The People’s Bank of China issued a central bank order to formulate and issue the “Administrative Measures for Payment Services of Non-financial Institutions” (hereinafter referred to as the “Measures”), which aims to regulate the payment business of non-financial institutions. The “Measures” came into effect on September 1, 2010, stipulating that third-party electronic payment companies must “hold a license” to continue to engage in payment business, which puts half of similar companies in the market at the brink of death.
The “Super Internet Bank” launched by the central bank is online. As a third-party electronic payment company that provides payment and settlement services for non-financial institutions, its business does not conflict significantly with banking business. Its core advantage lies in its deep industry resources. Now, deepening the industry resources and providing solutions has become its foundation. China’s air ticket sales are a combination of “airline direct sales plus agent distribution”. 100% of electronic tickets require the full electronicization of information flow, logistics and capital flow. Neither airlines nor airline agents can fully meet these three points. Therefore, establishing a complete electronic payment system is a major problem facing many airlines and several ticket agents.
To this end, YeePay has launched a series of electronic payment solutions for the aviation industry, including frequent flyer payment, agent-specific payment, credit payment, call center, credit card payment, real-time account splitting and clearing of supply chain, and real-time refund of ticket return. It has now been recognized and used by more than a dozen airlines and nearly a thousand agents, including China Aviation Information Network Co., Ltd., HNA Group, and Sichuan Airlines.
As long as new industries continue to form electronic processes, more and more industries will enter the ranks of electronic payment. Electronic payment is not just equal to e-commerce payment. The biggest driving force for the development of electronic payment comes from the electronicization of these industries. The fund industry has begun to introduce third-party electronic payment to promote the process of e-commerce in sales channels. The involvement of third-party electronic payment companies will change the situation of the fund industry’s over-reliance on traditional channels, and the breakthrough of payment and settlement bottlenecks will also greatly increase the motivation of fund companies to carry out online direct sales.
In addition, the introduction of online third-party electronic payment by the fund industry is also expected to provide new market expansion space for payment companies. There are more than 600 payment and clearing organizations in mainland China, of which about half are non-bank financial institutions.