Investment Rating - The report does not explicitly state an investment rating for the banking payment industry Core Insights - The banking payment industry in China has evolved through four major stages: the introduction of domestic bank cards in 1985, the establishment of China UnionPay in 2002, the mobile payment transformation from 2010 to 2020, and the current digital and ecological phase since 2021 [4][5] - The future of banking payments is expected to focus on deep integration with various payment scenarios, providing unified payment solutions, and establishing "borderless payment" environments [4] - Key areas of focus include offline retail, e-commerce, high-frequency consumption in dining, and gaming, particularly targeting the younger demographic [4] Summary by Sections Development History - The banking payment business has undergone significant changes since the introduction of the first domestic bank card in 1985, with the establishment of China UnionPay in 2002 marking a pivotal moment in payment channel integration [6] - The mobile payment transformation began in 2010, leading to the introduction of mobile banking apps and the "Cloud Flash Pay" service in 2017, which restructured the mobile payment ecosystem [6][7] Important Payment Scenarios - The banking payment services are widely applied across various scenarios, including retail, e-commerce, dining, and gaming, providing tailored services for both consumers and merchants [7] - In retail, banks offer convenient payment experiences through mobile payment tools and provide solutions for merchants to manage cash flow efficiently [8] - In e-commerce, banks ensure secure online payment systems and offer supply chain financing services to support small e-commerce businesses [9] - In the dining sector, banks provide smart cash register systems and promotional activities to stimulate consumer spending [10] - In gaming, banks focus on secure transactions and offer services like account custody and fund settlement [12] Payment Fee Structures - Retail payment fees range from 0.4% to 0.6% for state-owned banks, 0.4% to 0.8% for commercial banks, and 0.5% to 1% for local banks [14][15] - E-commerce payment fees vary, with state-owned banks charging 0.3% to 0.6%, commercial banks 0.3% to 0.8%, and local banks 0.4% to 1% [19][23] - Dining payment fees are consistent across bank types, ranging from 0.2% to 0.6% [26] - Gaming payment fees are higher, with state-owned banks charging 1% to 1.3%, commercial banks 1.3% to 1.6%, and local banks 1.5% to 2% [34][40] Future Outlook - The banking payment industry is expected to achieve breakthroughs in various key areas, leveraging new payment technologies to enhance security and simplify payment processes [41] - There will be a focus on emerging application scenarios such as healthcare, smart travel, and the metaverse, along with tailored services for different user groups [41][44] - Innovations like biometric payments and blockchain technology are anticipated to streamline payment experiences and improve transaction transparency [42][45]
银行支付业务行业研究报告