From the small restaurant on the street to the market of people coming and going, from pancake stalls to taxis, and even on the streets, they use two-dimensional codes to beg... There is no doubt that scanning code payment has become a new payment method. The era of mobile payment has already begun.
Mobile payment from wind and water
It seems that overnight, people have entered the information age of scanning code payment. The rapid spread of mobile payments has allowed us to witness the magical subversive power of the Internet. According to data from third parties, the total transaction volume of third-party payments in China in 2016 was 57.9 trillion yuan, compared with 85.6% in 2015. Among them, the scale of mobile payment transactions is 38.6 trillion yuan, about 50 times that of the United States.
In terms of consumer perception, the frequency of people's scan code payment in daily life is much higher than traditional credit card payment. Especially in remote areas such as rural areas, many small shops that do not have POS machines support almost all of them. Coincidentally, when I went back to my hometown during the May Day holiday, I went to the small clinic to buy a creative post. I accidentally saw the payment QR code of Alipay and WeChat in the clinic. Deliberately observed in the small clinic for more than half an hour, many villagers have been able to skillfully take out the smart phone to complete the scan code payment. .
In just a few years, mobile payments have surpassed POS card payments, which is no accident. Accurately speaking, the more convenient scan code payment is the biggest advantage of the mobile payment explosion. Of course, the rapid spread of smart phones is the source of mobile payment becoming the mainstream payment method in China.
According to China Mobile's public data, as of the end of March this year, China Mobile's 4G subscribers were 586 million. Together with China Unicom and China Telecom's 4G subscribers, the number of domestic 4G subscribers is close to 800 million. According to some industry experts, domestic 4G users will exceed 1 billion by the end of 2017.
More and more perfect 4G networks, nearly 800 million 4G users, support the rapid growth of mobile payments. At the same time, WeChat and Alipay continue to increase subsidies, which is another positive factor for the popularity of mobile payments. According to this trend, we may soon enter the cashless era.
Security is the biggest hidden danger of mobile payment
At this year's 315 party, CCTV exposed the criminals through the mobile phone Trojan, which can return the payment information, password, ID card information, contact information, photos and other private information in the consumer's mobile phone to the server, and even intercept the SMS verification code directly. The extreme case of stealing mobile phone user bank cards and bringing direct economic losses to consumers.
In recent years, the theft of funds in WeChat or Alipay has become a high-profile incident. According to a survey conducted by China UnionPay, telecommunications fraud cases continued to be high in 2016. About one-quarter of respondents said they had experienced telecommunication network fraud and caused losses, up 11 percentage points from 2015. The security issue has become a sword of Damocles hanging on the mobile payment head.
As we all know, the current scanning code payment is the most commonly used payment method in mobile payment. Because QR code generation is easy, some lawless elements facilitate the use of this vulnerability, using scan code to steal the user's core information, and steal the user's bank card or mobile payment platform funds. In addition, the user's awareness of security and protection is weak, and theft of funds in the mobile payment field frequently appears, and the security risks of mobile payment are also exposed.
From a technical point of view, mobile payment involves multiple links such as smartphone client, QR code and third-party payment platform, and there is no perfect security mechanism at every link. More importantly, third-party payment platforms such as WeChat and Alipay do not have financial channels such as UnionPay or Bank. Mobile payments are transactions based on Internet financial platforms. There are no security standards, and there is no perfect and feasible security mechanism. It is also expected that theft of funds in the mobile payment process will occur.
It is undeniable that Alipay and WeChat payment, as well as security companies such as 360, have introduced some compensation clauses for mobile payment theft, but it is still unknown how many funds theft users can get the compensation. Moreover, the compensation mechanism of many third-party platforms will change at any time, and the security of user funds is still facing a severe test. This is also the biggest obstacle to our entry into the cashless era.
How far is the era of scan code payment?
In fact, financial security is just one of many factors that affect the popularity of mobile payments. In terms of rising to the height of the industry, in addition to the hidden dangers of security, mobile payments are also subject to policy-level regulation and pressure from competitors. At the moment, the outbreak of mobile payments is about to encounter bottlenecks.
What really poses a threat to mobile payments is regulation from the policy level. Reports from the media said that the central bank is vigorously rectifying the unlicensed business payment business. As of January 2017, 239 companies with unlicensed business payment operations were identified across the country, and more than 150 companies were investigated and handled, and the rest are still under verification. In addition, the government regulatory authorities have also introduced specific regulatory policies for high-growth mobile payments. How to ensure the safety of funds will be placed at the top of the regulation.
As we all know, third-party payment platforms represented by Alipay and WeChat payment often have a large amount of funds deposited. Some non-self-disciplined third-party payment platforms, once the funds are used for other purposes, will pose a threat to the user's financial security. Previously, there have been cases in which third-party payment agencies have absconded with money. For this reason, the People's Bank of China initiated the classification of payment institutions for the first time in 2016.
It is reported that the classification rating of the People's Bank of China is based on customer supervision fund management, compliance and risk prevention, customer rights protection, system security, anti-money laundering measures, sustainable development capabilities and other six regulatory indicators and internal management indicators such as internal management. The payment institution is divided into 11 categories of 11 categories: A, B, C, D, and E. After being included in the rating work, government regulators can effectively supervise third-party payments.
One point to note is that mobile payments are not the ones mentioned in this article during the rapid development process. In the last two years of e-commerce promotion, Alipay has experienced high-frequency payment and non-response events, which is also a stumbling block in the development of mobile payment. At present, the supervision of mobile payment by government regulators is still in its infancy, and the mobile payment industry has a long way to go to standardize operations like POS payments.
Written in the end: financial is no small matter, mobile payment represented by scan code payment has changed people's lifestyle, and the potential risks need to be treated rationally. In particular, the need to be alert is that Internet-based mobile payments, security conflicts will become more acute with the outbreak of mobile payments, which is a must for the domestic mobile payment industry.
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