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In the post-epidemic era, domestic third-party institutions are under the dual background of strict supervision and increasing market scale, that is, for third-party payment institutions, the current payment industry is facing both opportunities and challenges. There is a cloud in the Book of Changes: if you are poor, you will change, and if you change, you will pass, and the general rules will last for a long time. For the third-party payment institutions, at present, both at home and abroad are in the digital age, which is an important landmark event of the national team’s digital pace, namely the pilot of digital RMB, which means that the digital process of the payment industry is developing rapidly.
Then, under this background, as a third-party payment institution, how can we be flexible in order to achieve a gorgeous turn and cast a solid moat in this digital age to the greatest extent? As a third-party payment institution, as a capillary to activate economic development, how can we use payment to extend the tentacles of the digitalization process to every corner and realize the digital operation of the industries and merchants we serve as soon as possible? As a third-party payment institution, how should we play a good role as a supplement to the strength of the digital action national team and an active practitioner of policies? As a third-party payment institution, how can we better fully mobilize our own corporate advantages and incite this ever-growing trillion-dollar payment market? The "change" and "communication" hidden behind these topics, and third-party payment institutions such as Yinsheng Payment are writing their own answers.
Trillion payment market continues to grow, and third-party payment embraces new opportunities.
According to the data of "Special Analysis on Digital Development of Third-Party Payment Market in China in 2021" recently released by Analysys, in 2020, China’s mobile payment transaction scale, Internet payment transaction scale and offline code scanning market transaction scale showed a trillion-dollar market scale as a whole, and showed positive annual growth, and the payment industry showed a thriving development scene.
Among them, the mobile payment market. In 2020, although the sudden COVID-19 epidemic had a certain negative impact on China’s macro-economy and residents’ daily life, the transaction scale of China’s mobile payment market still maintained an annual positive growth of 23.7% in 2020, and the overall transaction scale of the industry once again hit a record high. This fully reflects the strong anti-risk ability of China’s overall macro-economy and payment industry.
In addition, Internet payment. After experiencing a negative growth in the overall transaction scale in 2019, in 2020, the annual transaction scale of Internet payment in China reached 24.95 trillion yuan, an increase of 0.8% compared with 2019; In terms of quarterly growth, except for the first quarter, China’s Internet payment also achieved a positive growth in quarterly transaction scale in the second, third and fourth quarters of 2020.
Furthermore, the offline scanning code market. In 2020, the overall transaction scale of China’s offline scanning code market reached 37.5 trillion yuan, an increase of 24.3% compared with 2019, and it still maintained a relatively stable growth trend against the background of COVID-19 epidemic. In this regard, Analysys believes that the substantial growth of the offline scanning code market, in addition to the timely control of the epidemic by the Chinese government and the rapid recovery of residents’ out-of-town consumption, the third-party payment institutions represented by Yinsheng Payment have promoted the digitalization process of merchants, helped various industries to resume production, and helped the whole society to fight the epidemic through various forms such as formalities reduction and exemption, operational support, digital solutions, research and development of online healthy passwords, and assistance in the issuance of electronic coupons, which is also a force that cannot be ignored.
Some analysts pointed out that there are great opportunities for the development of the payment industry hidden behind the changes in the objective environment, whether in the early stage of the epidemic or in the post-epidemic era. Whether we can seize this opportunity and achieve "communication" through "change" is very particular about the sense of smell and acumen of a payment institution, as well as the attitude and ability to embrace industry changes and respond positively.
Take Yinsheng Payment, a third-party payment institution, as an example. It focuses on B-side and empowers the outside world, and has been deeply involved in the payment industry for more than 10 years. At present, its service merchants have reached tens of millions, the number of transactions has reached hundreds of millions, and the transaction amount has reached trillions. According to public information, Yinsheng Payment Service Co., Ltd. (hereinafter referred to as "Yinsheng Payment") was established in 2009 and headquartered in Shenzhen. It is a subsidiary of Yinsheng Technology Service Group. In 2011, it was awarded the first payment institution with the Payment Business License by the People’s Bank of China, allowing it to engage in Internet payment, mobile phone payment and bank card acquiring business throughout the country. Yinsheng Payment is the first third-party payment institution to support foreign card receipt.
At the same time, Yinsheng Payment is a national high-tech enterprise, a member of China UnionPay, a founding shareholder of Networked Clearing Co., Ltd., a director of China Payment and Clearing Association and a vice-president of Shenzhen Bank Card Acquisition Industry Association. It is also a member of five international card organizations: Mastercard, Visa, Diners Card, AE and JCB. Moreover, Yinsheng’s payment business covers the whole country, covering education industry, intelligent manufacturing, RV industry, communication industry, FMCG industry, manufacturing industry, retail and wholesale industry, catering industry, property industry, logistics and distribution, insurance enterprises and other industries. In terms of bank card receipt, it has always been in the forefront of the country and has been ranked among the top ten in the country for many years.
Successfully renewed the payment license again and reached a new level with digital RMB.
In the digital age, for payment institutions, it is necessary to constantly enhance their own scientific and technological strength, and use science and technology to empower the outside world to truly solve payment-related problems for the vast number of merchants and enterprises. In the fierce industry competition, the successful renewal of payment license is a powerful proof of a powerful payment institution. In May this year, the People’s Bank of China issued the "Public Information on the Renewal of Payment Business License of Non-bank Payment Institutions in May 2021", which showed that Yinsheng’s payment license was successfully renewed, and its business types included Internet payment, mobile phone payment and bank card receipt, covering the whole country.
The successful renewal of payment license will undoubtedly get a pass for payment institutions that are in the current fierce wave of digital transformation and upgrading. At present, digital RMB, as an important landmark event in the digital age, has officially entered the pilot work after six years of development. As early as August 2020, with the Ministry of Commerce officially issuing the Notice on Printing and Distributing the Overall Plan for Comprehensively Deepening the Innovation and Development of Service Trade, China’s digital RMB officially began to be piloted in Shenzhen, Chengdu and Suzhou. In addition, in October 2020, the first large-scale "public beta" of digital RMB began in Shenzhen. Since then, digital RMB has been piloted in Suzhou, Beijing, Shanghai, Chengdu and other cities.
Some analysts pointed out that the increasing number of cities in the pilot project of digital people means that the development process of comprehensive digital RMB is also accelerating, and as a third-party payment institution, especially the payment institution that successfully renewed its payment license this year, actively deploying digital RMB business is undoubtedly another good way to realize its own development.
Li Nan, an associate professor in the Finance Department of Antai school of economics and management, Shanghai Jiaotong University, once said, "If the whole economic and financial system of our country is compared to a human body, then the payment system composed of financial institutions dominated by commercial banks is the aorta, while the third-party payment that goes deep into retail is the capillary. Both RMB and digital RMB are blood flowing in the blood vessels. Blood and blood vessels are interdependent, not competitive, and there is no problem that one party replaces the other."
In addition, Mu Changchun, director of the digital currency Research Institute of the People’s Bank of China, believes that China has always supported the coordinated development of various payment methods, and digital RMB and general electronic payment tools are in different dimensions, both complementary and different. Digital RMB will provide a new general payment method for the public, which can improve the diversity of payment tools and help improve the efficiency and security of the payment system. Digital RMB is mainly based on cash payment voucher (M0), mainly used for retail payment, aiming at improving the level of financial inclusion, and learning from electronic payment technology and experience to form a useful supplement.
From this point of view, in the digital age, if payment institutions can use their own technology and devote themselves to promoting the landing and development of digital RMB, they will inject fresh development momentum into payment institutions in the future.
It is understood that in terms of digital RMB payment, Yinsheng Payment is actively exploring the application of blockchain in the financial field, and actively responding to the national call to promote the landing of digital RMB and accelerate the layout of digital RMB business. Specifically, up to now, Yinsheng Payment has built an aggregate acceptance terminal that fully supports credit card swiping, code scanning, China Unionpay Quick Pass and digital RMB payment, and completed the upgrade iteration of the intelligent acceptance terminal. Some analysts pointed out that under the background of the country’s active promotion of digital RMB, Yinsheng Payment responded positively and made a difference. Such "change" will bring broader development opportunities for its future development to a new level.
Technology empowers "payment+ecology" to help millions of merchants operate digitally.
Promoting the promotion and landing of digital RMB is only one stroke in the process of digital transformation and upgrading for Yinsheng Payment. As far as Yu Yinsheng Payment is concerned, it is a vision to be committed to "becoming the benchmark of technology-based business service industry", and it is the initial intention of its digital transformation and upgrading to "superimpose comprehensive payment ability, technology ability and ecological service ability, build digital basic platform, digital service, digital management, digital marketing and other products and services, continuously empower customers, and promote millions of merchants to realize digital operation".
In this great action of digital transformation and upgrading, science and technology are the support, the foundation and guarantee of all upgrading and transformation. For payment institutions with innovation as their genes, in this digital revolution, all institutions are giving full play to their own scientific and technological research and development strength, constantly producing new solutions, and completing digital upgrades for the industries, enterprises and merchants they serve.
In order to further enhance their core competitiveness, the third-party payment institutions in the market have continuously increased their investment in technology research and development in recent years, and constantly upgraded their products and services. In addition to cultivating internal strength, payment institutions also strive to empower their own technology to related industries with digital needs such as education, retail and property. Taking Yinsheng Payment as an example, in April, 2021, Yinsheng Payment and Shandong Qilu Bank Binzhou Branch solved the difficulties in collecting and paying fees for many preschool education institutions through the comprehensive solution of education and training industry-Little Y Excellent Learning Payment, combined with the mode of embedding the payment portal in WeChat official account of the bank, and realized "online and offline linkage payment+rapid entry of student data+efficient payment management" to help educational institutions complete digital upgrading.
In addition, it is reported that we have adhered to innovation-driven Yinsheng payment, actively practiced technology empowerment, and launched many industry payment solutions and intelligent service products, such as the lightweight smart retail cashier solution "Little Y Genie", the whole industry cashier solution "Little Y Cashier", the enterprise wallet account system solution "Yinzhangtong", and the entertainment and leisure industry solution "e-Pay Entertainment" and other one-stop, differentiated integrated payment solutions. As well as digital management tools such as Yinshengxiao Y Butler APP, Yinshengli Code Receiving Card, Yinshengyun Horn, Yinsheng cloud print, Yinsheng Card Voucher Platform, and IoT Cloud Platform, to ensure the safety of users’ funds and add wings to the digital management of merchants and enterprises.
From the perspective of specific products and services, it is obvious that the achievements of digital transformation and upgrading of Yinsheng Payment are obvious to all, and it has also won the recognition and applause of the industry. For example, Yinsheng Payment won the VISA 2018 Outstanding Partner Award for acquiring business, and Yinsheng Payment’s "Yinsheng Quick Scan" won the Best Intelligent Terminal Market Performance Award; Another example is that in 2021, Yinsheng Payment won the honorary title of "Shenzhen Famous Brand" again, and Yinsheng Payment won the "UnionPay Excellent Partner Award".
In fact, aside from the specific products and services paid by Yinsheng, starting from its role as a subsidiary of Yinsheng Group, we can capture that there is actually a strong ecological support behind Yinsheng Payment. According to public information, Yinsheng Payment is a subsidiary of Yinsheng Technology Service Group. The five strategic sectors of "payment, communication, finance, technology and investment" of the Group can provide strong ecological support, form the unique ecological service capability of Yinsheng Payment, and build a moat for its own competition in the payment industry.
In addition to the specific products and services of digital upgrading and transformation and the strong ecological support behind them, in recent years, Yinsheng Payment has always adhered to development strategies such as "innovation", "deep cultivation" and "penetration", forming four core competitiveness of "innovative product system, comprehensive service capability, stable and safe technology and diversified value-added services". Moreover, on the basis of these four core competitiveness, Yinsheng Payment has deeply sunk the county-level market, deepened market segments, provided customers with personalized customized payment products and solutions, and integrated payment and marketing services, and promoted enterprise development with "payment+ecology" digital business services.
Some insiders pointed out that in the wave of digital revolution, as a third-party payment institution, only by actively embracing the "change" in it, that is, embracing the "change" in the payment industry to promote the "change" of self-innovation, thus forming a self-powerful barrier and building a moat in this great revolution; Moreover, in this great change, only by actively embracing national policies and actively participating in them can we conform to the historical trend and stride forward to achieve "communication"
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