UnionPay sets clear timetable for regulating banks' direct connection to third-party payment

On November 12, China UnionPay (hereinafter referred to as "UnionPay") issued the "Notice on Further Clarifying the Relevant Requirements for Rectification of Violations" (hereinafter referred to as the "Notice"), requiring member institutions to accurately report the migration information of transactions bypassing UnionPay, and clearly requiring that by December 24, at least 90% of all transactions bypassing UnionPay must be migrated, and all migration work must be completed by December 31.

UnionPay intends to regulate direct connections between banks and third-party payment companies and gradually migrate businesses that bypass UnionPay to the UnionPay platform.

The notice clearly puts forward the migration progress indicators for third-party payment services around UnionPay at each stage, requiring that at least 50% of all transactions transferred around UnionPay be completed by November 30, no less than 65% by December 10, no less than 80% by December 17, and all migration work be completed by December 31.

UnionPay requires that all institutions must report the information on transfers bypassing UnionPay to the Secretariat before 16:00 on November 13, refine the connecting bank information to the branch, indicate the acquiring interface and average daily transaction volume, and average all transaction volumes transferred bypassing the bank to each stage of migration; at the same time, supplement the reporting of existing merchant information.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.