On November 9, at the Financial Street Forum’s “Financial Street Release” offline results release event, China Everbright Bank and the National Development Research Institute of Peking University jointly released “Digital Convenient Payment and High-Quality Development – China’s Convenient Payment Industry in 2023″ Report” (hereinafter referred to as the “Report”).
Focus on high-quality development Proposed for the first time a framework for the development of the convenience payment industry
The Central Financial Work Conference emphasized that finance must provide high-quality services for economic and social development and that five major articles must be completed: technology finance, green finance, inclusive finance, pension finance, and digital finance.
With the vigorous development of the digital economy, digital convenience payment has become an important part of the digitalization, inclusiveness and intelligence of our country’s economy.Digital convenient payment has penetrated into thousands of households, covering cities and rural areas, and is related to all aspects of people’s production and life. It has become an important manifestation of the financial industry’s provision of high-quality services.
As a typical representative of Everbright Group and China Everbright Bank in the field of people’s livelihood services, “Everbright Cloud Payment” fully solves the urgent and anxious life payment problems of the people, focusing on individuals, enterprises, and government affairs fields, and providing in-depth services in water, electricity, gas, non-tax, In various scenarios such as social security, medical care, education, and transportation, a digital, open, and intelligent convenient service ecosystem has been gradually built.
In 2022, the “Everbright Cloud Payment” service payment items will exceed 15,000, the annual active users of the service will reach 580 million, and the number of payment transactions will exceed 2.5 billion, continuing to maintain its leading position in the industry.
Since 2015, China Everbright Bank has released China’s convenient payment industry reports for nine consecutive years. In 2023, the “Report” will conduct an in-depth study of the digital payment ecosystem, and at the same time use “With the theme of “Digital Convenient Payment and High-Quality Development”, it proposed for the first time a logical framework for digital payment to help high-quality economic development, and more comprehensively and systematically interpreted the high-quality development path of convenient payment.
The convenience payment industry fully implements the new development concept, focusing on the four major goals of experience upgrading, technological innovation, balanced development, and digital transformation, constantly strengthening the basic capabilities of customers, technology, and ecology, improving the level of digital inclusive and convenient services, and promoting the quality and efficiency of industrial development. , Enhance the service capabilities of the real economy.
Specifically, digital payment helps high-quality economic development at four levels: macro, industry, enterprise and individual. At the macro level, digital payment promotes balanced regional development and promotes equalization of public services; at the industrial level, digital payment provides high-quality and convenient financial services for education, medical, travel and other industries, and makes useful contributions to promoting the digital transformation and development of the industry. ; At the enterprise level, digital payment optimizes corporate financial management processes, reducing costs and increasing efficiency for corporate operation and management; at the individual level, digital payment service experience is constantly optimized, making our lives simpler and more convenient.
The level of digitalization has improved, and the national digital convenience payment index reached 87.31
The report of the 20th National Congress of the Communist Party of China proposed that we should take more measures to benefit people’s livelihood and warm people’s hearts, strive to solve the urgent, difficult and anxious problems of the people, improve the basic public service system, improve the level of public services, enhance balance and accessibility, and solidly Promote common prosperity.
In recent years, the scale of digital convenient payment has exceeded that of offline payment, and has gradually developed into the main payment method. From 2018 to 2022, the digitalization process of convenient payment will continue to deepen, and the proportion of online payment will increase from 50% to 76%.
The “Report” shows that in 2022, the “three new” economies represented by new industries, new business formats, and new business models will continue to develop rapidly, providing new momentum for the development of convenient payment. Digital product payment has the highest degree of online payment, with the proportion of online payment reaching 96%. The online proportion of education payment, life payment, and travel payment all exceed 70%, indicating that the popularization process of digital payment in my country has maintained a high level in various payment scenarios.
The construction of the index is a highlight of this year’s report. In order to better describe the overall development of convenience payment in our country, the “Report” systematically upgraded the original indicator system – the “National Digital Convenience Payment High-Quality Development Index” based on paying attention to user experience and service satisfaction. Technological innovation, balanced development, digitalization and other aspects are taken into consideration, and the development and potential of my country’s convenience services are more comprehensively reflected through the measurement of 4 dimensions and 10 indicators.
The “Report” shows that my country’s high-quality development index of digital convenience payment in 2022 is 87.31, an increase of 3.35 from the previous year. The overall level of the index is relatively high, reflecting the overall high level of national satisfaction with convenient payment and the high-quality development status of the convenient payment industry. This is inseparable from the continuous advancement of digital infrastructure construction in recent years, the deepening of the online production and services of the whole society, and the continuous promotion of model innovation and service optimization in the payment industry.
The “Report” further pointed out that from the perspective of payment types, the digital convenience index for travel and lifestyle payments is leading, with 91.60 and 90.69 respectively, with the highest overall development level; the digital convenience index for medical and government payments has improved compared with the previous year. It is higher, indicating that people generally feel more convenience in medical treatment and government affairs processing.
From a regional perspective, the high-quality development index of digital convenience payment in each region has improved compared with the previous year. In 2022, the high-quality development index of digital convenience payment in the eastern region is relatively high, at 88.25, an increase of 1.84 from the previous year; the development index of the central and western regions follows closely, and is increased by 3.12 and 4.28 respectively from last year.
The “Report” points out that digital convenient payment promotes the inclusiveness and convenience of public services, and plays a positive role in promoting digital rural construction and serving new citizens. With the characteristic advantage of “fingertip payment”, it lowers the threshold for people to handle payment services. Whether you live in a city or a country, whether you are working in another place or living locally, you can easily pay bills anytime and anywhere without leaving home.
Seize the new round of opportunities and use cutting-edge technological innovation to draw a beautiful picture of digital convenience.
The report of the 20th National Congress of the Communist Party of China proposedHigh-quality development is the primary task of building a modern socialist country in an all-round way. It is necessary to build a modern industrial system and accelerate the construction of Digital China.
Currently, digital technologies such as blockchain, big data, cloud computing, and artificial intelligence are accelerating innovation, providing a broader space for imagination for a new round of development of digital convenience payment. Combining cutting-edge trends, the “Report” discusses the coordinated development of convenient payment and digital renminbi, artificial intelligence, and data governance.
Digital RMB is a digital legal currency issued by the People’s Bank of China. It has been piloted in wholesale and retail, catering, culture and tourism, education and medical care, public services, urban governance and other scenarios. Convenient payment is also one of the important application scenarios.
The “Report” pointed out that there is a natural fit and complementarity between convenient payment and digital renminbi. On the one hand, convenient payment involves a wide range of aspects and has high transaction frequency, which enriches the use scenarios of digital renminbi and helps the promotion and application of digital renminbi; on the other hand, digital renminbi promotes the coordinated development of convenient finance. First, it adds payment methods that are convenient for people to pay. Real-time clearing and support for offline transactions enhance the convenience of payment and expand the physical scope of services; second, the digital renminbi has smart contract functions, which helps to achieve smarter and more personalized convenience. Payment solutions; third, the security features of digital RMB enhance the overall security of payment services.
It is worth mentioning that China Everbright Bank has recently become the first cooperative institution within the digital RMB APP channel to directly provide customers with nationwide life services. It provides payment services such as water, electricity, gas, heating, landline, broadband and cable TV to users in pilot areas in 17 provinces and cities, including Beijing, Shanghai, Tianjin, Hebei and Jiangsu.
The “Report” points out that breakthrough innovations in artificial intelligence are expected to inject new impetus into the development of convenient payment in scenarios such as intelligent customer service, intelligent marketing, intelligent identification and intelligent risk control.
Intelligent customer service can understand complex payment semantics, accurately interpret user payment needs, and achieve instant and efficient information feedback; intelligent identification can improve the user experience of various payment channels and reduce “friction” in the identification process; intelligent marketing can collect user payment data to In-depth analysis of payment behavior creates more personalized payment suggestions; intelligent risk control is based on user big data to quickly identify abnormal risks and ensure the security of payment services.
The “Report” also discussed the value of data for convenient payment, pointing out thatPayment data is of great value to payment demanders, payment suppliers and the entire society: for payment demanders, it can provide personalized services and provide rich information for credit assessment; for payment suppliers, it helps reduce costs and increase efficiency. , optimize operations, improve user satisfaction and conduct effective risk management; for the entire society, it helps financial institutions assess credit risks, provide relevant references for lending decisions and interest rate pricing, and help improve the social credit system.
Taking “serving the people and solving problems” as the solution, digital convenient payment is making positive contributions to building a digital China, assisting rural revitalization, promoting coordinated regional development, and deepening inclusive finance.In the future, Everbright Bank will deeply grasp the political and people-oriented nature of financial work, start from serving people’s livelihood, and deepen the development of convenient financial services represented by “Ebright Cloud Payment”to help improve the efficiency of my country’s digital economic development and contribute “everbright power” to high-quality economic and social development.