6 payment institution licenses were cancelled

Beijing Business Daily reporter noted that recently, the central bank updated the official website, in the administrative examination and approval public column, has added six payment agencies in the list of cancelled permit agencies, namely: Shanghai Fuyou Financial Network Technology Co., Ltd., Shanghai Huaxi Information Technology Co., Ltd., Zihexin Online Payment Co., Ltd., Shanghai Pay-Ton Enterprise Service Co., Ltd., Zhejiang Shengju Payment Technology Co., Ltd., and E-Tong Payments Co., Ltd. all have their cancellation date displayed on May 15.

It is understood that in accordance with the five-year renewal deadline, the first batch of agencies to obtain a license in 2016 ushered in renewal. In the first three batches of renewal, a total of 10 payment agencies were asked to merge. At present, the list of payment agencies officially cancelled by the Central Bank has reached 10, including the three prepaid card companies that had previously closed down, and Beijing Runjing Search Investment Co., Ltd., which voluntarily applied for cancellation. At present, the central bank’s website shows that there are 260 paid agencies.

On August 11 last year, the central bank issued the "27 Non-bank Payment Institutions Renewal Decision." The result of the first renewal was that all of the first batch of 27 payment institutions successfully renewed their business, and 6 licenses were merged into the first batch of licenses. On August 29th of the same year, the central bank issued the second batch of 12 renewal results of payment licenses, in which the licenses of Yitong Payment Co., Ltd. and Shanghai Fuyou Financial Network Technology Co., Ltd. were merged.

Associated payment company is required to merge

According to the Central Bank's information, the six payment institutions that have been canceled their licenses were merged by other payment institutions. Specifically, Yitong Payment Co., Ltd. was merged with Shandong Lushang Card Payment Co., Ltd., and Zhejiang Shengju Payment Technology Co., Ltd. was newly established in Hainan. Merger of Information Technology Co., Ltd., Shanghai Patongtong Enterprise Services Co., Ltd. was merged by Shanghai Paidlink Information Service Co., Ltd., Zihexin Online Payment Co., Ltd. was merged with Caihexin Electronic Payment Co., Ltd., Shanghai Fuyou Financial Network Technology Co., Ltd. was paid by Shanghai Fuyou Co., Ltd. Limited merger.

The Beijing Commercial Daily reporter noted that Shanghai Paidong Enterprise Service Co., Ltd., Capital Hexin Online Payment Co., Ltd., and Shanghai Fuyou Financial Network Technology Co., Ltd. all have an associated relationship with the merged company.

Regarding the central bank's request for the merger of these companies, Xue Hongyan, a senior researcher at the Suning Financial Research Institute, believes that there are at least two purposes. The merger of payment licenses that belong to the same legal person is a better contradiction between decentralization of licenses and centralization of operations in practice. That is, the same team operates multiple payment licenses, and each license corresponds to a payment company, which is prone to confusion in terms of management and supervision. It would be better to merge licenses. Supervision is also better for payment licenses attached to different legal person groups. Strong incentives to promote the merger of licenses are sufficient. After all, from the payment market's own laws, more than 250 licenses have exceeded the amount that the market can carry.

It is worth noting that, in addition to the merger of the above six agencies, there are four payment agencies that have not completed the merger. Among them, Shande payment and Tonglian payment have been seriously overdue. In accordance with the renewal requirements of the Central Bank, the merged payment institution should complete the payment business within six months from the date of the announcement. At present, the two payment agencies have been overdue for 3 months. Both payment agencies have received the central bank’s fine. If the administrative penalty decision was made on January 18th, ShanDong E-Commerce Service Co., Ltd. Dalian Branch was given administrative penalties. In March of this year, Fujian Branch of Shande E-Commerce Service Co., Ltd. was “warned of the violation of payment and settlement management regulations” and confiscation of 4,000 yuan of illegal income and a fine of 590,000 yuan.

Industry is stock-shuffled

It is understood that from May 3, 2011 to March 26, 2015, the central bank issued 270 payment service licenses in 8 batches, of which the most important Internet payment licenses were issued a total of 103, 95 national, regional 8 of sex. Since then, the central bank has not issued payment licenses. The third-party payment industry entered the inventory shuffling period.

In recent years, after more and more companies have received payment licenses, industry problems have been exposed. Since last year, supervision has begun to exert force, the frequency and intensity of punishment have been significantly strengthened, and third-party payment companies frequently eat penalty tickets. According to statistics, up to now, a total of nearly 50 payment companies have been punished. Only this year, the central bank has issued a fine for more than 10 payment agencies. According to the “China Payment and Clearing Industry Operation Report (2017)”, due to cancellation, voluntary cancellation, non-renewal and renewal of mergers and other factors, 270 payment institutions decreased by 15 to 255 last year. Oligopoly. The tightening of supervision superimposes the oligopolistic pattern of third-party payment industry, and the small third-party payment institutions have limited living space.

A third-party payment company person pointed out that the gradual tightening of regulatory measures has made the vast majority of small and medium-sized third-party payment agencies cut off the possibility of counterattacks. In the future, third-party payment licenses will only have substantive significance in eco-level enterprises. Xue Hongyan also stated that on the whole, the development of the industry has matured and the market structure has been initially clear. Unless there is a new revolutionary technology, the probability of a counterattack within the industry is already small.

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