The laughter of that year seems to be no longer funny. The "being in the heart" can be explained as: the mind is not on the horse at all, and there is a broader world where the king is galloping. Of course, if you don't have a grassland at home, even if you are attached to a horse, you are also amazed. There is no diamond, you can't take care of porcelain.
The Chinese characters are profound and profound, and the arrangement and combination of some words and phrases can derive a lot of meanings. Even the same words and phrases can be used to express a variety of meanings in different contexts. For example, "Ma" has many other explanations.
On January 4, China UnionPay and JD Finance signed a strategic cooperation agreement in Beijing. China UnionPay President Shi Wenchao, Assistant President Hu Ying, Jingdong Financial CEO Chen Shengqiang, and 16 bank executives such as China Merchants Bank, China CITIC Bank, Minsheng Bank and Guangfa Bank participated in the conference.
According to the strategic cooperation agreement, Jingdong Finance's payment company has officially become a member of China UnionPay's acquiring company. The two sides will also carry out in-depth cooperation in eight major areas of mobile payment product innovation, joint name card, big data application, rural finance and international business. Sharing and complementing each other's strengths will jointly create an open ecology of “finance + Internet†and bring more convenient, safe and efficient financial technology services to users.
This is almost an enemy enemy is a friend's agreement, Ma Yun's opponents are connecting in a strong circle of friends. In the opinion of the reporter, this conference is "the heart is not in the horse": it seems that Ma Yun's two competitors - UnionPay and Jingdong become partners, and there are still 16 banks standing behind, but in fact, UnionPay, Bank and Jingdong Finance's eyes are on the farther side: the open ecology of “finance + internet†such as consumer finance and supply chain finance.
Enemy enemy is friend
Yu'ebao has opened up China's Internet financial market, and Ant Financial has become China's Internet finance giant. Ma Yun's Alibaba and Alipay have intentionally or unintentionally become the enemies of Jingdong and UnionPay. When Yu'ebao and other ants' gold service businesses further seized the financial market, they once again became competitors of many banks.
“Domestic licensed third-party payment institutions are mostly members of UnionPay’s acquiring institutions, but they do not include Alipay.†A person from UnionPay told reporters.
Ant Financial also told reporters that Alipay is not a member of the UnionPay Receipt.
Shi Wenchao is welcoming Internet financial institutions to use the UnionPay network to develop financial services. "We also try our best to make the cost low enough and the operation efficiency is high enough, so that all the institutions that want to go to the UnionPay network can come to our network and develop their own business more and better through our network." Said.
But he also adheres to the principle of cooperation: adhere to the Quartet model. This is clearly not compatible with Alipay's three-way model.
The “quartet model†is the four types of participating parties: card organization, card issuer, merchant and acquirer. Currently, UnionPay, Visa, MasterCard, etc. all adopt the Quartet model; and some third-party payment institutions such as Alipay directly connect the bank to the card-opening organization. For online payment, the “three-way mode†is adopted.
Pan Jianren, a UnionPay technical expert and chairman of the EMVCo Management Committee, told this website that the current “quartet model†has proved to be very successful in global practice. The product development and service of the international card organization itself is based on the “quartet modelâ€, including Apple. Mobile payment by Samsung, Huawei and card organizations also follows the four-party trading model.
Shi Wenchao said that so far, UnionPay has issued 6.6 billion cards, and the number of cards issued is the highest in the world. In the first quarter of 2015, UnionPay's trading volume has surpassed Visa, ranking first in the world. Alipay 2016's national bill shows that last year, 450 million real-name users used Alipay.
Behind the cooperation between UnionPay and JD.com, there are 16 commercial banks. Shi Wenchao said, "Although it is called UnionPay and JD.com, there are actually the support of the presidents and experts of the banks here. Without them, cooperation is difficult to land."
According to the strategic cooperation agreement, China UnionPay will jointly develop the UnionPay brand co-branded card product standard with JD Finance, serving the UnionPay card issuer institutions. At the press conference, 16 Union banks will participate in the UnionPay brand co-branded card, including: China Merchants Bank, CITIC Bank, Minsheng Bank, Guangfa Bank, Hua Xia Bank, Bohai Bank, Bank of Beijing, Shanghai Bank, Guangzhou Bank, Beijing Rural Commercial Bank, Jiangsu Bank, Tianjin Bank, Huishang Bank, Guilin Bank, Harbin Bank, Baoshang Bank.
This is the first time that China UnionPay has cooperated with non-gold institutions to develop the UnionPay card product standard. In the past two years, Jingdong Finance has jointly signed credit cards with CITIC Bank and China Everbright Bank to export risk control capabilities and customer management capabilities, which greatly promoted the number of card issued and the quality of card issuance. These co-branded cards have become the hotspot IP of the industry. So far, the number of applicants for these two co-branded credit cards has reached nearly 4 million.
Behind the horse: behind the payment
Financial services start with accounts, but how to provide comprehensive services through accounts and payments is the key to success. On this road, Ant Financial uses Alipay's account and data, and has launched many innovative businesses such as consumer finance and supply chain finance, but both UnionPay and JD Finance are still exploring.
UnionPay undoubtedly has strong accounts and data, and has achieved certain success in payment innovation. In December 2015, China UnionPay and more than 20 commercial banks launched “Cloud Flash Paymentâ€. Cardholders only need to generate a cloud flash payment card on the mobile banking bank to complete the payment on the Pos machine with UnionPay “Flash Payment†logo. . At present, the "Cloud Flash Pay" product line covers a variety of media formats such as non-connected IC cards, mobile phones, and wearable devices, and has cooperated with many mobile phone manufacturers such as Apple, Samsung, Huawei, and Xiaomi.
From cash transactions to credit card is an innovation, from credit card to mobile payment can be said to be a subversion. In the view of Xu Ling, vice president of Jingdong Finance, the QR code payment still needs an APP, and the cloud flash payment has no APP, which is undoubtedly safer and more convenient.
Although Jingdong Finance has the ability to finance technology, it is shorter than accounts and data outside JD. Commercial banks face certain shortcomings in the field of science and technology. Hu Ying, assistant president of China UnionPay, said that the integration of smart phones and financial applications is very important to promote the development of mobile payment industry. UnionPay cloud flash payment has been supported by many mobile phone manufacturers since its launch, and is becoming the standard trend of smart phones in the future. However, at present, Alipay and WeChat payment have cultivated the payment habits of some users. For the time being, there is no advantage in the payment method of the bank.
Xie Jinsheng, general manager of Jingdong Financial and Financial Technology Division, believes that the combination of banking and financial technology will create a new financial model. This new financial model, for banks, has been more extensive in scale in the past, and the future is more focused on the scene, in user interaction, based on user perception and scene penetration. Create more trading opportunities and move towards refined operations. In the past year or two, some prophetic banks have been vigorously developing electronic accounts, investing a lot of resources in mobile payments, and launching direct banking business. These new trends are actually using the power of technology to realize the transformation and upgrading of business models. This kind of transformation is inseparable from the recognition and recognition of users, the development and penetration of application scenarios. The new financial model will ultimately help banks to take a big step forward in risk pricing management and liquidity management.
Shi Wenchao has already pointed out the direction of cooperation. "The huge network of UnionPay is now defined as China's financial infrastructure. We will work together. First, we will do something in the field of payment. Second, in addition to payment, There are still many financial businesses, such as the ability to support Jingdong to sell things to the homes of ordinary people through the data generated by the huge network. This is our value. If you want to find Jingdong to borrow some money when you buy something, take the consumption. Finance. There is a shortage of funds in the supplier, I want to turn around from Jingdong, called supply chain finance, etc. Of course, it also includes risk control."
In short: in the cooperation between the three parties (UnionPay, JD Finance, Bank), UnionPay provides information such as accounts, JD Finance provides scientific and technological capabilities, and banks provide funds to jointly develop consumer finance, supply chain finance and risk control.
Jingdong Financial CEO Chen Shengqiang said, "The two parties will jointly promote innovation in technology and business models in terms of payment, risk control and user services, so that financial market participants can reduce costs, improve efficiency, and provide customers with ultimate security. The payment experience. I believe that in the technological innovation and open mind, the payment market will definitely undergo new changes."
Where is the future of payment, who will be able to win the hearts of users?
Some people in the payment industry told reporters that the technology and cost of UnionPay are too high to make micropayments. This is due to the fact that the industry chain is slightly longer and the total cost will be higher than the tripartite model.
Payment is just the beginning. Commercial banks have been at a disadvantage in the field of payment and Alipay. Alipay does not provide simple payment services, but based on data such as payment, providing security, credit, wealth management, financing, that is, marketing, membership and other functions.
Yan Hang, general manager of Ant International Business Department, said, "In the future, we can't just talk about payment based on payment. Our ultimate service target is our customers. The customer's needs revolve around the related services derived from the payment of business, or The relevant value is what we need to pay special attention to."
McKinsey believes that another core competitive advantage of Internet-based organizations is the pursuit and use of big data and advanced analytics. Finance never lacks data, but the full use of unstructured data, especially on the Internet side, can generate more innovation in product and marketing design and risk control.
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