Two kinds of innovative opportunities for electronic payment enterprises

In different areas of the Internet, whether from technology or services have a lot of innovation, there are many companies in this regard to achieve a number of service methods. Here are some opportunities for innovation that we see in the practice of electronic payments.

Two innovative opportunities for electronic payments

After the development of the Internet, a large number of users want to get information through the Internet, this information has basic information, but also have entertainment information.

First, the basic information is embodied in a variety of business needs.

Business Opportunity One, multi-language comprehensive information service becomes necessary. Faced with the massive disorderly and explosive growth of the Internet, we urgently need information when we use Internet services. But from unordered to orderly this point, whether Google or Baidu has taken a step in this direction, the result has great value.

In addition to basic search, there is a lot of information on the Internet need to be processed, processed, extracted, and finally according to personalized business and personal needs to push the number of information, there are a lot of opportunities. The internet is borderless, the same world, the same dream, in fact, is not realized at present. Most people have access to Chinese information and do not have access to Arabic or Russian information.

Opportunity Two, many users will have business needs, such as check weather this is pure information things. For example, fishing boats look for information and its commercial relevance. For example, check the ticket or flight information, and then need to book a ticket is business information. About 20% of all Internet information needs directly generate business demand. Whether it is on the Internet enterprises should be the Internet enterprises, a very important link is the reason for charges, charging methods.

Second, the company's boundaries are changing, while reducing transaction costs, involving fees.

We have paid for nearly 10 years to connect 24 banks, and basically 90% of the domestic banks can be paid and settled. Service users are not only Chinese users, all foreign users can through visa international card to pay, has broken through the domestic border, to any part of the Internet.

Internet companies are sometimes limited by financial policies and bank controls, and we can tap into the services that banks can provide to help them focus on patterns and create new benefits.

2004 from gateway to account direction

Payment industry characteristics closely related to the development of the Internet industry, before 2004, the Internet payment is mainly limited to pay the net, this feature is limited to 04, the payment is rooted in the banking business, without bank support, cross-bank payment settlement is not complete.

Since 2004, it has been recognized that internet development is not enough through gateways, as the payment platform for users at the time of payment is the equivalent of pushing users to the e-banking end. Input account password, for the user's name, how much consumption, what a lot of information is not, so the user further excavation and promotion is very unfavorable.

We started designing the account system in 2003, and other domestic enterprises called the wallet system. People want to use this system to keep users as stable as possible on the payment platform, so that all transactions are around the account. This can be a good grasp of all consumer behavior, consumption characteristics and needs.

This is necessary for the various businesses that are connected to the payment platform. For example, Tencent also has its own payment platform, which provides a wide range of services, through the service and payment process, you can understand what kind of users interested in the game, what kind of users interested in props, so that users can continue to develop more in-depth, more personalized products out.

Future payments are dependent on the needs of banks and users

The development of future payment industry, the first, can not be separated from the bank, but not only by banks. Because the settlement bank is a very important link, there are many prepaid cards, other stored value cards exist, this should be expanding. Second, we must follow the development of the Internet model, develop a convenient, low-cost, easy to accept payment services products.

Liquidation management measures will not kill the payment platform

The liquidation management method is proposed in April 2005 or so, and now the past two years, all media, journalists, the Internet are very concerned about.

But as a payment enterprise, we think that the payment platform is closely related to the bank's business, on this basis, the banking industry will continue to release some banks think the cost of higher business to do. At the same time, the payment platform provides the service is the Internet demand, any bank cannot replace. In both respects, the settlement management approach will not stifle the payment platform.

In fact, the introduction of a management approach is necessary, especially in the wallet system payment platform, the current legal norms for many businesses may not be fully compliant. In particular, the development of Internet currency virtual system will cause some impact on the economy.

Businesses that meet the needs of a large number of businesses are not affected by policy

Central Bank from the financial management and Internet E-commerce stable development of the angle will be standardized. However, I personally believe that the central bank's approach to clearing management, whether in 07 or 08, is a good thing. Just must be thick strokes out, need to gradually improve.

The core of the central bank's liquidation management method should not standardize the payment platform first. Because the payment platform is not regulated to a large extent by the banks themselves is not the norm, such as many of the current payment companies compete with each other, because each bank policy, each bank between the development of ports and business differences, this should be a root cause rather than a table.

However, in the future, no matter how the central bank rules, as long as the business to meet the needs of businesses, users are large, the impact on the internet is big enough, then what kind of management methods, you will not be affected.

(Excerpt from: September 25, 2007 media interview content)