In 2023, the State Council Information Office issued the Regulations on the Supervision and Administration of Non-bank Payment Institutions at a press conference, which effectively consolidated the legal foundation for the standardized and healthy development of the industry, emphasized the core positioning of payment institutions to serve the real economy, and marked a new stage in the development of the payment industry.
As consumer demand continues to escalate, payment scenarios are becoming more and more complex in emerging markets, and payment platforms must quickly adapt to this rapidly changing field in the face of different payment cultures and consumption habits. At present, more than 4,000 commercial banks and more than 180 payment institutions have effectively met the needs of 1The payment needs of 600 million business entities and hundreds of millions of consumers. In recent years, large-scale platform enterprises have played an important role in improving the convenience and inclusiveness of payment services.
[Service entities improve people's livelihood and the payment industry is developing upward].
In recent years, the penetration rate of the payment industry in serving the needs of the real economy and people's livelihood has increased year by year, and has become one of the characteristic highlights and important symbols of China's financial services.
At present, whether it is online e-commerce, offline shopping, living payment, leisure and entertainment and other consumption scenarios, payment covers the daily transaction needs of most users. According to the 52nd "Statistical Report on the Development of China's Internet Network" recently released by the China Internet Network Information Center, as of June this year, the scale of China's online payment users reached 94.3 billion people, an increase of 31.76 million from December 2022, accounting for 87 percent of the total number of Internet users5%。
In the face of changes and opportunities, China Telecom has recently connected with Shanghai's green travel integration platform "Sui Shen Xing" to effectively penetrate from all aspects of life services, consumer shopping and transportation, and take multiple measures at the same time, which is a powerful starting point for promoting the compliance development of the payment industry.
[Benefiting enterprises and benefiting the people, guarding payment security, and continuously optimizing to build a better life].
In the era when technology changes life, electronic payment has become the indispensable payment choice for business entities and consumers due to its efficient, convenient and safe characteristics, and the issue of personal information and payment security protection has also become the focus of public concern. In order to improve the security of the payment environment, China Telecom Yipay relies on big data technology to launch the "Chain Recognition AI" to effectively identify the risk level of network security incidents, and will also explore in multiple directions such as abnormal behavior detection, data leakage tracking, and attack scenario reproduction, so as to provide strong support for key areas such as network security and data security. In addition, with years of rich experience in the field of network security and cloud computing, ePay has successfully realized the unified security management of hybrid cloud workloads, and used multi-algorithm cross-detection technology to establish a unified perception of risks in the hybrid cloud environment, further improving the level of intranet protection.
[Online and offline grasp to create a benchmark product of wallet APP].
As a payment platform for central enterprises, China Telecom Wing Pay integrates the four advantages and resources of "account + payment + marketing + ecological scenario", and is making every effort to build a benchmark product of China Telecom's APP wallet. Among them, the "online super cashier" can support the payment needs of multiple scenarios, multiple channels and multiple methods, and the offline has the ability to aggregate cashier in all scenarios, bringing together multiple payment channels such as Wing Pay, Alipay, WeChat, UnionPay, and bank cards to meet the diverse payment needs of consumers, which is an important symbol of the digital upgrade of telecommunications.
In the future, China Telecom Wing Pay will continue to explore and explore new payment scenarios in various fields, and will also empower enterprises with a digital operation base, starting from both ends of supply and demand, to build a characteristic "digital intelligence" life service ecosystem, and help the payment industry develop steadily.
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