在支付行业，备付金不仅仅是直连模式的基础，其利息收入也是支付机构重要的收入来源。2017年3月31日，非银行支付机构网络支付清算平台启动试运行。2017年8月，网联清算有限公司正式设立。2018年6月9日，中国人民银行官网发布（银办法114号）特急《关于支付机构客户备付金...
在支付行业，备付金不仅仅是直连模式的基础，其利息收入也是支付机构重要的收入来源。2017年3月31日，非银行支付机构网络支付清算平台启动试运行。2017年8月，网联清算有限公司正式设立。2018年6月9日，中国人民银行官网发布（银办法[2018]114号）特急《关于支付机构客户备付金全部集中交存有关事宜的通知》，确定了2019年1月14日实现备付金的100%集中交存。
备付金交存对支付机构影响几何？
第三方支付机构和银行在备付金这个问题上，是“鸡和蛋”的关系，相互依附。在银行揽储背景下，备付金是银行完成揽存指标的重要资金来源，而支付机构也能获得大量的利息收入，也就有了业内“躺着挣钱”的说法。备付金让支付机构对银行获得议价权，在通道费率、限额等方面也有了差异化的询价空间。而备付金集中存管，第三方支付机构不仅失去了一部分利息收入，更重要的是失去和银行议价的主动权，可能会造成支付费率、限额等方面的调整。备付金集中交存对不同类型的支付机构影响也有差别，其应对方式自然也就不尽相同。
备付金利息收入是中小机构重要利润来源 急需转型寻求新的盈利模式
2017年6月，备付金首次被纳入央行资产负债表。根据央行在资产负债表中做出的注释，非金融机构存款为支付机构交存人民银行的客户备付金存款。中国人民银行支付结算司司公布，截至2018年12月31日，支付机构与银行间合作开展的支付业务99%已经通过网联、银联处理。央行资产负债表显示，截止2018年12月，支付机构交给央行的客户备付金16299.8亿元。按照年化1.265%左右的协定存款利率计算（基准最高上浮10%），支付机构备付金利息收入较之前将减少超过200亿元。
根据易观数据显示，2018年2季度年支付宝和腾讯金融占据了91.8%的移动支付交易份额。壹钱包、联动优势等6家占4.36%，剩下的支付企业只有3.84%的份额。腾讯年报公布2017年集团利息收入39亿元，即使全部是备付金利息收入，占全年净利润也只有5%左右。而汇付天下IPO资料显示，2017年利息收入为6160万元（主要是客户备付金产生的利息），占净利润比率超过40%，其在公开资料中也表示2018年备付金收入减少对公司影响较大。备付金利息收入的消失，对中小型支付机构来说影响较大，也倒逼其转型，寻求新的盈利模式。
支付巨头逐步养成的用户付费 弥补了议价权削弱带来的成本上升
相比大型支付机构，中小型机构在和银行的博弈中议价能力并不突出。反而大型支付机构在备付金100%交存后，议价权削弱，银行配合度下降，面临成本上升的压力。近期，微信支付与支付宝两大巨头针对商户服务费率进行调整。
其实，第三方支付早已进入“收费时代”，央行也多次强调要求不得采取零费率等不正当手段开展不正当竞争。如下表所述，2016年微信支付和支付宝先后对C端用户开始收取提现手续费，虽然市场一度争议较大，两年后用户付费习惯也基本养成，也增加了支付机构对商户调整费率的底气。
支付机构商业逻辑回归理性 下半场要靠服务费
无论是备付金利息收入的巨大缺口，还是对银行议价权的削弱后导致成本的上行，对于支付机构而言，“羊毛最终还是要出在羊身上”，只有提高服务和产品，才能获得用户的认可。对于大型支付机构来说，基于流量争夺的免费策略已经过时，支付宝和微信两大流量巨头已基本瓜分流量市场，随着一系列收费事项的推进，支付下半场商业逻辑回归理性，通过调整服务费率将流量变现。
而对于中小支付机构而言，虽然备付金统一管理对其“隐性收入”影响较大，C端市场已被支付宝、微信支付等是拥有强大消费场景的公司垄断。因为缺乏场景支撑，B端突破是中小支付机构的一个方向，“支付+”模式已是行业趋势。具体运作上，支付公司可以扎根垂直细分行业，为产业链上的企业提供综合金融解决方案。支付是商业活动的最后闭环，掌握着信息流、资金流和物流，支付也成为互联网巨头打造生态系统的核心基础设施。可以对掌握的数据进行挖掘和应用，衍生出相关的增值服务。支付的盈利模式需要多元化，可能来自广告营销、消费金融、财富管理等。
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