Yeepay Payment Tang: The relationship between internet finance and traditional finance

December 12, the world's first large-scale conference to explore the industry Internet, 2014 CVW. The industry Internet conference was held in Beijing and was synchronized through the big screen of New York Times Square. The conference was made by the Asia Letter Group, the cloud base and the Chuang-Zhuang economic and Technological Development zone jointly hosted more than 5,000 global it and traditional industry leaders and elites who are concerned about the development of Internet and traditional industries, and explored the evolution of "Internet access to traditional industries", "traditional industry internet" and the technological model and business innovation of industrial Internet.

In the afternoon of the Financial @ Internet forum, CEO and co-founder Tang from Yeepay paid a keynote speech on his understanding of the Internet and the relationship between Internet finance and traditional finance.

Tang: I'll say three questions. The first one I understand the Internet, the second I use Yeepay payment as a case to talk about, we are the first to achieve the Internet, but also by the People's bank license. 3rd, I talk about the relationship between Internet finance and traditional finance.

What does industry internet mean? After the birth of the Internet and business and life are inseparable, the translation is rotten, not to mention the essence. What does the industry Internet correspond to? Is the first wave of the internet, called the flow of Internet or eyeball Internet, that is the surface to do marketing. Today marketing no longer do, the advent of Internet finance, into all aspects of life. Tesla does not need traffic, need to put the idea and technology of the Internet, as well as the terminal into the industry in the background, just call industry Internet, this is the first concept.

I say a case, this case everybody very clear, dining case. You've heard of Emperor auspicious, they advertise themselves as the new model of the Internet, don't they? Actually, think about it. The way they do it is the eyes of the king, everywhere fooled. Everyone in Beijing I believe I heard of the Emperor auspicious, it is the use of the Internet? How many people have not heard of it? Have heard, how many people have to eat? How do people feel when they eat?

Guests: Very delicious, very thoughtful service, Xidan old Buddha also brisket.

Tang: Who ate the Emperor auspicious? It's a good taste, isn't it? Very good, today you two are more unique, in my answer I interviewed at least dozens of, overall, everyone is disappointed, because blowing too much, said too good, actually not so good. Are these services in China so good? I think it's a long way off. So this time especially under the line of the traditional industry internet, eyeball is very important, but no longer king. My restaurant is up to 1000 people a day. What's the use of blowing so good? This time the flow is no longer king. For example, I am a small restaurant owner, 50 seats, open in a very noisy place, people is not a problem, this time care about what? What I care about is how many people come today, how many people will come tomorrow, how many people will come after the day, as accurately as possible, so that the material will not be wasted. Otherwise, it would be a waste to make sure that enough material is always available and that 30% of the restaurant is wasted. The second user came out after the consumption, the second came to know it was him, there is no left him, like the purchase of the same as the end of a beat out of the buttocks, another one months again you do not know who I am, no user data, this is the second restaurant problem, so it can not really do personalized service. 3rd Food and beverage industry is difficult to manage, cook, cut vegetables, wash vegetables, supply of waste oil to buy how to do? More difficult than it enterprise management, how to do? For example, as a client, I have consumed, I think the food too salty or not fresh, I told the waiter, the waiter said I will tell the chef, tell the chef is useless, the chef does not care, anyway, he does not improve the boss does not know, you can through the Internet to let users feedback real-time to the chef or the boss where he had to improve No improvement this month's performance has been ruined. Can you do this three points? If you can't do it, it's not an industrial internet. Huang Auspicious has not yet entered the deep waters of the industrial Internet. Today mobile internet arrived, 20 years ago I went to the United States, people feel so new to the Internet, and then a fool, then there is a company in the United States, you can click on the Internet to pay, it was the early 90 's, long ago. The internet enters a new stage, from eyeball to whole business transformation, this is the industry internet first characteristic.

The second feature of the Internet's traditional organizations in the deep waters to change, catering there are waiters, there are dishes, cooks, chefs, bosses and so on, a chain, the user's information is difficult to go back, the reaction is very slow. Traditional restaurant service is difficult to change, no progress. Internet Enterprise model is very full, the next day change, the third day of progress, three months later is not the same. Organization to improve, user-centric, which I say is the second feature.

The third key point is to think about who your client is, who your opponent is, and why. Because now the Internet to be merged, your opponent may change, about three weeks ago at CITIC an annual meeting I as moderator, there are 360 chairman and so on, at that time we give the king always an embarrassment, now micro-letter every year hundreds of billions of income. At once the little words are coming out. Soon he said no phone calls, no texting, data available. We said that the data is not necessarily with you, why? We see a report that there is a plan that might be implemented, in the global launch of 6,000 Earth, from the ground 3,000 to 4-kilometer, or higher, probably taller than the plane, about 20,000 meters, each balloon has a high-power wireless, 6,000 balloons on the earth covered, China Mobile dead can not die, this shows what? This means that in the deep waters of the Internet, when the industry Internet comes, we have to think about who the opponents are, China's mobile rivals are no longer China Unicom and telecom, but a bridging enterprise.

The second question pays for the ability to pay is a special industry in China, this industry has done a basic financial services, China's financial services on a word monopoly, state-owned capital Monopoly, you and the state-owned enterprises, because they monopolize a lot of resources. The state-owned capital of the bank pressure, the overall monopoly, closed, inefficient, self-righteous, third-party payments to break the ecological structure. First, third party payment enterprises we are private, we are a little state-owned capital is not, is not. Second, we have the spirit of the Internet, I returned to Beijing from Silicon Valley, Ma Yun set up Alipay, we are the product of the Internet, and the tradition has nothing to do. 3rd We also got the license plate in China, not many, if there is no license to do a lot of business, do not look at Ma Yun so cattle, I hope that the licence to grant down, let go, the government approved from the macro level. The industry is characterized by a new breed of internet and financial hybrids, and there is no pollution of state-owned capital.

So this 11 years in China payment industry, was paid by the third party changed, buy ticket 80% may be a third party payment changed, you do not need to know this, but your life has been changed. The question is why the third party pays the company, like Ma Yun, like me, what background do we have? There is no background. Last year, Ma Yun also has a balance treasure into the market, why, with what? A home like me, why can we change? I was thinking about that too. I finally figured it out, just one key. How do traditional financial institutions understand the difference between payment comprehension and traditional financial institutions? Paying as a simple tool to safely move money from A to B is a traditional financial institution's understanding of payment. But this understanding is not enough for the Internet now to adapt to our needs, this is the center of their own. What is the payment? Payment is the core of the transaction, the payment is not the purpose, the payment is for the transaction service, the transaction is for the life service. What's wrong with the deal? There are three problems in the transaction except the fund circulation, the first transaction information asymmetry, for example, we go shopping, want 500 yuan, you bargain to 250 dollars very happy to go away, another bargain 80, 100 away, you may not know his price is 50 yuan, you do 250 also very happy, why? Information is opaque and asymmetrical, which is the first problem. The second question you as a person to find someone to the insurance, the Kingpin or China Mobile to talk about services, you are not at all a level, so you do not have respect. The service to the bank is very bad, let the secretary to do I absolutely do not go, I do not want to endure this service, not related to money, but services and respect and fairness. The second problem has not been solved, the payment aspect. What is the third aspect related to the transaction? Personalized issues, such as I am very concerned about security, I buy air tickets I have to buy insurance, and I hope to buy is ping An insurance, for example, this is personalized desire. But can Chinese airlines do that? Can't do it, the payment company can. So I said the same is the payment of these two words, traditional financial institutions and third-party payments are understood to be completely different. On a rich level, so the things that do come out of course are different, so the third party payment industry in the Internet tide along the direction we see, because we are user-centric, representing advanced productivity, representing the people, representing the Internet technology, we are three representatives, the traditional enterprise is also three representatives, represent monopolies and interests.

Finally, I would like to talk about the relationship between traditional finance and Internet. Recently, I see everyone to the trial, began to say subversion, and then said not subversion, cooperation. It's no good talking about subversion. What's so subversive? But the problem is they don't think so, they think one should not subvert, second you are my supplement you can't be boss, you have to run after my butt. He wants to be his own master? This is changing, third party payment will be the boss, Alipay does not buy bank accounts, when I was working with the bank, banks were begging me, especially the small banks, because my product richness and understanding of the customer is far more than it, I have to pay three understand it does not have this understanding ability, let alone implement ability. So I say we are here today to be interested in emerging Internet finance, we do is the new era of Internet services, our goal is not to subvert, who want to subvert the old guys, they will naturally be overthrown by the times if they do not improve, we are based on Internet thinking user-centric, how better customer service, This is our goal, this is the mission of our business, subversion is not my business, so be sure to think clearly we do not want to subvert them, they think I want to subvert them, I do not want.

Have you heard of a story? Said a crow flying in the sky, the result of a Phoenix flying, the Crow thought to rob his bacon, called a few, the bacon off, Phoenix doesn't care. You want to have Internet ideas, our goal is not to subvert them, what traditional financial institutions should do, don't worry.

2nd traditional institutions want us to add him, we say we do not bother to add you, this is not a joke? Every age has its characteristics, each time has its heroes. China's operating standards, we do not disdain to add, because we do a new era, new to meet the needs of the Times new Financial. I think the 2013 Nobel Prize winners in a book, called "Finance and Good society", what is Finance? Finance is a great invention of mankind and has two purposes. The first is to promote business transactions, better to do not to barter. The 2nd finance Let the common people's wealth be guaranteed, do not be eaten by the inflation and so on. This is the purpose of finance, is to promote a better society, China is the poor to help the rich, small and medium-sized enterprises and people get what financial services? It sucks, I think it sucks anyway. I returned to the 10 years I feel very rotten, now still very bad, but I see hope, because there are like you mister, we are doing new finance. Although there are many problems today, but we are in the right direction, I think it is good. Give us some time, three years, five years, even 10 years believe China's will be out of the new financial model, this model is not to subvert, not to add, this model is the future direction of representatives, thank you.

(Responsible editor: Mengyishan)