刚买下支付牌照的小红书，为何关停了“小红卡”？

Core Viewpoint - Xiaohongshu has made a strategic move by acquiring a payment license, but it simultaneously announced the suspension of its local life membership program "Xiaohong Card," indicating a complex strategic landscape with both expansion and contraction elements [1][8]. Group 1: Payment License Acquisition - Xiaohongshu acquired 100% of Dongfang Electronic Payment Co., Ltd., gaining a payment license that allows for core functions such as user recharge, consumption, and transfer, which aligns with its e-commerce and local life payment needs [3][10]. - The acquisition of the payment license is expected to optimize cost structures, improve merchant settlement efficiency, and provide valuable data assets for the platform [3][10][11]. - Previously, Xiaohongshu relied on third-party payment channels, incurring high transaction fees estimated at around 2.4 billion yuan annually based on a projected GMV of over 400 billion yuan for 2024 [2][9]. Group 2: Suspension of Xiaohong Card - The "Xiaohong Card," launched in September 2025 with an annual fee of 168 yuan, aimed to create a premium membership experience in cities like Shanghai, Hangzhou, and Guangzhou, but will be suspended starting January 1, 2026 [5][12]. - The suspension is attributed to high operational costs and a mismatch with Xiaohongshu's core online content-driven model, which contrasts with the "heavy operation" nature of local life services [5][12][13]. - The decision to pause the program allows Xiaohongshu to reallocate resources towards more critical areas, particularly the integration of its e-commerce and payment systems [6][13].