Founded in 2011, SuixingPay immediately obtained the nationwide bank card acquiring, Internet payment and mobile phone payment business licenses issued by the People's Bank of China in the following year. At present, it has 29 branches across the country, covering more than 300 cities and regions across the country.
As of the end of 2019, Suipay has provided comprehensive payment and finance-related services for more than 6 million small and micro merchants, and in the field of payment, Suipay covers various mainstream payment scenarios such as Internet payment, mobile payment, offline acquiring, aggregate payment and cross-border payment services, with an annual transaction volume of more than 1.76 trillion. Since the largest shareholder is a Hong Kong stock company, it can use the self-developed system to shorten the transaction time in cross-border transactions, which meets the needs of small and micro enterprises and merchants for cross-border transactions.
In terms of payment products, it covers 4 forms, the first is App payment, which has an installment payment function; The second is the fast online payment, which can be used for payment and withholding, account sharing, and online QR code transactions; The third is offline payment, including smart POS, traditional POS, QR code payment, mobile phone payment, face payment and other functions; The fourth is the collection and allocation of funds, which can unify the output of financial statements and real-time query capabilities of transactions.
There are three main types of POS products for Pay-as-you-go, traditional POS, smart POS and MPOS, all of which are suitable for small and micro merchants. Among them, only the smart POS supports the mainstream transaction methods on the market, and the other two do not show the description that can support UnionPay payment. It is worth mentioning that the security system of the traditional POS machine is independently developed by the financial technology team of the Hong Kong-listed company Hi Sun Technology; The smart POS machine meets the security specifications of UnionPay smart POS terminals; MPOS is also one of the first products to obtain dual UnionPay certification for both terminal and software.
Suixingpay had a smooth ride when it was first established and obtained a payment license, but in recent years, it has been repeatedly fined. In June 2017, when the license was renewed, it was ordered by the central bank to stop the bank card acquiring business in five provinces, including Jilin, Liaoning (including Dalian), Zhejiang (including Ningbo), Fujian and Heilongjiang. In 2019, a total of 9.35 million yuan was fined, and he was fined twice for violating anti-money laundering regulations, and was also fined for failing to perform customer identification obligations and failing to keep customer identity information and transaction records as required, and the three fines were all large fines of more than one million yuan; This year, it was revealed that its credit card balance compensation product "returned", which was suspected of violating personal privacy. The user's address book was exploded after the deadline was overdue, and he was suspected of violent collection.
