Alipay, WeChat, Douyin, Meituan, ......Do you know the huge market behind these apps that you use every day?According to statistics, in 2023, the size of China's third-party payment market will reach4 trillion yuan, accounting for the global total, the world's largest payment marketplace.
However, this market also faces many risks and challenges, such as data security, anti-money laundering, anti-monopoly, etc. In order to regulate and regulate this market, the state has issued a blockbuster new payment regulation, which will be officially implemented on May 1, 2024. How will this new rule affect the payments industry?Will your wallet get cold?
According to the Regulations, non-bank payment institutions are divided into:Card acquirersOnline payment institutionsPrepaid Card Issuing and Acceptance AgenciesCurrency exchange agencieswithOther non-bank payment institutions。Each type of institution needs to apply for a license from the People's Bank of China in order to carry out the corresponding business. In addition, non-bank payment institutions are regulatedShareholding structureCapital requirementsScope of businessCross-border paymentsand other specific requirements.
The Regulations require non-bank payment institutions to establish and improve the lawRisk management system, including risk identification, assessment, control, monitoring, reporting and other links. At the same time, non-bank payment institutions should be strengthenedData SecuritywithCustomer Information Protectionshall not disclose, tamper with, damage or illegally provide the personal information, transaction information and other data of other customers. In addition, non-bank payment institutions should also cooperate with the People's Bank of China and other relevant departmentsAnti-money launderingwithCountering the Financing of Terrorismwork.
The Regulations clarify the non-bank payment institutionsFair competitionwithOperate legallyIt prohibits non-bank payment institutions from abusing their dominant market position, eliminating or restricting competition, and harming the legitimate rights and interests of consumers. At the same time, non-bank payment institutions are also subject to compliancePayment CriteriawithPayment Rules, accepted by the People's Bank of ChinaPayment ClearingwithPayment supervision
The Regulations make clear provisions on risk management, data security, customer protection, anti-money laundering and other aspects of non-bank payment institutions, aiming to ensure the stable operation of the payment system, maintain the order of the payment market, and protect the legitimate rights and interests of consumers. This has a positive effect on enhancing the credibility and social responsibility of non-bank payment institutions, enhancing consumer trust and satisfaction, and preventing and resolving payment risks.
Although the Regulations have strengthened the supervision of non-bank payment institutions, they also give certain autonomy and flexibility, encouraging non-bank payment institutions to carry out innovative activities, improve service levels and efficiency, and meet the diversified and personalized payment needs of consumers. At the same time, by breaking the monopoly and promoting fair competition, it is also conducive to stimulating the competitiveness of non-bank payment institutions and promoting the optimization and upgrading of the industry and structural adjustment.
The Regulations require non-bank payment institutions to strengthen the protection of your personal information and transaction information, and not to disclose, tamper with, damage or illegally provide it to others. This means that your payment data will be more secure, will not be stolen or abused, and your payment rights will be more secure, and will not be infringed or lost.
The Regulations encourage non-bank payment institutions to carry out innovative activities to improve service levels and efficiency to meet your diverse and personalized payment needs. This means that your payment methods will be more diverse, not only by scanning the code and swiping your face, but also by voiceprints, fingerprints, etc.;Your payment scenarios will be more extensive, not only shopping and traveling, but also medical care, education, etc.;Your payments will be faster and faster, so you don't have to wait for cumbersome verification and confirmation, and you can complete your payments with just one click.
By breaking the monopoly and promoting fair competition, the Regulations are also conducive to increasing the quantity and quality of non-bank payment institutions, so that you have more payment options and are no longer subject to the rules and restrictions of some leading payment institutions. You can choose the most suitable payment institution and payment product for you according to your preferences and needs, and enjoy more preferential ** and better services.
The new payment regulations have a significant impact on both the non-bank payment industry and payment users, with both challenges and opportunities. For non-bank payment institutions, the new payment regulations are a profound reshuffle and a rare opportunity, only by adapting to changes, strengthening compliance, and improving innovation can they remain invincible in the fierce competition.
For payment users, the new payment regulations are a beneficial protection, but also a rare experience, only rational choice, safe payment, enjoy convenience, in order to obtain the greatest benefits in the diversified market. The regulations on the supervision of non-bank payment institutions have been implemented