Research On The Development Strategy Of UnionPay Commercial Payment Business Under The Background Of Internet Finance

With the development of Internet technology,the third-party payment business starts to rise,which constantly brings shocks and shocks to Banks and other financial institutions.Third-party payment business is convenient for people's consumption life,also facilitates the emergence of all kinds of payment products,in the tide of the third party payment business,there are a lot of pressure of competition,serious homogeneity product,all kinds of Internet financial institutions competition is intense,therefore,under the background of rapid financial development of the Internet,the third party pay business how to further develop business,enhance their comprehensive competitive strength is very important.Based on this,this paper takes the development strategy of unionpay commercial payment industry as the research object.With the help of strategic management theory,industry life cycle theory and relevant theories of strategic analysis,it comprehensively USES literature analysis,environmental analysis,five forces model and SWOT analysis methods to discuss the development strategy of unionpay commercial payment business.It is found that the commercial payment business of unionpay mainly has such problems as low contribution rate of new merchants,unreasonable combination of product development,declining profitability year by year and great influence by the system.The main reasons for these problems are the incomplete function of payment business,lack of competitiveness of core business,poor market sensitivity,and imperfect performance management of unionpay business.Finally,after analyzing the business environment,major competitors and SWOT of unionpay,this paper proposes the development strategy design of unionpay business from the aspects of payment product diversification,payment business innovation finance and system intelligence.