UnionPay wants to enter the business: will push virtual currency "pan"

This newspaper has only been informed that China UnionPay will release the points award platform on June 2--UnionPay China Award, which is launched by China UnionPay and Shanghai Loyalty Information Technology Co., Ltd., which is dedicated to the 62 standard UnionPay card holders to provide consumer incentive service. Although China UnionPay's propaganda department has not been noncommittal about the project, the Chinese UnionPay insiders have confirmed to reporters that the project is being pushed forward.

It is understood that the entire platform of the core business will be divided into two categories, one is to provide the Exchange Mall, a variety of points of the equivalent exchange rate and exchange operations; In addition, UnionPay China Awards will be the introduction of virtual currency "pan", the pan currency can be exchanged, 1 pan is equal to 1 points

In addition to enhance the stickiness of UnionPay cardholders, the more important step is, through the integration platform, UnionPay wants to create a "shopping mall" + "Alipay" model to improve the previous proposed "online UnionPay" deployment.

Integration Platform Reengineering

To support UnionPay's new platform is the UnionPay 300 million UnionPay cardholder and 30 billion UnionPay points. The core business of the entire platform will be divided into two categories, one is to provide the Exchange Mall, a variety of points of the equivalent exchange rate and exchange operations, UnionPay card users can exchange gifts on their web site, in addition, UnionPay China Award will be the introduction of virtual currency "pan", the pan currency can be exchanged through points.

According to UnionPay insiders said that through the exchange of points in addition to enhance the cardholder stickiness, more important is the integration of offline and online mall, and "Pan" as a variety of points of the withdrawal tool will become another virtual currency form, this for UnionPay has far-reaching significance. "In the past, a merchant's integral can only be used in the shop, and it can be used by many merchants in the mall by converting it into pan currency." "One of the project leaders, Shanghai Zhong State Information Technology Co., Ltd. Vice president revealed. "UnionPay China reward model similar to the" Wisdom buy Road + Alipay +51 Rebate of the combination of the three. "A merchant close to the project thinks. It is understood that wisdom to buy road is an integral exchange platform, and 51 rebate is a shopping return site, Alipay is a third-party payment tool. China UnionPay Award platform is involved in all three.

In fact, 2010 China UnionPay has launched the "integration" business, to get through the offline mall, but the effect is poor.

2010, UnionPay launched the "Integral Pass" business, cardholders register and bind UnionPay cards (starting with the 62 card number) on the UnionPay cardholder Service website, and hold these bound UnionPay cards to earn points for the business households at UnionPay points, and the points are pooled into the cardholder's UnionPay points account after two working days. These points in the UnionPay integral trading households can also direct credit card when the use of cash, one point is equal to a dollar. The project's first pilot is in Shenzhen and Shanghai, mainly catering industry merchants, when the card users in the integration of registered members, in the cooperative dining restaurant, you can automatically obtain the full return on the amount of credit card consumption. "Because of the Union UnionPay system function is not perfect, so that the information can not be timely feedback to the merchant, causing the merchant's complaints." A staff member, who declined to be named, said.

Since July 2011, UnionPay has updated its second-generation system. Support card holders from the Federation of General points merchants, credit card issuing institutions, China UnionPay and social third party institutions, such as the accumulation of points, such as the cardholder in the special merchant or third party institutions (such as airlines, etc.) to complete the UnionPay card consumption or access to services, according to the UnionPay and the merchant or the third party agreed with the award rules, Calculate the accumulated UnionPay standard points in this transaction and record them in the Cardholder's integral account.

But the new system in Jiangsu UnionPay pilot effect is not ideal. It is reported that because of the slow expansion of business, coupled with the card holder registration binding process complex, the project to promote the speed has been very slow. A person responsible for the project said, "3 months before the development of 50 businesses, the project has been transferred to other departments responsible." ”

UnionPay Electric Business Abacus

And the UnionPay plan is to create a line under the three-dimensional shopping mall, the current UnionPay line merchants for 3.2 million, can enter the three-dimensional UnionPay mall. Application areas include the payment of electricity and gas telephone properties of various utilities costs, multi-channel, through the card, online, mobile self-service terminals can be paid.

At the same time, for the Exchange Mall, a large user can bring the actual traffic to the mall. Before the safety of the electrical Business Project Wanritong on the integration of the early support of a shop, Mengniu Electric Business Project is also a transformation to do points.

It is reported that UnionPay business of the online mall, has not and the integration of the project through the integration of card users can not use points in the mall to buy goods. But the new integration platform or will be integrated online offline shopping mall, the use of credit card holders can be free to buy at the mall. This means that, through the integration platform, UnionPay will build the electric business model.

"There will be extensive cooperation with the subsidiaries under the bank, and the possibility of integrating the integration pass is not ruled out in the future." "Deng Aber revealed. Another consideration is that it is also the depth of UnionPay on the mobile internet, says one person close to UnionPay.

According to the latest research report by Eric (Weibo), in 2011, the Chinese payment industry's Internet payment business transaction scale reached 2.2038 trillion yuan, an increase of 118%, the growth rate of 6 consecutive years more than 95%; In the next few years, the traditional electric commerce industry, which is represented by net purchase and airline ticket The proportion of business scale will continue to decline, user diversification, convenient consumption and payment demand for innovative payment model to create rapid development opportunities, traditional Internet payment will not meet the diverse needs of users.

Although mobile payments are still in the early stages of development, the models and products are still immature, but UnionPay is already preparing to become a leader in business technology. The latest move is that China UnionPay opens the Web-side Payment API interface. This interface for UnionPay involved in mobile E-commerce business has brought great help, such as electric dealers, reading, games and so can be through mobile phones, mobile electronic equipment and so on to complete payment.

Since 2011, China UnionPay has established a strategic deployment of "on-line UnionPay", and the proportion of business in the future UnionPay online will continue to rise to 30% or even 50%. Luode, president of China UnionPay, said to the media.

In addition, by locking cardholder, let cardholders use UnionPay standard Card (62 card number). "UnionPay's move is also to deal with Visa, MasterCard (MasterCard) expansion in China." "The above UnionPay insiders said. Deng Aber also said the project had arrived at "extraordinary times", but declined to disclose the ratio of contributions and ownership structure.