【观点】黄益平：新规将促进非银支付健康发展

支付是过去二十年我国创新活动最活跃的金融业务。之前百姓的生活支付基本靠现金交易，现在形成了一个包含多渠道、多形态的支付体系，而最为活跃的当属基于数字技术的移动支付。非银行支付渠道的创新、发展，是市场机构创新支付模式、解决痛点问题的结果，监管部门特别是央行长期的支持和规范也发挥了关键的作用。

今天，以小额、便民为突出特色的非银行支付已经成为日常生活中不可或缺的工具。无论看市场规模，还是看服务质量，我国非银行支付业务在国际上处于领先地位。个别头部机构已经走出国门，利用在国内市场形成的能力与经验，在海外提供支付服务。 CXO UNION-CXO联盟（cxounion.cn）

金融监管政策通常都是逐步形成、完善的，对于非银行支付这样一个创新持续不断、迭代绵延不绝的新业务来说，更是如此。我国第一个线上支付钱包于2004年底上线，监管部门直到2010年中才发布《非金融机构支付服务管理办法》，2011年发出第一张牌照。当然，发牌照之前并非完全没有监管，当时央行与这些“第三方支付机构”之间的互动过程很像英国监管部门于2015年提出的“监管沙盒”。2011年之后总共发了将近300张第三方支付的牌照，这样，非银行支付业务就进入了一个快速发展的阶段，不仅业务规模飞速增长，渗透领域急剧拓展，支付形态也在线上支付、移动支付的基础上涌现出条码支付、扫脸支付等。

快速发展过程也伴随了鱼龙混杂的现象。最近召开的中央金融工作会议严肃指出金融行业中乱象百出的问题，同样，在非银支付业，不合规、不合法的乱象也不少见。个别机构缺乏业务资质甚至没有获得合法准入，更多的则是业务行为不规范，比如未经授权使用支付及其他数据，甚至为不合法活动提供支付通道、挪用用户备付金等。这些问题如果不能及时得到纠正，不但消费者的权益不能得到有效保护，还可能酿成重大风险，很可能会危及非银支付甚至整个支付市场的健康、持续发展。 CXO UNION-CXO联盟（cxounion.cn）

过去几年来，监管部门已经做了许多努力，规范机构的行为，维护市场的秩序，尤其在确保支付交易的合法性、安全性和保障支付市场的竞争性方面。刚刚发布的《非银行支付机构监督管理条例》（简称《条例》）是支持非银支付高质量发展的重要行政法规，效力层级的提升增强了政策的权威性。如果说2010年发布的管理办法反映的是非银行支付初创期的政策思路，《条例》是监管政策走向成熟、完善的产物。相信《条例》的颁布与实施将会有助于非银支付的稳健发展，支持中央金融工作会议提出的“建设金融强国”的任务，达成“改善金融服务”和“防范化解风险”的目的。

《条例》将之前的网络支付、银行卡收单和预付卡业务的三大分类调整为储值账户运营与支付交易处理两大类。这一调整的意义远超名词的改变，实际是透过支付的表象，抓住业务的实质，这是实行功能监管的具体体现，既有利于防范监管空白，同时也能减少监管套利。

监督管理政策的设置在几个方面都有突出的改进。第一是严格准入和常态化退出。早期一些非银行支付机构开始展业的时候，缺乏明确的监管政策，在当时的历史背景下这种现象有一定的合理性。但金融交易需要受到监管的全覆盖，现在非银行支付机构不仅需要事先获得许可，“先证后照”，经营业务也必须在许可范围之内。《条例》对于主要股东、实控人和高管的资质、行为提出了明确的要求，同时也建立健全严重违法违规机构的常态化退出机制。这是为了确保非银行支付机构要持牌经营，同时实行穿透式监管。

第二是业务规则和风险管理。《条例》所制定的一些规则是针对过去出现过的乱象，还有一些是为了防范潜在的风险。支付机构不得挪用、占用、借用客户备付金，不得伪造、变造支付指令，这些都是符合常识的行为规范。支付机构不得将涉及资金与信息安全的核心业务和技术支持委托给第三方，同时要保障用户权益，包括用户的知情权和选择权，非银行支付机构要加强信息保护、提供服务要明码标价。业务规则、风险管理和权益保护政策一个最突出的新特征是实现全流程监管覆盖，不留空白和盲区。 CXO UNION-CXO联盟（cxounion.cn）

第三是监督管理。对于有违规、违法行为的非银行支付机构明确了查处、处罚的程序和标准。特别值得称道的是，《条例》还对监管人员即央行官员明确了问责要求。这是落实中央金融工作会议关于“建立健全监管责任落实和问责制度”的具体举措，监管问责是监管规则能够真正落到实处的一个重要保障。近年来我国金融风险事件频发，中小金融机构风险突出，一个很重要的原因是许多监管规则没有真正落到实处。实际上，如果风险因素成为普遍的现象，就应该更多地从规则执行上找原因，加强对监管人员的监督。

第四是对外开放。在准入和监管方面，《条例》明确要对内外资支付机构“一视同仁”。最近五年来，央行加大了金融服务业开放的步伐，贝宝（PayPal）获得中国非银行支付许可，运通和万事达先后获得中国银行卡清算组织牌照，就是一些最新的举措。《条例》作为重要的行政法规，为支付行业的长期发展提供了坚实的法律基础，相信“一视同仁”的政策将能够稳定内外资支付机构的预期，可以坚定外资机构长期服务中国市场的信心。

当然，《条例》的颁布只是非银行支付业务实现健康、持续发展的重要一步。监管政策的最终目的是要在效率与稳定之间求得动态平衡，既能支持创新，又能防范风险，监管政策的完善和平衡是一个长期任务。如何落实《条例》所提出的一些政策要求，特别是在信息保护、用户选择权、价格透明、支付安全等方面的要求，仍然面临较大的挑战。监管部门应与非银支付机构保持充分的互动关系。对于部分挑战较大的措施的落地，可以提供一个过渡期。而对于另一些措施的执行，监管部门在执行过程中也可以考虑把握适当的度，毕竟，监管政策的宗旨是在管住风险的前提下，改善金融服务的质量。 CXO UNION-CXO联盟（cxounion.cn）

值得欣慰的是，在《条例》的制订过程中，监管部门展示了充分的灵活性与开放度。之前公布的草案中有条文明确，如果机构市场份额达到一定比例，就可能会触发预警甚至推定市场支配地位。这个思路实际上更加适用于传统行业如钢铁、石油等。在数字技术的背景下，单纯看市场份额，不一定能准确地判定“垄断”与否，可能更为重要的是看“可竞争性条件”。在支付领域，还有一个市场范围的认定问题，如果只是看非银支付，两家头部机构的市场份额可能已经超过了三分之二，但非银支付只占到整个支付市场的一成，基于狭义的支付和广义的支付所得出的结论决然不同。因此，现在发布的《条例》没有采用草案提到的具体的市场份额，是一个值得欢迎的变化。

总体看来，我国的非银行支付业务发展进入了一个关键阶段，过去十几年取得了巨大的进步，但也出现了不少问题，目前已经成为百姓生活中十分重要的支付工具。如何确保这个业务持续稳健发展，支持实体经济，改善生活福利，防范金融风险，是非银行支付行业面临的重要挑战。相信《条例》的发布，对于实现上述目标，将会发挥十分积极的作用。

翻译：

Huang Yiping: The new regulation will promote the healthy development of non-bank payments

Payment is the financial business with the most active innovation activities in China in the past two decades. Before the people’s life payment basically rely on cash transactions, now a multi-channel, multi-form payment system has been formed, and the most active is mobile payment based on digital technology. The innovation and development of non-bank payment channels is the result of market institutions innovating payment models and solving pain points, and the long-term support and regulation of regulatory authorities, especially the central bank, has also played a key role.

Today, non-bank payment, which is characterized by small amounts and convenience, has become an indispensable tool in daily life. Whether looking at the size of the market or the quality of service, China’s non-bank payment business is in a leading position in the world. Individual head institutions have gone abroad to provide payment services overseas, using the capabilities and experience they have developed in the domestic market. CXO UNION-CXO联盟（cxounion.cn）

Financial regulatory policies are usually formed and improved gradually, especially for a new business such as non-bank payment, which has continuous innovation and iteration. China’s first online payment wallet went online at the end of 2004, and regulators did not issue the “Measures for the Administration of Payment Services for Non-financial Institutions” until mid-2010, with the first license issued in 2011. Of course, the licensing was not completely without regulation, and the interaction process between the central bank and these “third-party payment institutions” was much like the “regulatory sandbox” proposed by the UK regulator in 2015. After 2011, a total of nearly 300 third-party payment licenses were issued, so that non-bank payment business has entered a stage of rapid development, not only the rapid growth of business scale, the rapid expansion of penetration fields, payment forms also emerged on the basis of online payment and mobile payment bar code payment, scan face payment.

The process of rapid development is also accompanied by the phenomenon of mixed fish and dragons. The recent Central Financial Work Conference seriously pointed out the chaotic problems in the financial industry, similarly, in the non-bank payment industry, non-compliance, illegal chaos is not rare. Individual institutions lack business qualifications or even have not obtained legal access, and more are irregular business practices, such as unauthorized use of payment and other data, and even providing payment channels for illegal activities, embezzling user reserves, etc. If these problems are not corrected in time, not only the rights and interests of consumers can not be effectively protected, but also may lead to major risks, which is likely to endanger the healthy and sustainable development of non-bank payment and even the entire payment market.

Over the past few years, regulators have made a lot of efforts to regulate the behavior of institutions and maintain the order of the market, especially in ensuring the legitimacy and security of payment transactions and safeguarding the competitiveness of the payment market. The Regulation on the Supervision and Administration of Non-Bank Payment Institutions (referred to as the Regulation) just released is an important administrative regulation to support the high-quality development of non-bank payment, and the upgrading of the effectiveness level has enhanced the authority of the policy. If the management measures issued in 2010 reflect the policy ideas of the initial stage of non-bank payment, the Regulations are the product of mature and perfect regulatory policies. It is believed that the promulgation and implementation of the Regulations will contribute to the steady development of non-bank payments, support the task of “building a financial power” proposed by the Central Financial Work Conference, and achieve the purpose of “improving financial services” and “preventing and resolving risks”. CXO UNION-CXO联盟（cxounion.cn）

The regulations adjusted the previous three categories of online payment, bank card receipt and prepaid card business into two categories of stored-value account operation and payment transaction processing. The significance of this adjustment goes far beyond the change of the name. In fact, it is to grasp the essence of the business through the appearance of payment, which is the concrete embodiment of the implementation of functional supervision, which is conducive to preventing regulatory gaps and reducing regulatory arbitrage.

The setting of supervisory and administrative policies has been improved in several areas. The first is strict access and regular exit. In the early period when some non-bank payment institutions began to expand their business, there was a lack of clear regulatory policies, which was reasonable in the historical background at that time. However, financial transactions need to be fully covered by supervision, and now non-bank payment institutions not only need to obtain a license in advance, “license before license”, but also must operate within the scope of the license. The Regulations put forward clear requirements for the qualification and behavior of major shareholders, actual controllers and senior executives, and also establish and improve the regular exit mechanism for serious law-breaking institutions. This is to ensure that non-bank payment institutions are licensed and have a penetrating regulation. CXO UNION-CXO联盟（cxounion.cn）

The second is business rules and risk management. Some of the rules are in response to past disturbances, while others are designed to guard against potential risks. Payment institutions shall not misappropriate, occupy, borrow customer reserves, shall not forge, alter payment instructions, these are in line with common sense of the code of conduct. Payment institutions are not allowed to entrust core business and technical support involving capital and information security to third parties. At the same time, users’ rights and interests should be protected, including users’ right to know and choose. Non-bank payment institutions should strengthen information protection and clearly specify prices for services provided. One of the most prominent new features of business rules, risk management and rights protection policies is to achieve full process regulatory coverage, leaving no gaps or blind spots.

The third is supervision and management. Procedures and standards for investigation, punishment and punishment have been clarified for non-bank payment institutions that have violated regulations or laws. Particularly commendable is the fact that the regulations also clarify accountability requirements for regulators, namely central bank officials. This is a specific measure to implement the Central Financial Work Conference on “establishing and improving the implementation and accountability system of regulatory responsibility”, and regulatory accountability is an important guarantee that regulatory rules can be truly implemented. In recent years, China’s financial risk events occur frequently, and the risk of small and medium-sized financial institutions is prominent, a very important reason is that many regulatory rules are not really implemented. In fact, if risk factors become widespread, more should be done to find reasons for the implementation of rules and strengthen supervision of regulators.

Fourth, opening up. In terms of access and supervision, the Regulations clearly require “equal treatment” for domestic and foreign payment institutions. In the past five years, the central bank has stepped up the pace of opening up the financial services sector, with PayPal gaining a non-bank payment licence in China and Express and mastercard gaining licences as China’s bank card clearing organisation, the latest moves. As an important administrative regulation, the Regulations provide a solid legal foundation for the long-term development of the payment industry, and we believe that the policy of “equal treatment” will stabilize the expectations of domestic and foreign payment institutions and strengthen the confidence of foreign institutions to serve the Chinese market for a long time.

Of course, the promulgation of the Regulations is only an important step in the healthy and sustainable development of non-bank payment businesses. The ultimate goal of regulatory policy is to achieve a dynamic balance between efficiency and stability, which can both support innovation and prevent risks. The improvement and balance of regulatory policy is a long-term task. How to implement some of the policy requirements set forth in the Regulations, especially in the aspects of information protection, user choice, price transparency, payment security, etc., still faces great challenges. Regulators should maintain adequate interaction with non-bank payment institutions. For the implementation of some of the more challenging measures, it can provide a transition period. For the implementation of other measures, the regulatory authorities can also consider the appropriate degree in the implementation process, after all, the purpose of regulatory policy is to improve the quality of financial services under the premise of controlling risks. CXO UNION-CXO联盟（cxounion.cn）

It is gratifying that in the process of formulating the Regulations, the regulatory authorities have shown sufficient flexibility and openness. Previously published draft provisions make it clear that if an institution’s market share reaches a certain percentage, it may trigger an early warning or even a presumption of market dominance. This idea is actually more applicable to traditional industries such as steel, oil and so on. In the context of digital technology, simply looking at market share can not necessarily accurately determine whether “monopoly” or not, and it may be more important to look at “contestable conditions”. In the field of payment, there is also a problem of market scope identification, if you just look at non-bank payment, the market share of the two head institutions may have exceeded two-thirds, but non-bank payment only accounts for 10% of the entire payment market, based on narrow payment and broad payment conclusions are completely different. Therefore, it is a welcome change that the current regulations do not adopt the specific market share mentioned in the draft.

In general, China’s non-bank payment business development has entered a critical stage, the past decade has made great progress, but there are also a lot of problems, has become a very important payment tool in people’s lives. How to ensure the sustainable and steady development of this business, support the real economy, improve the welfare of life, and prevent financial risks is an important challenge facing the non-bank payment industry. I believe that the promulgation of the Regulations will play a very positive role in achieving the above objectives.

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于中国数字经济50人论坛；编辑/翻译：CXO UNIONCXO联盟小U。

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