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ICBC Builds a Safe Payment Ecosystem for 5 Million Merchants

It is learnt that ICBC, by reinforcing innovative efforts and building a safe payment ecosystem in connection with merchants and personal customers, has been actively responding to customers’ needs for cross-scenario and convenient payment services in recent years in improving merchants’ fee collection & payment services. Data showed ICBC has provided safe payment services for more than 5 million merchants, covering online, offline and O2O scenarios, with an annual turnover of over RMB12 trillion.

With rapid changes in the means of paying bills as well as consumption scenarios, people’s spending habits are also increasingly diversified. For the convenience of both merchants and customers, ICBC has added and improved the aggregation function to the existing open payment platform by introducing the third-party payment methods such as WeChat and Alipay, and supporting UnionPay QR codes in APPs of different banks, which can not only provide more payment choices for individual customers, but also standardize the reconciliation export for merchants and greatly streamline their daily operation process. Meanwhile, ICBC’s payment services are equipped with security and protection at the bank-level. In the process of payment, state-of-the-art technology is used for the variational processing of personal card numbers, to hide the real card number information and ensure the safety of transaction and customers’ information. At present, the service has been widely used in the online and offline payment scenarios, including retail, transportation, education, government agencies and hospitals; it has not only covered hotels, hypermarkets and department stores, but also been extended to convenience stores, gas stations and cafes, thus accelerating the “blood circulation” of the real economy and truly reflecting ICBC’s act of benefiting the people and craving for improving people’s livelihood.

In addition, ICBC has made full use of its advantages in the area of big data analysis. So far, it has provided RMB22.9 billion of pure credit loans to 15,000 small and medium-sized merchants, helping to ease their financing difficulties. ICBC has also set up special marketing budget and jointly launched a series of promotional activities with merchants to give more benefits to merchants and personal customers, so as to embody the concept of inclusive finance and improve customer experience.