business cooperation arrangements, including the micro-credit card with Tencent cooperation, as well as with Alibaba cooperation Taobao card. (Jessie)

Appendix: Letter from the People's Bank of China on suspending payment of the company's offline barcode (two-dimensional code) payment and other business opinions

Bank of China Hangzhou Central Branch payment and settlement office:

Recently, Alipay (China) Network Technology Co., Ltd. has been to the entity of special merchants to introduce bar code (two-dimensional code) payment and other face-to-face payment services, and the United Commercial Bank launched virtual credit card products. To maintain the market order of payment services and prevent the payment of risks, the following comments are given:

First, the line bar code (two-dimensional code) payment broke through the traditional processing terminal business model, its risk control level is directly related to customer information security and capital security. At present, the bar code (two-dimensional code) applied to the field of payment technology, terminal safety standards are not clear. The security of related payment matching verification is still questionable, and there must be a risk of payment. Virtual credit card breaks through the existing credit card business model, and it needs to be further studied in implementing the customer identification obligation and safeguarding the customer information security. In order to maintain the stability of the payment system and protect the legitimate rights and interests of clients, the relevant departments will evaluate the compliance and safety of the business.

Please provide the supervision advice to Alipay company in time, require it to immediately suspend the line bar code (two-dimensional code) payment, virtual credit card business, take effective measures to ensure a smooth transition during business suspension, properly handle customer service, reduce the impact of public opinion, and request Alipay company will be related to product details, management system, Working procedures, organization cooperation and profit distribution mechanism, customer rights and interests protection mechanism, emergency disposal of the contents of the written report you. Please take a comprehensive assessment of the offline barcode (two-dimensional code) payment, virtual credit card compliance and security, and before March 31, will pay the company report materials and related regulatory recommendations submitted to the Payment division.

Third, you are requested to follow the principle of territorial regulation, requiring its commercial banks and payment agencies to carry out their business of making cross-border payments in cooperation with foreign institutions in the introduction of innovative products and services, at least 30th in advance, and to supervise the commercial banks and payment agencies to carry out payment business in strict accordance with the relevant regulations and management requirements, Carefully evaluate the compliance and safety of products and services, improve the management system and risk control measures, and effectively protect the legitimate rights and interests of customers.