5,000 yuan is not important, you may lose Alipay and WeChat Pay

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Your favorite Wu Meiniang has had her hair cut into a big Wu hairstyle, and when you go out in a private car you may encounter uninvited guests from the Transport Management Office at any time. Now, Alipay and WeChat Pay are also in danger.

On July 31, the central bank solicited public opinions on the "Administrative Measures for Internet Payment Business of Non-Bank Payment Institutions". Most people did not read the administrative measures carefully, and whether the daily payment amount of mobile phones can exceed 5,000 yuan became the focus of discussion. Then another clarification article came out, saying that the 5,000 yuan limit for online shopping was a misunderstanding, and many people put their minds at ease, thinking that it was actually okay.

However, if you read the "Management Measures" several times, you will feel terrified. 5,000 yuan is not important at all. If this "Management Measures" is not for soliciting opinions, but has been officially issued, then you may say goodbye to Alipay and WeChat Pay.

Hidden behind the righteous rhetoric of safety and security, the "Management Measures" are basically a killer move for third-party payment. People often use a saying to comfort themselves: when God closes a door, he will definitely open a window for you. Yes, there is a window, but the outside is a high-rise building, and jumping out will definitely kill you.

Killer move 1: Infinitely raise the account threshold

In accordance with Article 16 of the Measures, payment institutions may open comprehensive payment accounts for individual customers whose identity is verified face-to-face by payment institutions independently or by entrusting a cooperative institution, and for individual customers whose identity is verified only in a non-face-to-face manner but whose basic identity information is completed through five (including) or more legal and secure external channels. The balance in the payment account can be used for consumption, transfers, and purchase of investment and wealth management products or services.

It seems that there is no problem. The fact is that currently third-party payment can only implement two types of external real-name verification when opening an account, namely ID card and bank card. Because mobile phone numbers are not fully real-name registered, they cannot be used as a third real-name authentication channel for the time being.

In the implementation process, it is difficult to think that the third verification channel can cover everyone with a low threshold. If different verification standards are adopted, then it is OK. You use graduation certificate, he uses marriage certificate and so on. Then the third-party payment also needs to prepare many verification channels.

The conclusion is that in the future, if you have not opened a third-party payment account, it may be difficult for you to open an account. The addition of a third verification method will make third-party payment companies unable to cope with it, or add a lot of trouble. The cumbersome process will make many users retreat. Just like in the era of online banking payment, with constantly jumping links and more than five or six repeated verifications, half of the users gave up before completing the payment process.

Those who have already registered for third-party payment should not be too complacent. The Measures stipulate that if the regulations are not met, rectification must be made within six months. If the third-party payment cannot find a third verification method and cannot help users solve the problem of proving "I am me", or requires a very complicated and cumbersome process, the result is that users will give up opening a third-party payment account.

If you are persistent enough and don't feel tired of Alipay, you can prepare a university diploma or degree certificate verified by a third party, or a marriage certificate verified by the Civil Affairs Bureau, or a driving certificate verified by the traffic control department to open an Alipay account. Of course, these procedures are more complicated than opening an online bank account directly.

This is the real purpose of the central bank, which is to force users back to banks. They give you a solution, but in fact you can't do it, or you have to pay a lot to do it. The advantage of third-party payment to attract users is convenience, but now it is shackled, the process is more troublesome than in banks, and naturally it is restricted to where it is.

Establishing an account is the first step for all third-party payment products. This time, the central bank directly targeted the accounts, which basically created a dead end for third-party payment companies, although it does not seem to be the case on the surface.

Killer move 2: Insurmountable payment barriers

Assuming the account issue is resolved, the next issue is payment. (If you find it troublesome, you can skip the clause and read the translation directly)

Article 28 of the Measures stipulates that payment institutions shall manage the limit of transactions in which individual customers use the balance of payment accounts to pay according to the security level of the payment instruction verification method. For transactions in which payment institutions use two or more elements, including digital certificates or electronic signatures, for verification, the daily cumulative limit shall be agreed upon by the payment institution and the customer through an agreement; for transactions in which payment institutions use two or more elements, excluding digital certificates and electronic signatures, for verification, the daily cumulative amount of all payment accounts of a single customer shall not exceed RMB 5,000 (excluding transfers from payment accounts to the customer's own bank account with the same name, the same below); for transactions in which payment institutions use less than two elements for verification, the daily cumulative amount of all payment accounts of a single customer shall not exceed RMB 1,000, and the payment institution shall promise to unconditionally bear the full liability for risk loss compensation for such transactions.

In other words, if you want to pay as conveniently as now, you only need to enter a six-digit mobile phone password, and the amount per day should not exceed 1,000 yuan. If you use a mobile phone password plus SMS verification, it should not exceed 5,000 yuan. If you want to pay more than 5,000 yuan, you need a digital certificate and electronic signature. According to the explanation, digital certificates require additional equipment and cannot use the original network and equipment.

This means that most people stay within the 5,000 yuan limit, because digital certificates and electronic signatures are difficult to exceed under current conditions. Of course, this regulation may give rise to strange products such as mobile U-shields.

In addition, the regulations state that if an individual customer has a comprehensive payment account, the balance payment transactions of all payment accounts (excluding transfers from payment accounts to the customer's own bank account with the same name, the same below) should not exceed 200,000 yuan per year. If an individual customer only has a consumer payment account, the balance payment transactions of all payment accounts should not exceed 100,000 yuan per year. Payment transactions exceeding the limit should be handled through the customer's bank account.

If the amount exceeds the limit, it should be handled through the customer's bank account. This is the key. Assuming that you have successfully obtained a comprehensive payment account, your account limit is still not enough to buy an iPhone. The excess amount must be transferred to your bank APP or bank web payment. What's more, most people probably only reach the 1,000 yuan consumption limit. If you invite a few more people to eat together, the limit will be exceeded.

So, why should I keep a third-party payment? Just pay with the bank directly. That's right, this is the real purpose of this "Measures" which is hidden deep inside.

In the repeated game between the central bank and third-party payment, I found that the central bank's approach is getting smarter. From being one-sidedly attacked before, to now keeping the "Measures" at the stage of 5,000 yuan debate, in the operation, there are good and bad people, killing the enemy invisibly.

Killer move three: Greatly compressing the future of Internet finance

The measures also stipulate that "the balance in third-party accounts shall only be used for consumption and shall not be cashed out or cashed out in disguised form through transfers, purchases of investment products or services, etc." In addition to the previous account and payment restrictions, this basically directly cuts off the financial future of third-party payment institutions.

Even if this may be relaxed in implementation, according to the previous regulations, if you want to buy a 100,000 yuan financial product, you need to operate 5,000 yuan a day for 20 days. Of course, this is basically just in imagination, because there are too many levels before, and most people can't reach this step.

Internet+Eulogy: I was here, I was very good, and I am gone

Article 23 of the Measures stipulates that the specific technologies used by payment institutions’ network payment business-related system facilities and related products shall continue to comply with national and financial industry standards and relevant information security management requirements. If the technologies used by network payment business-related products have not yet formed national and financial industry standards, payment institutions shall bear the full amount of risk losses related to the products.

I smiled knowingly when I saw this. They use standards that lag behind the status quo to endorse banks, while leaving all the risks to payment institutions. This management translates to, "I have standards. If I make a mistake, it's because of the standards. If you don't meet my standards, you have to take responsibility for your mistakes." Just like private cars and taxis, my taxis have a lot of safety regulations that remain on paper, so there is a safety guarantee. If your private car does not meet my standards, it is unsafe.

In today's discussion on the Measures, Kang Ning, a well-known self-media person in the financial industry, believes that "third-party payment has reached the size of a bank, so it should be subject to strict supervision at the bank level." In fact, it is not a question of whether third-party payment accepts supervision or not, but that supervision should be formulated based on feasibility, rather than in the name of supervision, to "take sides".

This "Measures" basically pushes third-party payment into a dead end. Opening an account is difficult, and making payments is also difficult. Financial products directly cut off the future. This is not called supervision, this is called aggression, this is called reaping the fruits.

This approach makes people feel desperate. The so-called Internet+ pioneers may actually be exploring the way for traditional industries. When the future is uncertain, Internet+ will explore the way first, and when the prospects become clear, traditional industries can follow suit and then "get rid of the donkey". The payment industry has been the longest so far, and it may also see the end the fastest.

Perhaps decades later, many Internet+ products will become part of history, and the eulogy will be “I was here, I was well behaved, and I left.”