China News Agency, Beijing, July 8 (Reporter Xia Bin). Recently, Chinese officials have once again introduced fee-reduction and profit-sharing measures in payment services. There is a view in the market that in the fierce competition in the payment industry this year, the development of some small and medium-sized institutions will face certain pressures. In the context, fee reductions will allow financial institutions to "cut meat."
Fan Yifei, deputy governor of the People's Bank of China, responded in Beijing on the 8th, saying, "We cannot completely agree with this statement."
Fan Yifei pointed out that based on the current market situation, the central bank has conducted special investigations and studies in the process of formulating fee reduction and profit concession policies.
For example, there will be cost calculations and industry impact assessments to reasonably determine the subject of fee reduction, fee reduction items, fee reduction scope and implementation period to ensure that the overall impact of fee reduction measures on the industry is controllable.
In addition, the central bank has also adopted long-term measures such as institutional design and rule-making to ensure the high-quality and sustainable development of the payment industry.
Fan Yifei said that he could not fully agree with the idea of letting financial institutions "cut the meat". The reason is that the fee reduction measures are to reduce the cost pressure of payment service entities, especially small and medium-sized payment institutions, by simultaneously reducing the cost of card issuing banks and clearing institutions.
This will share the responsibility of reducing fees by the entire industry chain, and further optimize the cost transmission mechanism of the payment industry.
"After the price adjustment, it will promote the transformation of payment service entities to provide homogeneous services, and the business philosophy of using price as a single element of competition, and promote the provision of differentiated and personalized payment services in subdivisions." Fan Yifei said.
He also emphasized that, in view of the current situation of high market concentration of payment institutions and limited living space for some small and medium-sized institutions, the central bank can guide payment institutions to stick to the original intention of serving the real economy by improving the design of the top-level system, and truly give back to small and convenient people. To correct the improper behavior of market monopoly, and to better play the role of clearing institutions, gradually form a coordinated and sustainable pricing system for the industry in various scenarios such as online payment, accelerate the structural reform of payment service supply, and optimize license resources. Management to promote the healthy development of the payment service market.
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