Recently, Ping An One Wallet (hereinafter referred to as "One Wallet"), which has won many honors such as the best growth and most competitive in the field of financial technology, is a typical payment institution that focuses on "quality". After clarifying its positioning and strategy, One Wallet has built a solid foundation for sustainable development with solid platform capabilities, which also reflects the value background under the comprehensive financial strategy of Ping An Group.
Explore competitive advantage
Since obtaining the payment license in 2011, One Wallet has diversified payment business qualifications, relying on the payment license in hand, One Wallet has made a big attack on the payment business, not only launching the One Wallet App for the C-side, but also becoming one of the earliest payment institutions focusing on the B-side.
The strategy of One Wallet in the early years was also to go out and promote it internally and externally. However, the plate of the mobile payment market is there, everyone wants to squeeze into the track, even if the payment institutions know the value of the closed loop of payment, but the stock and increment of the market have been limited, and the result can only be that everyone is getting less and less.
In addition, the payment industry has experienced a difficult few years, due to the epidemic, strict supervision and other factors, has been a lot of impact, resulting in the development of the market is not as easy as imagined, many payment institutions have seen a decline in transaction volume, than betting on a nearly saturated market, it is better to tap their own competitive advantage.
Armstrong, the world-famous seven-time winner of the Tour de France, is not outstanding when riding on flat ground, and even often lags behind others, but once in the mountains, he can burst out of his potential and surpass others in a row, and the key to his success is to make the most of his advantages.
Discovering self-worth and strengthening this advantage, One Wallet also understands the truth. After several years of market changes, One Wallet has also found a suitable path for itself, which is to integrate into the Ping An ecosystem through its own scientific and technological capabilities and practical experience to serve the ecological customers of Ping An Group.
Last year, Ping An Group established a two-wheel, technology-driven strategy of "integrated finance + medical and health", no longer focusing on the development of a single business, but also deepening the development of almost all financial fields, relying on complete license resources such as banking, insurance, and payment, to solve the diversified financial needs of customers, and comprehensively cover the financial scenarios in customers' daily life.
For more than 30 years, integrated finance has always run through the development process of Ping An, and has formed an advantage that is difficult to replicate. Why Ping An Group can do an integrated financial model, license resources, business coverage and mutual synergy between financial subsidiaries may be the secret of success.
Under Ping An Group, there are a total of 13 core financial companies, involving banking, insurance and payment and other fields, and One Wallet is one of them. The foundation of Ping An Group's comprehensive financial model is the all-round layout of its financial subsidiaries.
As a licensed payment institution under Ping An Group, over the years, One Wallet has accumulated capabilities in data, products, rights, marketing and other aspects, horizontally innovated products and services, vertically built and improved technical level, and built a professional service system.
With a good start, the next fusion, digestion and transformation is the key. It can be said that One Wallet has found the right path to integrate into Ping An's ecology, and under the grand strategy and synergy of Ping An Group, it can achieve a higher dimension of self-evolution, and at the same time, it can also give full play to its advantages to better serve customers and the real economy.
One Wallet is based on payment and superimposed with diversified services to help activate Ping An Group's financial customers and promote comprehensive financial transformation. Based on Ping An Group and empowering Ping An Group, so as to generate higher value.
Judging from the current results, the comprehensive service platform built by One Wallet has become an indispensable part of Ping An Group's comprehensive financial strategy, bringing richer possibilities to Ping An Group's ecosystem, providing strong momentum, and helping Ping An Group to go faster and more steadily on the road of comprehensive finance.
Unleash the value of "connection".
What Ping An Group wants to do is to bring customers a service experience of "worry-free, time-saving and money-saving" through the solution of "one customer, one account, multiple products, and one-stop service", in which "customer" is always the core of Ping An Group, which requires various financial subsidiaries to implement products and services.
Taking One Wallet as an example, in the past two years, One Wallet has made a lot of new explorations around products, services, and technologies, and has been accumulating for a long time, releasing positive signals, and making the outside world more and more aware of the unique play of this veteran payment institution.
Under the huge Ping An system, One Wallet undertakes a role and continues to play the value of "connection", that is, using its own scientific and technological capabilities and deep insight into customer needs, connecting Ping An's ecology and scenarios on the one hand, and customers and data on the other.
This connection is more like an entrance, allowing customers to access and use Ping An Group's products and services in many non-financial scenarios, building a bridge between customers and Ping An Group's financial services, and ultimately transforming them into customers in Ping An Group's ecosystem.
Indeed, in the context of the peak of C-end traffic, many financial scenarios have entered the stock stage, and they have to face the reality of slowing growth and becoming more and more difficult to acquire customers.
This is exactly what One Wallet is currently doing. For example, in the field of car ecology, One Wallet has launched an "aggregation refueling platform" around the high-frequency demand of car owners for refueling, which provides one-stop refueling aggregation services for car owners by integrating product capabilities and gas station service networks.
On the basis of strong cooperation with PetroChina, Sinopec and other brands, One Wallet has created exclusive preferential oil and non-oil marketing activities for car owners to serve Ping An Car ecological customers. In addition, the all-scenario intelligent refueling service can also help partners achieve customer acquisition and drainage, achieving a win-win situation for all parties.
According to the data, the "aggregation and refueling platform" of One Wallet has covered 31 provinces across the country7With 80,000 gas stations, the market coverage rate of gas stations exceeds 60%, the cumulative service of more than 500 customers of Ping An Group, and the conversion rate of financial customers is close to 30%, making it an Internet refueling platform with competitive coverage in terms of the breadth of gas station coverage, the comprehensive degree of brand aggregation, and the number of quality gas stations.
The logic of the "aggregate refueling platform" is to connect customers through refueling, and at the same time analyze the customer's behavioral preferences, spending power, credit situation, etc., cultivate the customer's usage habits, and then use the stickiness of the platform customers to attract traffic to other financial businesses of Ping An Group, help Ping An Group activate customers, and promote transaction conversion.
In addition to the "aggregation and refueling platform", the ** function of One Wallet is the same. Now it is not only difficult to get customers, but also not easy to live customers. For Ping An Group, which has a large number of customer groups, "live customers" are also of great significance.
Through the tool of One Wallet**, it can help Ping An Group to activate its customers, so as to get more opportunities to serve customers. In line with the concept of high quality and selection, One Wallet** provides customers with a rich and high-quality selection of goods for Ping An Group, and supports the exchange of Wanlitong points to give customers real feedback, and the transactions leveraged by Wanlitong points alone reach billions of yuan.
One Wallet** and Wanlitong points have enabled Ping An's subsidiaries to have an alternative way to live customers. Through One Wallet** and Wanlitong points, the barriers between the professional companies of Ping An Group have been broken, so that there is a "connection" between various sectors.
For example, customers can accumulate a large number of credit card points when they use Ping An credit card for consumption, and these credit card points can be converted into Wanli points, which can be exchanged for valuable goods for themselves in One Wallet** or Ping An Bank Pocket**, which indirectly maintains and activates Ping An Bank credit card customers.
Wanlitong points are gradually becoming one of the important tools for Ping An Group to build an equity ecology, integrating various services such as car owner life, health management, business travel, and life courtesy, covering the needs of users in multiple scenarios, and can be used and redeemed in the rights and interests manager of any Ping An APP, and providing rights and interests exchange services 24 hours a day online, which is very convenient. It not only promotes the consumption of Wanlitong points, but also improves the stickiness and customer loyalty of different businesses, and realizes the purpose of customer care and live customers.
A tree is a thousand feet high, and its roots will be deep. The rivers are thousands of miles, and their sources must be long. Today, One Wallet is a comprehensive platform service company focusing on providing digital solutions in the fields of payment, account, points, business travel, ** and so on.
With more and more cases being generated with the empowerment of One Wallet, the unique play method of One Wallet has also been verified to be feasible. After integrating technology products and market resources, the capabilities of One Wallet began to slowly feed back into the Ping An ecosystem.
A sample of high-quality value platforms
Under the regulations on non-bank branches and the overall financial work of the country, it is a test of the determination of payment institutions to carry out business around regulatory policies and compliance. As the payment industry ushers in a new cycle, high-quality development will be an inevitable choice for payment institutions.
Previously, the first financial work conference emphasized that finance should provide high-quality services for economic and social development, and do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance.
For One Wallet, it can cooperate with Ping An Group's comprehensive financial strategy internally, and based on Ping An's ecosystem externally, it can export its own capabilities and help customers develop digitally with greater strength, more flexible mechanisms and more comprehensive financial services.
In the mode of high-quality development, One Wallet adheres to the payment business to return to the origin of serving the real economy, and will further exert its capabilities in digital, technology, and inclusive with professional value, and promote the healthy and sustainable development of the real economy with the "five major articles" as the starting point.
The first is science and technology finance, One Wallet uses a series of cutting-edge technologies such as artificial intelligence, big data, cloud computing, knowledge graph, etc., to provide customers with strict risk control methods, such as "Xuanwu 3."0" risk control system, the intelligent risk control will be deeply embedded in the financial enterprise services, effectively control anti-fraud, anti-money laundering, ensure the safety of enterprises and customers' funds, so as to use technology to protect customers' "money bags" and improve customers' "worry-free" experience.
The second is digital finance, One Wallet actively explores digitalization to promote the quality and efficiency of financial services. Through full-process SaaS services, large-scale procurement capabilities, rich technical products and mature technological means, the Caizhi cloud platform is one of the tools to reduce costs and increase efficiency for customers, enabling enterprises to reduce costs, prevent and control risks, improve efficiency and optimize experience. For example, in business travel, online electronic signing, online procurement fulfillment, intelligent risk prevention and control, etc., and in travel, no ticket stickers, reimbursement and physical review are realized, while improving office efficiency, it greatly reduces the paper bills, mailing and reimbursement printing paper of employees, and only from 2021 to 2022, Caizhiyun has reduced the number of papers used by more than 23 million.
On the one hand, One Wallet closely follows Ping An Group's rural revitalization strategy, builds a rural revitalization co-sales platform, and realizes a flat sales channel from the field to the city table; On the other hand, the One Wallet app launched the "Rural Revitalization Zone" and pioneered the "Ping An Love Card", using payment connection and operational capabilities to broaden the sales path of rural revitalization commodities, successfully sending agricultural products from 23 regions across the country to the tables of users across the country, issuing about 640,000 love cards, and leveraging more than 200,000 Ping An employees to actively join the agricultural assistance link, with a cumulative sales of agricultural products reaching 3500 million yuan.
Finance is the blood of the national economy, but also an important part of the country's core competitiveness, do a good job in the five chapters of finance, not only the simple financial supply before, but should provide high-quality financial services for economic and social development, only around the five chapters to build financial service capabilities, the cornerstone is buried deep underground, in order to build a high-quality enterprise "building".
Keeping up with the strategic pace of Ping An Group, One Wallet follows the guidance of the five chapters of finance, gives full play to the advantages of integrated platform services, takes technology as the driving force, provides digital solutions to users' pain points and difficult problems, continuously improves the quality and efficiency of payment services, empowers Ping An ecological customers to build a better life, and supports the high-quality development of the real economy. This trend will go hand in hand with policies, and also allow One Wallet to benefit customers, industries and society more effectively, and contribute to the construction of a financial power with high-quality financial services.