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In the face of the new environment such as the gradual establishment of a new development pattern and the upgrading of digital financial competition, especially the huge changes in the operation mode and behavior of the consumer market and mainstream consumer groups, the bank card industry must clearly adhere to and build a consumer market that is compliant With its “featured+” products, it continuously strengthens its own characteristic genes and creates differentiated core competitiveness in the digital age.

Familiarize”features + business” to the main theme of the new consumer market

Consumption is the first to drive economic growth Driving factors. It is not difficult to see from the recovery of China’s economy that giving full play to the role of consumption, especially new types of consumption, in stimulating domestic demand will further release China’s economic growth potential.

Data from the National Bureau of Statistics show that in the first three quarters of 2020, the total retail sales of consumer goods was 2,73324 billion yuan, a year-on-year decrease of 7.2%, while the national online retail sales in the first three quarters was 806.5 billion yuan, a year-on-year increase of 9.7%, the growth rate was 2.4 percentage points faster than the first half of the year. Under the influence of the epidemic this year, online retail sales that have grown against the trend fully reflect the strong”immunity” of the digital economy. The astonishing resilience of the Chinese economy is closely related to the vitality of the digital economy. digitalization has become the greatest certainty in uncertainty, and even more so The main elements of the new consumer market.

In this context, the”Mobile Payment Convenience Project” led by the People’s Bank of China and jointly promoted by participants in the bank card industry such as China UnionPay and commercial banks is in line with the new consumption characteristics of offline to online migration , It has become the most powerful tool for to stimulate domestic demand and to promote consumption.

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Convenience and benefits for the people and the benefits of the people’s livelihood have always been the common creed of the bank card industry participants such as China UnionPay and commercial banks. On the one hand, after more than two years of development, the scope of mobile payment convenience projects has expanded from 19 cities to 100 cities and then expanded to the whole country, and it has developed in depth in counties and rural areas. Currently, there are subways in 37 cities across the country, buses in more than 1,700 cities and counties, more than 14,000 vegetable markets and fresh food stores, more than 550,000 catering merchants, nearly 200,000 convenience store supermarkets, more than 300,000 self-service terminals, and more than 2,000 Campuses, more than 1,700 hospitals, and more than 3,000 corporate canteens all support UnionPay mobile payment, including the”Cloud QuickPass” app, to help the convenience project advance steadily. On the other hand, since April, China UnionPay, together with commercial banks, and local governments have launched the”Revitalizing Engine” program to help businesses benefit the people. As a convenience project under the guidance of the People’s Bank of China, China UnionPay has combined with commercial banks to boost consumption by over RMB 2.3 trillion. As of the end of May, the scale of merchants covered by the”Rejuvenating Engine” program to help merchants and benefit people has continued to expand. The number of participating merchants has increased sharply from 400,000 at the end of April to 880,000, of which 580,000 small and micro businesses, covering more than 2,000 popular consumer brands .

Use”features + products” to compose the overture of new consumer groups

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“nothing special” , The bank card industry must grasp the characteristics of new consumer groups. In the post-epidemic era, in the post-epidemic era, the market environment will undergo major changes and major adjustments, comply with the requirements of the national strategy and business environment, continue to strengthen distinctive thinking, brand thinking, and differentiated thinking, and stick to With our differentiated development path, we will build and strengthen our own innovative advantages in key products, businesses and services such as regional, industrial, consumer, distinctive, and digital, and realize differentiated and characteristic operations.

As important players in the bank card industry, China UnionPay and commercial banks have always adhered to the concept of”payment for the people” and used”features + products” to serve the national economy and people’s livelihood.

In order to provide small and micro merchant owners with more convenient and considerate collection services, China UnionPay has launched UnionPay standard aggregation code collection in conjunction with commercial banks, payment institutions, and service providers, through voice broadcast, cloud speakers, and security Scan code collection equipment, scan code receipt printers and other comprehensive supporting service products, one code supports all apps on the market to scan code payment, improve the transaction efficiency of small and micro merchants and street vendors, and make the transaction experience smoother.

Affected by the epidemic, many small and micro enterprises are facing tremendous operating pressure. UnionPay has cooperated with 35 commercial banks across the country to provide intimate assistance to small and micro enterprises to tide over difficulties with the”Small and Micro Enterprise Card”, and has issued more than 16 million cards nationwide. Cardholders can handle payment and settlement, credit finance, tax payment, business management value-added services and other services in one-stop on the”Cloud QuickPass” App, providing integrated payment solutions for small and micro enterprises.

At the first CIIE, the development of regional integration in the Yangtze River Delta became a national strategy. To help finance take the lead, China UnionPay and commercial banks jointly launched the Yangtze River Delta theme card. By strengthening financial support, tapping domestic consumer demand, and helping new industries and new business formats to promote a new development pattern. The Yangtze River Delta theme card covers multiple rights and interests in the whole scene of consumption in the Yangtze River Delta region, such as travel, tourism, and food, helping cardholders to obtain a more worry-free and more affordable consumption experience in the Yangtze River Delta.

Sound the horn of new consumer trends with”features + services”

The bank card industry relies on digital characteristic services , Combined with the characteristics of the new consumer market and customer groups, and make every effort to transform to digital. In 2020, the”UnionPay 62 Festival” jointly launched by China UnionPay and commercial banks shows a more distinctive digital marketing style, whether it is N consecutive live broadcasts with goods, or a Huimin interactive game”China Happy Village””The happiness index reflected in”, or”60+Blue V”, together with online assistance, embodies the more characteristic services of the digital economy era such as live broadcast economy, AI interaction, and online and offline integration.

In the field of financial services, the”Cloud QuickPass” app not only supports online applications for more than 400 credit cards from more than 20 banks, but also supports more than 160 bank credit card bill enquiries and zero handling fee repayments, and more than 620 Check the balance of bank debit card, and integrate the 6 characteristic functions of Huimin Mini Program, Consumer Voucher, Health Code, Card Rights, Overseas Services and Convenience Project, and upgrade the digital community, digital campus, digital hospital, digital government and other sectors, and go online. Financial products such as”current + salary” regular financial management, credit card bill installment.

The newly opened”Cloud QuickPass Branch” applet provides users of the”Cloud QuickPass” app with bank accounts, credit cards, financial management and other value-added financial services. It also helps banks reduce customer acquisition and operating costs. Accelerate the upgrading of commercial banks’ digital operation capabilities.

Joint commercial banks to create a new model for poverty alleviation and agriculture. First, in order to bail out small and micro businesses in rural areas, open a green channel for the circulation of agricultural product production and marketing information in the”Cloud QuickPass” App, and jointly build a”vegetable basket” special area for people to open up sales channels for agricultural products and increase income for farmers; The second is to create a new model of”e-commerce + live broadcast” to promote consumption and poverty alleviation; the third is to use bank cards as the carrier to jointly launch the Funong Card and the theme card for rural revitalization in conjunction with Commercial Bank to fulfill social responsibilities and open up a fan for the”three rural” The inclusive way that people can touch.

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“Workers must first sharpen their tools if they want to do well.” The Politburo meeting of the CPC Central Committee on July 30 emphasized that”accelerate the formation of a new development pattern with the domestic cycle as the main body and the domestic and international dual cycles mutually promoting each other.” The financial system will be a strategic tool for building a”double cycle” of China’s economy, in which the bank card industry will play an active and far-reaching role in stimulating domestic demand. With financial support, financial reform, and financial opening as the key fulcrums, China UnionPay and the Commercial Bank of China have consolidated their resilience in the”dual cycle” to achieve stability and long-term development.

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