Zhu Yijia, general manager of Ping An's wallet: domestic mobile payment bottleneck to be solved

As more and more large Internet companies and emerging financial institutions are involved in the third-party payment field, the payment market is increasingly showing a competitive market pattern in the Red Sea.

According to statistics, the current Alipay accounted for about 50% of the share. WeChat payment quickly became popular with the “social + payment” route. Lakara, fast money, etc. either failed to borrow A shares, or switched to traditional enterprises to find new development space. In fact, in the 267 third-party payment licenses in the country, most third-party payment agencies are living in the cracks, or holding a license to wait for the price.

To this end, many industry insiders admit that as the Internet's large e-commerce institutions continue to squeeze the market share of third-party payment by means of consumer social scenes, more and more third-party payment institutions are likely to face the experience of being eliminated in the future.

How to break through and become a survival and development problem that many third-party payment institutions urgently need to solve.

On December 2, Zhu Xijia, general manager of Ping An's wallet, admitted in an interview that looking at the development of the third-party payment market, it will be found that this market is far from mature.

He divided the development of the third-party payment market into three phases. The first is the 1.0 start-up phase, which mainly relies on mobile payment tools to make payment convenience. Many of the consumption can only be done through bank cards, but with the popularity of mobile payment, users can always Complete transaction payments in the e-commerce channel. The second is the 2.0 advanced stage. With the development of mobile payment technology, more and more payment institutions have begun to improve the payment service layout with many consumer scenarios, forming a new pattern of scene payment. At present, the development rate of scene payment has exceeded the UnionPay POS business.

“But the payment of the scene does not mean that the payment market has entered a mature stage. The payment of the scene is enhanced by the customer experience, but it does not open up the link between the financial service and the consumption scene.” Zhu said that the payment market is at a mature stage of 3.0. It should be deep financial convenience, provide innovative payment services, and especially pay for a lot of space in the efficient connection of financial services and user spending scenarios.

For example, he said that Ping An’s wallet is currently trying to introduce a multi-funded current product, which provides payment convenience and independently selects high-yield money funds for investment switching through the back-end system of the wallet, that is, the user funds are turned to the fund with the highest profit. When the user pays for the purchase through the wallet, the wallet redeems the lowest-valued money fund share for the user to exchange the purchase funds. So users can make money while spending.

Based on this new payment experience, Ping An's wallet is considering to use the payment plug-in to graft such account current financial services to medical, food, housing, travel, play, and purchase various online and offline consumption scenarios to form user demand deposits + Investment and financial management + payment + consumption + consumer financial loans business closed loop, greatly improving user activity.

"The user's stickiness determines the development limit of the payment institution to some extent, which is the third pole of the payment market that Ping An's wallet is shaping." Zhu said.

Ping An Group's latest financial report shows that as of the first three quarters of this year, the cumulative transaction volume of the wallet has exceeded 2 trillion, and the number of registered users is 65 million. At present, the average monthly active users are close to 8 million.

"At present, the scale of Alipay is about 5 trillion yuan, and the wallet plus internal and external payment services, the annual payment business volume is nearly 3 trillion, and it is approaching the business volume of Alipay and WeChat." Zhu Yujia pointed out to reporters.