Improve payment convenience and financial institutions “show their special abilities”
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In early March, the State Council issued the “Opinions on Further Optimizing Payment Services and Improving Payment Convenience,” emphasizing the promotion of the parallel development of multiple payment methods such as mobile payments, bank cards, and cash, and requiring that the payment habits of different groups be targeted to clear up existing blockages in payment services. points, and continuously improve the multi-level and diversified payment service system. What problems do different groups of people and industries face in the payment market, and how do all parties improve payment convenience?
Financial institutions innovate to provide more payment options
Recently, reporters visited and found that many banks have carried out aging-friendly transformations for the elderly and launched elderly versions of their applications.
Mr. Li is using an elder version of the app. He told reporters that when he pays with his mobile phone, he can’t see clearly because he is old and can’t find the payment interface. Now he doesn’t worry about it.
Mr. Li, a Shenzhen citizen: The characters are large and the payment is simple, which is very convenient for the elderly.
Not only that, foreigners coming to China also have new choices in payment. For foreigners who are accustomed to using bank cards such as Visa and MasterCard, they used to need to submit a lot of information to bind foreign cards. Now, after passing simplified authentication, they can obtain a certain amount of payment permissions.
Expat Jon: I really find this (payment) system very convenient in China. No need to bring cash, just a QR code.
In addition to providing more conveniences for specific groups of people, some banks have also done their homework in professional segments. In a fish market in Guangzhou, merchants have used a functional card specially customized by the bank for aquatic products transactions in this market.
Huang Wenxi, Manager of the Market Product Group of the Settlement and Cash Management Department of the Guangzhou Branch of the Industrial and Commercial Bank of China: Put the card on it and touch it for identification, and then put the product on the scale to weigh it. You can see the total amount of the entire transaction and synchronize it to us in real time to complete the transfer of funds between the buyer and seller’s accounts.
The payment market has great commercial value and the payment environment must be healthy and orderly
Major banks and payment institutions are “showing off their unique skills” around the “payment” market. How can the payment market actively promote payment convenience in a healthy and orderly manner?
There is no doubt that the payment market has huge commercial value. If a breakthrough can be made in payment, user stickiness and trust can be increased. Not only that, the payment market also carries a variety of values such as data and services. Exploring the payment market also means that you can extend your services and expand your business model.
Qin Jian, Deputy General Manager of the Settlement and Cash Management Department of the Guangzhou Branch of the Industrial and Commercial Bank of China: By empowering settlement finance, we have integrated the capital flow and information flow of transactions. At the same time, we have also provided more targeted and convenient services to let the people feel to convenience.
The payment market has huge potential. Many experts in the interview also said that if we want to truly win the favor of users, security is the primary issue that needs to be solved at the moment.
Jiang Yingxia, Secretary-General of the Guangzhou Digital Finance Association: This requires payment institutions to strengthen security management and adopt advanced encryption technology, risk control systems, etc. to ensure user payment security.
In December last year, the State Council issued the “Regulations on the Supervision and Administration of Non-Bank Payment Institutions” to strengthen supervision of the payment market and protect consumer rights. Now, both banks and non-bank institutions are doing their homework on digital certificates and dynamic passwords, striving to ensure convenience while ensuring security.
Ye Shuai, professor of finance at the School of Economics and Management at the Chinese University of Hong Kong (Shenzhen): It requires cooperation from the government, society and other aspects, such as cultural tourism, transportation and other departments. In some important places, we also need to provide a variety of payment methods, and at the same time, we need to increase the popularization of financial security. For foreigners in China, efforts can be made to popularize and promote digital RMB wallets.
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