The new payment policy triggers the game "3 billion shell fee" to wait for an opportunity to cool down?

　　#Laogao E-commerce Online Information# According to the "Notice of the General Office of the People's Bank of China on Implementing the Centralized Deposit of Customer Reserve Funds of Payment Institutions" (hereinafter referred to as the "Notice"), "Non-bank payment institutions shall not misappropriate or occupy customer reserve funds, and customer reserve funds accounts shall be opened in the People's Bank of China or commercial banks that meet the requirements. The People's Bank of China or commercial banks shall not calculate interest from the reserve funds account of non-bank payment institutions", the People's Bank of China decided to implement centralized deposit and custody of customer reserve funds of payment institutions.

　　On January 17, Liu Gang, editor-in-chief of China Payment Network, said in an interview that before, many payment institutions, especially local regional payment institutions, had a serious misappropriation of reserve funds.

　　"According to the requirements of the Notice, reserve funds must be regulated uniformly. Therefore, after the new regulations are introduced, these institutions are expected to speed up the issuance of licenses, because reserve funds have been emptied before, and their overall business has also shrunk." Liu Gang said. "The introduction of new regulations will help cool down the speculation of sky-high licenses. The previous quota price is quite high. Now, it is estimated that only by reducing the license price can we speed up the operation."

　　Previously, the trend of speculation on third-party payment licenses was prevalent. For example, the business scope is nationwide, and its business scope includes online payment, issuance and acceptance of prepaid cards, and "full licenses" for bank card collection. In 2016, the high price has reached a shell fee of about 3 billion yuan, which is an astronomical figure that many companies cannot bear.

　　The new policy triggers a new round of game

　　In response, Chen Xiaohui, chief risk control officer of Tianfu Wealth, bluntly stated that the new payment policy will undoubtedly have an impact on the existing four-dimensional structure of custodial banks, payment institutions, merchants and ordinary consumers. Under the new round of game, new changes will surely take place in the industry structure.

　　"Previously, institutions that managed customer reserve funds include custodial banks and cooperative banks. According to requirements, the reserve funds managed by the custodial banks shall not be less than 50%, and the rest shall be managed by the reserve funds cooperative banks." Chen Xiaohui said. "The new policy centrally manages about 20% of customer reserve funds, and about 20% is transferred from the custodial bank to the central bank. This will inevitably lead to a decrease in the actual deposit balance of the custodial bank, its deposit amount will be reduced, and corresponding benefits will also suffer certain losses."

　　It is worth mentioning that after the new policy was introduced, Alipay responded to the 21st Century Business Herald as soon as possible, saying that the introduction of this method is a process of transparent mutual trust, research and listening, and joint exploration and improvement of enterprises and regulatory departments. It is also a positive process that is constantly moving forward and improving, which must be a solid foundation for future development. Alipay said that the introduction of this policy is conducive to the long-term, healthy and sustainable development of the industry. A healthy industry needs attention and support from all parties, and even more so, supervision.

　　Tang Ling, senior vice president of Lakala Payment Group, said that the new regulations on centralized deposit and custody of reserve funds issued by the People's Bank of China are the implementation measures of the central bank in accordance with the State Council's Internet finance rectification work. The implementation of this measure may have a certain impact on institutions that are highly dependent on interest income. For institutions with standardized development and large scale, there are many value-added businesses and limited impact. "I personally believe that after the customer reserve funds are deposited in a centralized manner, payment institutions with high demand for T+0 can also cooperate with other institutions to innovate new financial tools, fill market gaps, and create new profit models." Chen Xiaohui said.

　　Small and medium-sized institutions may face a fatal blow

　　"The well-known impact on the above-mentioned large payment institutions is interest income, but since large payment institutions have derived their respective ecosystems based on payment tools and integrate a large number of upstream and downstream resources, the impact is not fatal, and the relative impact should be smaller than that of small and medium-sized payment institutions." Chen Xiaohui said.

　　It is also reported that Alipay and Tenpay are both the highest regulatory ratings in the third-party payment industry, so they both deposit customer reserve funds at the lowest level of 12%. The scale of customer reserve funds accumulated by Alipay and Tenpay are approximately RMB 160 billion and RMB 150 billion, accounting for 70% of the total customer reserve funds in the industry and 90% of the top ten market share. Both giants deposited at a low level of 12%, which means that the two companies need to deposit less than 20 billion yuan of customer reserves for the first time.

　　Chen Xiaohui emphasized that some small and medium-sized payment institutions have previously conducted business around expanding the scale of reserve funds, and their impact will be fatal and business transformation will be imperative. In addition, Chen Xiaohui believes that the new payment policy will have a certain effect on curbing license speculation. However, under the premise that the number of central bank control licenses has decreased but not increased, the value of payment licenses is expected to decline significantly.

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