两家支付公司对簿公堂，跨境支付市场硝烟再起

Core Viewpoint - The recent lawsuit between PingPong and XTransfer highlights the intensifying competition in the cross-border payment industry, revealing issues such as service homogenization and high compliance costs, indicating a need for clearer competitive boundaries in the sector [1][10][12]. Company Overview - PingPong, established in 2015, is a leading player in the cross-border payment sector, operating in over 200 countries and regions with more than 60 global payment licenses [4][5]. - XTransfer, founded in 2017, focuses on B2B foreign trade services and has recently obtained a domestic payment business license, enhancing its operational capabilities [5][10]. Legal Dispute - PingPong has filed a lawsuit against XTransfer and its affiliate, alleging "commercial defamation," with the court hearing scheduled for September 19, 2025 [3][12]. - The lawsuit stems from competitive actions that allegedly undermine PingPong's legitimate business activities, including spreading false information about its services [7][8]. Industry Context - The cross-border payment industry is experiencing fierce competition, with companies vying for licenses and market share, leading to a blurring of competitive boundaries [10][11]. - The industry faces challenges such as high compliance costs, service similarity, and the need for differentiation to maintain competitive advantages [12][13]. Market Dynamics - There are approximately 500,000 to 700,000 B-end sellers engaged in cross-border e-commerce in China, primarily small and medium-sized enterprises facing challenges in cross-border payments [5]. - The demand for digital payment solutions in emerging markets continues to rise, driving companies to seek growth opportunities abroad [12].