The new credit card pricing mechanism was scheduled to land on September 6.
In March, the National Development and Reform Commission and the central bank jointly issued the Notice on Improving the Pricing Mechanism for Bank Card Credit Card Fees (Development and Reform Price (2016) No. 557).
According to the new policy requirements, the card fee adjustment mainly includes three categories.
First, the service fee of the issuing bank and the network service fee of the bank card clearing institution are changed from the government price to the government-guided price and the upper limit management, and the receiving service fee is changed from the government-guided price to the market-adjusted price.
Second, the issuer's service fee is subject to differential pricing for debit and credit cards. The UnionPay network service fee is charged to both the card issuing and the acquiring institution.
In addition, the general classification of merchant industry is abolished, and supermarkets, large warehouse stores, utilities, fueling, transportation and ticketing merchants are offered preferential treatment within 2 years; for non-profit medical, education, social welfare, pension and charity, The card issuing bank service fee and network service fee will be fully reduced.
After the adjustment of the credit card fee, the overall fee levels of the issuing banks, acquirers and UnionPay are reduced.
According to the relevant person in charge of the National Development and Reform Commission and the central bank, based on the difference in rates before different merchants adjust their fees, there is a difference in the degree of benefit of the adjusted merchants.
Specifically, in the catering and other industries, merchant credit cards, debit card transaction card issuer service fees, and network service fees can be reduced by 53%-63%, respectively, and department stores and other industry merchants can be reduced by 23%-39%. Supermarkets, large warehouse stores, water and electricity gas payment, fueling, and transportation ticketing merchant rates are generally stable.
Since the card processing fee is not charged to the consumer, at the same time, the overall reduction in the rate level is beneficial to reduce the operating cost of the merchant. Overall, the consumer will get a better experience of credit card consumption.
In addition, for the acquiring institution, Tang Ling, senior vice president of Lakara Payments Co., Ltd., had previously responded that the rate adjustment has different effects on different institutions, which is a good for large-scale acquiring institutions with certain scale.
“If Lakara not only provides the acquiring service, but also provides credit, credit, factoring and other services, the user is more sticky. Our own internal evaluation and evaluation, the rate adjustment has little effect on our profit.†Tang Ling believes that This policy “opens the main entrance and blocks the side doorâ€, allowing professional institutions to focus on improving differentiated value-added services and promoting a virtuous circle of development.
According to the latest data, as of the end of 2015, the number of issued cards for national bank cards exceeded 5.4 billion, the number of merchants for bank card networking exceeded 16 million, and the number of POS machines exceeded 20 million. In 2015, there were about 29 billion bank card consumption businesses in China, amounting to about 55 trillion yuan.
China UnionPay said on September 6 that as a bank card organization, in accordance with the requirements of the regulatory authorities, the parties in the industry will continue to provide more secure and convenient payment services for cardholders and merchants.
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