Research On China’s Bank Card Clearing Market Under The Open Market

Bank card clearing refers to the process of settlement and transfer of funds between banks and banks,banks and merchants accepting cards after bank card holders consumption or payment by bank card,including the bank to the bank,the bank to other bank,the bank to the merchant,the merchant to the bank,and so on.Specializes in bank card clearing interbank transfer mechanism is called bank card clearing mechanism,and the market is called the bank card clearing market.April 22,2015,the State Council issued the "Decision on the implementation of access control for bank card clearing mechanism"(hereinafter called the "decision"),implementation of access management for China’s bank card clearing market,once again clear the principle of "who’s brand who transfer".This means that the situation of exclusive monopoly the bank card clearing market by China UnionPay for 14 years will face to be broken.However,the relevant provisions of the decision also received a lot of questions from the market,the main points are as follows:First,the market access threshold is too high.For example,the registered capital of not less than one billion yuan,more than five years of business experience,have the necessary infrastructure and off-site disaster recovery system,etc.;Second,"the second China UnionPay" will be a lot of strikes.In overseas,there are VISA,MasterCard and other international bank card clearing mechanism;In the domestic,there are the Industrial and Commercial Bank of China,Alipay and other financial institutions,they all desire to enter the bank card clearing market.Third,The credit card fee will fall.Many people look forward to a variety of credit card charges will be dropped after the market opening.Under the background,the paper based on the bilateral market theory,the anti-monopoly theory and the regulation of economic theory,by building a two-stage theory model of platform vendors acquisition and maintenance,interpret how China UnionPay to transition from the "non-compete" in the past to monopoly at present,and resulting to the status quo of the overall low efficiency of China’s bank card clearing market.At the same time,combined with the current development trend of China’s bank card clearing market opening,analyzed the evolution trend of each market players and the market competing patterns in an open pattern of the bank card clearing market.On this basis,this paper puts forward suggestions on how to construct and perfect the supervision system of China’s bank card clearing market.