"Virtual credit card halted" without excessive interpretation

The People's Bank of China paid the Clearing division 13th issued a notice on virtual credit card and two-dimensional code payment business. Suspend payment treasure, Tencent and other virtual credit card products, while the bar code (two-dimensional code) payment and other face-to-face payment services. In the "support of Internet financial innovation" policy guidance has been very clear, the central bank issued two "ban" the timing and manner is reasonable, unexpected.

Risk prevention and control is the starting point of the Financial Supervision Department, Market development is the starting point of thinking of internet financial market pioneer, and the different mode of thinking and appeal inevitably leads to the "friction" between the supervisors and the market parties.

The essence of Virtual credit card is still credit card

Virtual credit cards are also called network credit cards. At present, the domestic network credit card mainly refers to Citic Bank micro-credit card and Alipay network credit card. and Alipay Network credit card is a joint issue of CITIC Bank, Alipay and public Security Insurance network credit card products. Weibo credit card is a network of credit card products issued jointly by CITIC Bank, Tencent and the public security insurance.

Its actual account and fund operation finally still have CITIC Bank to complete, for the bank, to open up a large number of users, for Internet companies, internet finance and payment users to complete the first market-oriented operation, but also accumulated a large number of original eco-customers.

Everything is "empty"

Virtual credit card only need to apply online, do not need to submit written materials, also do not need to fill in the fixed income, real estate and other personal information, not to go through a lengthy qualification review and card-issuing process, the application process relaxed break the current credit audit mechanism, the current credit system poses a threat, It also poses a serious challenge to the issuance of credit cards by other traditional banks.

Can say, network credit card This kind of loose identification mechanism, not only easy to cause the whole financial market credit system confusion, to financial market fraud criminal activities to provide convenient conditions, will interfere with the effective operation of real credit cards, the entire domestic credit system to establish a serious negative impact.

Virtual credit card, all users of the information audit online, can not personally confirm the information, there is no sign this thing. On a deeper level, the central bank's intervention in virtual credit cards is not just about paying the settlement, but about monetary policy.

Central bank stresses "pause" rather than "halt"

The central bank notice that the offline 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. 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 official said that the central bank for financial innovation has been encouraged, the suspension of the relevant business mainly for the protection of consumer rights and risk prevention and control considerations, to better promote the healthy development of the Internet financial industry.

Behind or save interest driven

There is great interest in credit card market, because the profit of virtual credit card does not need to be divided into UnionPay, the interest of UnionPay loses danger. In addition, once the virtual credit card market is formed and expanded, internet finance is likely to acquire a new channel to win savers ' funds, which will allow banks to face more frequent deposits and moving threats.

We do not know the terms of cooperation between the actual issuers of Citic Bank and two internet companies, perhaps by giving Internet companies a certain commission in combination with the number of cards they share, perhaps according to the proportion of the two sides of the credit card flow. Of course these are conjecture, the truth "two horses" know.

Network virtual credit Card as the new things in the Internet financial period, we do not need to read over the suspended events, the interests behind them and security factors have not been fully considered, I believe that will have new ways and forms in the technical conditions and regulatory system relatively complete situation, timing again.