The double 11 shopping frenzy has passed, and the big test of clearing institutions and non-banking institutions has passed.

On November 12, the official WeChat public account of the People’s Bank of China announced a set of data: On November 11, NetLink, UnionPay and various banking institutions and non-bank payment agencies handled a total of 1.779 billion online payment services. 1,482.07 billion yuan, an increase of 35.49% and 162.60% respectively.

What is the concept of 1482.07 billion yuan? Compared with the GDP of Hangzhou area of ​​1350.92 billion yuan in 2018, it can be seen that under this well-known economic winter, the money spent on double 11 shopping is 1311 billion more than the GDP of Hangzhou last year. 11 is more than doubled.

In fact, the consumption of Double 11 is still concentrated on the just-needed products in life. Tmall has announced 148 brands that have exceeded 100 million yuan, and are almost occupied by clothing, food, home appliances, skin care, and daily necessities. To a large extent, the final data of this feast of consumption has accumulated from the early purchase of people’s expected expectations for the future.

Further than ever, the huge demand is realized in a short period of time. It is no small challenge for the clearing institutions and payment instruments to verify the relationship between consumers and merchants. Whether it is UnionPay or online banking, or Alipay, WeChat payment and other payment tools, we need a more stable system to withstand tens of millions of orders per second.

Network “Upper”

UnionPay and Network Link respectively correspond to offline and online clearing services for third-party payment, and are a bridge between third-party payment platforms and banks. In short, UnionPay is responsible for the liquidation of merchants and banks under the offline, while the network is mainly responsible for the liquidation of online merchants and banks.

This double 11, the official data given by the network is that the number of cross-institutional payment transactions is 1.54 billion, and the transaction amount is 1,164.07 billion yuan. Compared with the double 11 in 2018, the number of transactions of the network association increased by 32.2% year-on-year, and the transaction amount increased by 147.25%.

UnionPay has not announced double 11 specific data. The official calibre is that the number of online payment transactions is 20.49% higher than that of October, and the amount is 53.74% higher than the average daily rate in October.

The peak of the online transaction occurred at 0:3:44 on the 11th, with a peak value of more than 71,500 pens/second. Orders are concentrated in the early hours of the morning, no accidents, the vast majority of online transactions from online payment tools such as Alipay, WeChat payment, Jingdong payment. And the increase in the average daily data of UnionPay also shows that the double 11 pairs of offline stores are alsoStimulating.

Either UnionPay or NetLink, they are all ready for the Double 11. Taking UnionPay as an example, it deliberately built a five-center distributed architecture between the two places to support multi-center system second-level switching. In addition, UnionPay has also established a full-process operation linkage mechanism to ensure peak processing capacity.

Since June 30, 2018, major banks began to cut off direct connections to third-party payment platforms, and all online payment services were handled through network connections. The design of the top-level design “under the UnionPay pipeline, online banking pipeline” makes the payment review and transfer process more clear. But now that mobile payments are becoming mainstream, this top-level design also makes UnionPay need a bigger breakthrough.

From the data of the double 11, online shopping has no doubt become the home of the network. 17.79 billion online payments, the network has swept 1.54 billion of them. UnionPay, which is gradually shrinking in the online market, has begun to expand its offline business scenarios in the past two years, such as UnionPay cloud flash payment and UnionPay NFC payment.

Especially the user experience of UnionPay NFC payment has always been well received. Even if the equipment requirements are high, but there is no small user base, public transportation coverage is high, and it is easy to be adopted by mobile phone hardware manufacturers. The future market share of UnionPay is still worth looking forward to.

Scheduled into a situation

The payment link of Double 11 is very important for the stability and speed of the clearing institution, and the processing power of the payment platform should not be underestimated.

In fact, the competition of the dual 11 major e-commerce platforms has become a test of the ability to pay for the first-tier e-commerce platform. Especially in recent years, the speed of hand-speed and dividend-packing operations has made the data processing capability and stability of the payment platform extremely challenging.

At present, Alipay is based on Taobao, Jingdong payment relies on Jingdong, e-commerce rookie fights a lot of no payment license, and still relies on third-party payment tools such as WeChat payment and Alipay. It can be said that the real test of the double 11 finally falls on the self-contained payment tool of the e-commerce platform.

Alibaba Cloud announced that compared with 2019, the double 11 Alipay order peaked at 491,000 pens per second, and the peak of 2019 reached 544,000 pens per second, setting a new world record. If compared with the double 11 in the first year of 2009, it is 1360 times faster.

There is an iterative upgrade of financial technology that gives the e-commerce platform a moat. For example, for the first time, the Double 11 Alipay self-developed database OceanBase, just broke the world record of database benchmark performance test in October, in this big test, the peak value per second reached 610.0 million times.

Tmall double 11 sales exceeded 200 billion, in the past, in the “Guangmingding” conference room, the three core technologies of Alipay: the president of Alipay business group Ni Xingjun, Ant Financial Service CTO Cheng Li, Ant Financial Service Deputy CTO Hu Xi walked out of the conference room for the first time. “Three generations of old, middle and young programmers” walked out of the conference room, “because there was no problem.” Ni Xingjun said that all programmers have nothing to do but stare at the fast-rising data on the big screen.

In addition, a new trend is that consumer financial products are increasingly recognized by consumers, such as installment payments or borrowing payments.

According to the official data of each household, during the double 11 period, more than 8 million commodities were opened for the interest-free period, and the longest interest-free period reached 24. The result is clear: the average sales of goods that have been opened for the first time have increased by over 90%.

Jingdong Financial App cumulative registered users also exceeded 250 million during the double 11 period, and in the first hour of the 11th, Jingdong payment peaked by 327% year-on-year, Jingdong white strip transaction volume also achieved 10 seconds to break 100 million. In order to provide normal supply of double 11 cargoes, Jingdong Supply Chain Finance began to provide financing for merchants in early September.

Suning’s financial installment products also achieved substantial growth, with a 24 month installment increase of 498%. Not only that, but breaking the meaning of pure consumption, Double 11 has also become a good time for financial management. Suning wealth management products sales increased by 267% year-on-year.

Compared with the high-profile “transcript” of the e-commerce platform, this year’s WeChat payment is extremely quiet in the entire double 11. Not long ago, in September, WeChat was exposed to the WeChat version of the flower shop in the fourth quarter – “payment.” If the “payment” is indeed against the standard, then Ali and Tencent’s payment war will be set off again.

Until now, WeChat “payment” has not yet followed up. And missed the double 11 payment peak period, the progress of “payment” is a bit confusing.

The double 11 in 2019, whether it is a clearing institution or a non-bank payment institution, is a big test, and the test score is also a new high in reason. Another giant, Tencent, is trying to enter the consumer staging phase and expand its consumer finance boundary. The changes in the market structure may bring some new ideas to the next year’s shopping feast.