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first batch of third-party payment license issuance

Under the “traditional financial cheap GW2 gold institutions” and “Internet companies” and “regulatory dual system”, which is activated by the former vitality, or to overturn the traditional pattern of financial institutions? Or will occupy the former still ask advantages of scale, so that Internet companies to become the perfect complement to the existing financial system?
Want to answer this question, it might put aside all the hot earthshaking P2P and chips, to see more than a decade has been the game of the third-party payment industry and regulatory policies.
Third-party payment regulatory Game history
On third-party payments, please discard “good VS bad guys,” the black-and-white view, from the perspective of the whole financial system reform and see why regulators to allow this industry to cross the river by feeling the stones.
In the turn of the century when the credit card spending just popular, A bank card is not in the B bank’s credit card machine, so that when the mall cashier dense stands a row of credit card machines, like credit card, please consult with no corresponding Bank credit card machine. Why bother? Because the bank between A and B banks are not directly pull the network cable each transaction, financial dealings between banks through the central bank’s system. The fund settlement network is the core of all of China’s financial system, when the United States suffered after 9/11, Federal Reserve Chairman Alan Greenspan asked the first time there is no paralysis payment system, the American people can not worry about credit card spending, but fear among financial institutions Fair funding will not interrupt triggered panic in the market.
Since the central bank system is not suitable for such an important commitment card spending such a small amount of high-frequency trading, and a credit card machine and a really outrageous, so before the birth of financial institutions are holding together CUP. With this and all UnionPay bank settlement network connected, A bank’s credit card machine you can brush B CUP bank cards, so now the mall will never again put up a row of credit card machines.
This is the bank, CUP and Alipay contradictory roots. If CUP can adapt Taobao online shopping needs, there is no need to do Alipay Ma wasted effort of. But the main line under the CUP credit card online is clearly not good enough, for online shopping this small and not worth allowing banks have again come up with an online UnionPay, so regulators allowed to pay such a third party Alipay CUP directly and bypass the bank They pull the network cable, directly connected with the solution of the CUP to do.
Such reform clearly has “trial and error” feature, in 2003 there will be a Alipay until 2011 before the first batch of third-party payment license issuance, Paypal, and CUP has not pinch, regulators do not say so in the who to listen to, drag until 2015 CUP monopoly canceled, but even this time the central bank is still not able to bypass the banking system and large micro-payment CUP settlement network to go it alone. Therefore, we can not easily assert that CUP is a monopoly, the bank’s evil, Paypal is being bullied. In this trial and error in the long reform, the central bank as policy-makers who do not deliberately suppressed power, but efforts to draw a line to let them complete their task. Bank is the main financial markets, the overall stability of living; UnionPay inter-bank settlement network as a successful sniper VISA and MasterCard, the central bank is still outside the EMV standard financial IC card of their own to engage in a moat PBOC standard; Alipay is even more need He said that the scale and experience thrown rest of the world a few blocks.

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