The cold thinking behind the development of POS receipt in China

With the strong entry of third-party institutions into the acquiring market, the market for acquiring orders represented by banks (ICBC, Agricultural Bank of China, China Construction Bank, etc.) and third-party institutions (points of interest, Lakara, remittance, etc.) has gradually formed. Initially, the domestic POS machine acquiring market was monopolized by major banks and independently launched the acquiring business. Under the “Gold Card Project Implementation”, major banks have carried out system transformation in accordance with unified business norms and technical standards. The birth of UnionPay business POS business has standardized the POS machine acquiring market and reduced the vicious competition in the acquiring market. In the context of the rapid development of mobile Internet and information technology, third-party payment companies such as Point of Interest and Lakara have entered the acquiring market one after another. With their flexible and innovative acquiring models, they are close to small and medium-sized micro-businesses and open new ones. The acquiring market enables deep coverage of existing markets.

Although the POS machine's acquiring business has achieved leap-forward development in the past two years, there is still a large gap in the overall market and industry's acquiring market. In this regard, the point of interest has been analyzed from three perspectives with more than a decade of investigations into the industry market.

First of all, the market gap in the less developed regions of the third- and fourth-tier economies is obvious. Judging from the acceptance of merchants and the distribution of POS machines, the coastal economically developed regions are far higher than the economically underdeveloped regions in the Mainland. Compared with the first- and second-tier cities in the third- and fourth-tier cities, the acceptance rate and the amount of distribution of merchants are far behind.

Furthermore, industry coverage is highly differentiated. As far as the industries covered by the current acquiring market are concerned, they are mainly concentrated in hotels, hotels, large retailers and other businesses. For the convenience of convenience service outlets such as schools, hospitals and transportation, the gap in the acquiring market is large.

Finally, the per capita POS share is low. China's bank card acquiring business started late, and there is still a big gap compared with the mature acquiring markets such as the United States and South Korea. In the United States and South Korea, for example, the United States has 179 POS machines per 10,000 people, and the number in South Korea is as high as 626. In China, there are only 13.7 units per 10,000 people, and the per capita POS ownership rate is far lower than that of developed countries.

In short, the POS machine's acquiring market has broad prospects, and the market competition has gradually entered a white-hot state. A number of payment companies, such as Doha, Lakara, etc., have also continued to expand their scale and deepen the expansion of offline acquiring business. Whether it's paying big money or a rising star, the fun reminder only focuses on the user experience, innovative payment scenarios, in order to go further and further on the road to the receipt.