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Core Viewpoint - The People's Bank of China has approved a reduction in business types for Beijing Gao Huitong Commercial Management Co., marking a significant shift in the non-bank payment industry as it faces ongoing challenges and a wave of license cancellations [1][2][3]. Company Summary - Beijing Gao Huitong has been allowed to exit the II category of stored value account operations while retaining the I category, effectively leaving the prepaid card issuance and acceptance market [2]. - The company was established in August 2008 and had previously held multiple qualifications for prepaid card issuance and internet payment services across various regions [2]. - Following the restructuring of payment business types in 2024, Gao Huitong's operations will be limited to I category stored value account management [2]. Industry Summary - A total of 102 payment licenses have been canceled, with over 80% of these cancellations related to prepaid card business licenses [3]. - The number of existing third-party payment licenses has decreased from 271 to 169 as of June 16, 2023, indicating a significant contraction in the industry [3]. - The prepaid card market is experiencing a decline, with a slight increase in the number of cards issued (2.91 billion, up 0.68% year-on-year) but a notable decrease in the total issuance and recharge amount (613.57 billion yuan, down 9.79% year-on-year) [2]. - The transaction volume for prepaid cards has also dropped significantly, with 49.37 billion transactions amounting to 495.99 billion yuan, reflecting year-on-year declines of 33.91% and 14.77%, respectively [2]. - The industry is undergoing a deep reshuffle, driven by increased regulatory scrutiny and the need for compliance, leading to the exit of smaller institutions lacking the necessary capabilities [6]. - The implementation of the new regulatory framework in 2024 has raised entry barriers and strengthened compliance requirements, prompting adjustments among payment institutions [5][6].