What are the disadvantages of UnionPay monopoly?

The biggest harm of monopoly is the rising social cost. However, there is also a theory in economics that in some institutions, the social benefits of monopoly or franchising are the greatest (an extreme example is that the public security inspection law cannot be privatized, but it is absolutely monopolized, and relevant theories can be consulted by themselves).

10 Over the years, UnionPay, as the only card organization in China, has created many miracles: the lowest handling fee in the world and the fastest network growth. UnionPay acquired the largest Internet payment enterprise in China just after its establishment in 2002, and put forward the concept and operation mode of virtual account, which is very popular now. Determine the standard of mobile phone near-field payment; Credit card repayment products were first invented, and later they were imitated one after another; Lead fund payment and convenience payment business; Guide banks to take the lead in completing EMV migration and prevent foreign-funded card-issuing banks from harming domestic foreign-funded card-issuing enterprises. It can be said that from 2002 to this year, the franchise effect of 1 1 year was obvious, which brought about a decrease in social costs. At the beginning of this year, the National Development and Reform Commission (NDRC) reduced the payment fee by 22%-37.5% again after many investigations and suggestions on PBOC and UnionPay.

I have observed this strange phenomenon for a long time, and I think the reasons are as follows: 1, UnionPay is an incomplete monopoly state-owned enterprise due to the competition for the management right of UnionPay by government departments such as the People's Bank of China and the China Banking Regulatory Commission; 2. The shareholder structure of UnionPay is mainly banks, and banks hope to expand the scope of acceptance. The best way is to enter the market at a cheap price; 3. UnionPay is a card organization, similar to the enhanced version of trade associations. Weak bargaining power for industry prices, such as handicraft association, catering association, jewelry industry association and hotel industry association (these are listed deputy ministerial units); 4. The banking industry in China is disunited, and the bank card acceptance fee is sacrificed in order to compete for deposits.

If the harm of UnionPay monopoly may occur in the future, the main reasons are: 1, the deposit and loan interest rates are marketized, and banks begin to pay attention to the income from intermediary business; 2. Foreign card organizations enter, but they don't fight price wars, but enter through the bank's own pos machines, and merchants are forced to accept high prices, but the acquirer explains that it is the regulation of UnionPay; 3. UnionPay is subject to the profit requirements of the regulatory unit. In these cases, the harm is different. There are the following kinds of * * *, which can be linked simply by logical reasoning: 1, payment innovation is limited; 2. The increase of payment cost will lead to the increase of business cost and consumer payment cost; 3. Industrial development is limited, and the threshold for new entrants is higher.

China cannot do without UnionPay in the short term. Only after the interest rate is fully marketized can the limited payment market compete completely. The reasons are as follows: 1. At present, China is in a period of rapid commercial development and needs a set of stable norms to reduce the cost of the whole society. 2. Reducing vicious competition, the existence of UnionPay has a deterrent effect on third-party payment companies; 3. UnionPay has mastered the intellectual property rights of UnionPay cards, which has reserved a glimmer of hope for protecting the basis of payment in China. It will not increase the overall payment fee by 3-8 times after the Taiwan provincial government rashly eliminated its own plum blossom card organization; Unionpay is the best professional payment company in China at present. Everyone in the industry knows that you should not be blinded by Bao and Tong, but people in state-owned enterprises are stupid and say whatever others ask. I know nothing about marketing.

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