The reason that contradiction did not erupt between banks and payment service provider in uk?

During President Xi Jinping's visit to UK not long ago, China's Lakala Payment Co., Ltd delivered a keynote speech and signed a cooperation agreement with Allpay Limited, the largest bill payment processor in Britain,declaring that a cross-border financial service platform will be co-founded in future, which means that "the new age of china-uk international financial coopertation" began.

In terms of third-party payment market, Lakala had many co-operations with Allpay and its product line covers all product types of allpay such as Payment, Credit Checking, Credits, Financial Management, and Equity-based Crowd-funding, etc. Justine Norman(allpay's vice-president) once say in a television interview:" china's third-party payment companies had all the products we are plan to design so far, with a larger scale, and then we hope to work with them to open the European market together, temporaryly had no plan to enter the Chinese market.

In English language market, banking 's market level goes higher. So banking will be more active to take advantage of today's internet digital technology to make himself more competitive in this fully competitive environment, which is especially true when the third-party payment company develop quickly. Therefore, though uk's internet firms take a little advantage in terms of technologies, it's still difficult to compete with those financial firms equipped with higher internet technologies. On the other hand, English language market's mature credit-card market and the charge fee of credit card had hindered third-party payment companies' development and make them hard to control costs to some degree.

In addition, financial firms in uk were regulated by The FCA (financial conduct authority)to be providing services to consumers and maintains the integrity of the UK’s financial markets, at the same time, these firms were also regulated by the industry associations. registration and the information disclosure institution are ways of their effective regulation. Thanks to the strict supervision, uk's internet financial industry has a clear standard to follow and implement more strict norms. In some sense, it will create limits to the development of product types, on the other hand, it also ensure clear modes of cooperation between internet firms and banks, even help to ease the interests conflicts.

But when we look at the chinese market, supervision of internet finance is still in its infancy. In summary, the internet finance industry has undertaken three periods---explosive growth in the case of "no threshold, no regulation, no supervision", grow wildly to hit the interest conflict, a groups of internet financial firms fall. In a word, it is flying blind step by step. Today's chinese internet finance is dominated by those third-party payment companies, and the aim is to accumulate users combined with the market demand, go further to develop more business type like P2P, fund investment etc. And for banks, the threat of the growth from third-party payment companies is that they had a mass of users data and more and more customers will choose to use them as their preferred payment method, which means banks will lose ownership.

Anyway, the only person who will benefit from the competition between banks and payment companies is the users.

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