Self-discipline is the "adult gift" of the payment industry (Man in the Cloud)
Many payment giants have deployed face-to-face payments, and at the same time, their security and information leakage risks have gradually attracted public attention. In order to regulate the innovation of face recognition offline payment application and prevent the risk of face payment security, China Payment and Clearing Association has recently formulated the "Self-discrimination Convention for Face Identification Offline Payment Industry (Trial)" (hereinafter referred to as the "Self-discipline Convention").
It can be said that the publication of this "Self-disciplinary Convention" is timely and has a very positive effect on the payment industry.
On the one hand, the "Self-disciplinary Convention" helps reduce consumer concerns about face-to-face payments. The development of the high-tech industry has always been accompanied by controversy. While new technological progress has brought convenience to people, it also inevitably causes people to have anxiety about security. In the early days of online banking, many scam pages appeared; mobile payments also made many elderly people worry that their money would be lost. Especially in recent years, the development of big data has been rapidly increasing, and the efficiency of privacy being illegally used has become higher and higher. Concerns about the security of personal information are an important topic worldwide. As a result, the US Internet giant Facebook has fallen into In multiple investigations. It is foreseeable that if consumers' growing fear of information leakage risks will eventually exceed their pursuit of convenience, the progress of new technologies may no longer be welcomed by the market. Preparing for the future, preventing micro-steps, at this time, the launch of the "Self-disciplinary Convention" to try to eliminate user concerns is an advanced move to save future market space, which is of great benefit to the entire industry.
On the other hand, the formation of industry self-regulation is crucial to the future development of the payment industry. Regulating the behavior of market participants cannot rely solely on the government. The role within the industry is indispensable. Especially for some high-tech industries, supervising this type of market requires extremely high professional quality, and the administrative costs brought by it are not difficult to imagine. Without the participation of the industry, restricting such market players would be a big problem. In addition, industry self-regulation is also a sign that the industry is becoming mature. The ability of the industry to monitor each other, punish vicious competition, and restrict illegal behaviors is the key to the industry's ability to form synergy. An industry that can only operate normally by government supervision may always be a naive industry. Effective internal self-discipline is an "adult etiquette" essential for the development of the industry.
The self-regulation convention announced this time is of great significance to consumers and to the mature development of the payment industry itself. This is a tangible step in the long-term success of China's payment industry. Of course, any agreement must be effectively implemented in order to play its due role. Establishing a good industry self-regulatory system still requires cooperation between industry players and extensive social supervision.
Zheng Yuntian