(1) The scale of China’s online electronic payment market. At present, there are four payment systems in China’s electronic payment market: the first is the in-house payment business system established by commercial banks, the second is the bank card payment system, the third is the bill payment system, and the last is the information system cluster with the China National Payment System (CNAPS) as the core business system.
CNAPS includes the High Value Real-time Payment System (HVPS), the Small Value Batch Payment System (BEPS), the National Check Image Exchange System (CIS), the Clearing Account Management System (SAPS) and the Payment Management Information System (PMIS). The China National Payment System specifically refers to the information system cluster formed by the organic combination of CNAPS and its related information systems.
The People’s Bank of China’s payment and clearing system has 1,517 direct participants, all of whom have opened clearing accounts at the National Reserve Center. Among them are participants from commercial banks, participants from the People’s Bank of China’s accounting and treasury departments, and licensed participants, such as China UnionPay, the National Treasury Company, and the Bond Trading Center.
The National Check Image Exchange System connects more than 2,000 exchanges, including more than 60,000 direct and indirect participants. The operating hours of China’s modern payment system are: the large-value payment system accepts payment business from 08:30 to 17:00, and the clearing window opens from 17:00 to 17:30. If there is insufficient funds, you need to wait. Commercial banks are allowed half an hour to raise funds. If the funds are raised within this half hour, they can be processed. If not, they will be returned; the small-value payment system and the check image exchange system support 72 hours of continuous operation.
(2) The development stage of China’s electronic payment.
① Computer processing of settlements between financial institutions. Banks use computers to process business between banks and handle settlements.
② Computer processing of settlements between financial institutions and non-financial institutions. Funds are settled between bank computers and computers of other institutions, such as salary payment and housing fund deduction.
③ Banking services of financial network terminals. Network terminals are used to provide customers with various banking services, such as depositing and withdrawing money at automatic teller machines (ATMs).
④ POS electronic payment. Use bank point-of-sale terminals (POS) to provide customers with automatic payment services.
⑤ Online payment. Direct transfer and settlement can be made anytime and anywhere through the Internet or telephone to form an e-commerce environment.