Just six months after it went online， the central bank-led Online Payment & Settlement Platform for Non-bank Payment Institutions （known as 揥anglian？ that ended the 揹irect link？payment model between the third-party payment platforms and banks will face two major tests： the online shopping festival on Nov. 11 and the red envelope-sending spree during the Spring Festival. This new type of alliance formed among former competitors-turned co-owners as well as the technical capabilities of Wanglian will be tested.

Passing the aforementioned two tests is just a first step for Wanglian to obtain technical recognition and survive. As a central bank-led institution that operates in a fully market-oriented manner， the future extent of its marketization and its sustainable development is worth watching.endprint