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The "Double 12" has just passed. Unlike the previous starring roles of Internet giants such as Alipay, many people have discovered that various mobile NFC payment methods represented by Huawei Pay and Xiaomi Pay are also accepted by more and more users. NFC (Near Field Communication), short-range wireless communication technology, is currently mainly used for electronic payments. The main scenarios include small-amount payments in convenience stores, supermarkets, buses, subways and other places.

What roles do mobile phone manufacturers, commercial banks and UnionPay play behind this? The media often describes the battle between UnionPay, Alipay and Tenpay as the "Three Kingdoms". After the barcode payment promoted by the latter two has occupied a considerable share of the market, public transportation is becoming the next "battlefield" for NFC to compete for the market.

Mobile phone manufacturers are rushing to deploy NFC functions to increase user stickiness

“Pay with xx Pay, half off on December 12.” This winter, Xiao Zhang (pseudonym), who works in Ciqikou, Beijing, discovered that there was an advertisement for UnionPay Cloud QuickPass on the bus station.

Represented by Apple Pay, mobile phones supporting NFC are increasingly valued by various manufacturers. In June this year, Xiaomi founder Lei Jun said that Xiaomi started supporting NFC five years ago and supports as many as 10 multi-functional NFC mobile phones.

In 2014, Lei Jun said in an interview with the media that after trying the NFC function on Xiaomi 3 and Xiaomi 2A, based on feedback, there were not many actual users of this function at that time, making it difficult to promote this function, so the NFC module was canceled on Xiaomi 4.

Liu Gang, founder of China Payment Network, told reporters that mobile phone manufacturers are now offering some mobile wallet functions, which can play a role similar to that of Apple Pay and also increase user stickiness. "The iPhone has some leading role," he said. Without activities, the various "Pay products" currently created by mobile phone manufacturers can also facilitate consumers' payment and can also integrate the function of scanning QR codes.

As one of the pioneers of smartphones, Apple’s Apple Pay, which was officially launched in China in 2016, is not yet as widely accepted by consumers as Alipay and Tenpay. This year, it is facing fierce competition with domestic manufacturers.

According to figures previously released by Huawei’s official website, as of the end of October 2018, Huawei Pay had been connected to a total of 82 banks. Compared with the same period in 2017, Huawei Pay's transaction flow and volume increased by 400% year-on-year in 2018.

Xiaomi already has its own Internet finance sector and its own payment license. According to the official website of the central bank, Jiefu Ruitong Co., Ltd., whose legal representative is Lei Jun, has the qualifications for Internet payment, mobile phone payment, and bank card acquiring.

Compared with NFC, scanning code payment greatly reduces hardware costs and promotion obstacles

Public data shows that since 2012, my country's payment business has developed rapidly at a compound annual growth rate of more than 10%. In 2017, more than 160.8 billion non-cash payment businesses were handled nationwide, accounting for nearly 3760 trillion yuan.

Among them, the development of NFC’s “rival” QR code payment has attracted the most attention. "Traditional cash is not easy to carry, and bank card payment uses one card instead of carrying a large amount of cash. my country's traditional bank card swiping steps are cumbersome, and QR code payment is more convenient, so scan-code payment has seized the bank card payment market." iResearch report pointed out.

In the eyes of many industry insiders, compared with NFC payment, scan-code payment has greatly reduced the cost of related hardware and promotion obstacles, which is also one of the reasons why scan-code payment has become popular in China.

On the other hand, risks related to barcode payments are receiving more and more attention. News about "static payment codes being replaced" and funds being stolen have also appeared in the newspapers before. Last year, the central bank also issued relevant regulations, which have been officially implemented this year.

Alipay and Tenpay have occupied the top positions in terms of third-party payment transaction volume in recent years. According to Frost & Sullivan analysis, in 2017, Alipay and Tenpay accounted for 59.8% of the market share in terms of payment transaction volume.

Will the market further adjust in the future? A person from a payment institution told reporters that from the current point of view, the barcode payment policy can mainly play a role in standardization and ensuring security. In the short term, barcode payment and other payment methods are more complementary and coexisting.

Analysis

Small-amount high-frequency payment on public transportation—the breakthrough point of NFC’s next “battlefield”

At present, the competition among UnionPay, Alipay and Tenpay in the payment scene is still going on.

Data released by UnionPay on the 12th stated that as of now, subways in 14 cities including Guangzhou, Shanghai, and Hangzhou, and buses in more than 400 cities and counties across the country, including Shenzhen, Zhengzhou, Hangzhou, and Tianjin, support the acceptance of UnionPay mobile payment products.

According to media reports, currently, buses and subways in more than 120 cities across the country have access to Alipay. On average, more than 1.8 million people use mobile payment to ride on the Shanghai Metro every day, accounting for more than 30% of the total number of passengers.

“Due to the characteristics of small amounts, high frequency, and extremely high payment speed requirements in the public transportation field, the public transportation field will become a breakthrough for the development of mobile NFC payment in my country.” The iResearch report states.

Some users reported that swiping NFC or QR codes on mobile phones is very useful when there are few people, but queuing in the morning and evening peaks can be quite stressful. In addition, it seems that mobile phones cannot completely replace the original transportation card: "Occasionally, if you are not careful, your mobile phone will always run out of battery."

As for the Double 12 discount activities, some consumers also complained to reporters: "There are so many discounts on Double 12, and every time I enter, I find that the quota has been used up, and some store employees don't know how to use the mobile APP to enjoy the discounts. I hope that various activities will be more transparent and payment will be more convenient in the future."

Beijing News reporter Mi Di editor Chen Li proofreader Xue Jingning