Reporter Sun Zhao.
Recently, the Regulations on the Supervision and Administration of Non-bank Payment Institutions (hereinafter referred to as the "Regulations") were officially promulgated and will come into force on May 1, 2024. It is reported that the "Regulations" have a total of 6 chapters and 60 articles, focusing on four aspects: First, clarify the definition and establishment license of non-bank payment institutions;The second is to improve the rules of payment business;The third is to protect the legitimate rights and interests of users;Fourth, clarify regulatory responsibilities and legal responsibilities.
Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, said in an interview with a reporter from the China Economic Times that in recent years, non-bank payment institutions have developed rapidly and played an active role in facilitating active market transactions and prospering the economy, but there have also been some irregularities in operation. The promulgation of the "Regulations" has accelerated the completion and improvement of the shortcomings of the regulatory system, strengthened the responsibilities of market supervision, strengthened the life cycle management of payment institutions, and established and improved the exit mechanism of normalized institutions, which will help standardize the behavior of payment institutions, better protect the rights and interests of consumers and prevent payment risks, and promote the standardized and healthy development of the industry.
Lou Feipeng, a researcher at the Postal Savings Bank of China, told the China Economic Times that non-bank payment institutions are an important part of the financial infrastructure, related to financial security and economic security, and are closely related to the vital interests of the people.
The responsible persons of the Ministry of Justice and the People's Bank of China also said that the Regulations will upgrade the effective system in regulatory practice to administrative regulations, further consolidate the legal foundation for the standardized and healthy development of non-bank payment institutions, and help create a law-based business environment, stabilize the expectations of all parties, stimulate market vitality, and also help protect the legitimate rights and interests of users, prevent and resolve risks, and promote the high-quality development of the non-bank payment industry.
With the rise of China's digital economy, e-commerce and other new business formats, non-bank payment business has played an important role in the field of small-value and convenient payment. According to the data, the current annual transaction volume of payment institutions exceeds 1 trillion yuan, with an amount of nearly 400 trillion yuan, accounting for about 80% and 10% of the total electronic payment business in the country, respectively, with an average daily reserve balance of more than 2 trillion yuan, serving more than 1 billion individuals and tens of millions of merchants, and mobile payment is at the world's leading level, effectively helping the development of the real economy and improving people's livelihood.
As for how the implementation of the "Regulations" will affect the current payment market, Alipay said that the implementation of the "Regulations" has laid the foundation for healthy competition and standardized and healthy development for the future development of payment institutions. The Regulations further strengthen the supervision of the whole chain and the whole cycle of payment institutions, which is conducive to preventing risks in the payment industry.
Tenpay said that the promulgation of the "Regulations" has, on the one hand, improved the legal level of supervision of payment institutions, from the original departmental rules to administrative regulations, marking the fundamental regulations of the payment industry, which is conducive to strengthening industry supervision, improving regulatory efficiency, and establishing regulatory authorityOn the other hand, it conforms to the development and change trend of the payment service market, lays a solid foundation for standardizing the compliance operation of payment institutions, and points out the way for the high-quality development of payment services.
The implementation of the Regulations complements and improves the regulatory rules, which will promote the continuous optimization and improvement of the payment industry ecology and help promote payment institutions to focus on technology and service innovation. Zhou Maohua said.
Lou Feipeng said that the implementation of the "Regulations" has elevated the practice of financial supervision to administrative regulations, created a good business environment for the non-bank payment industry, helped to better promote the standardized development of non-bank payment institutions, better protected the legitimate and legitimate rights and interests of users, prevented and resolved financial risks, and improved financial and economic security.