背叛初衷，“美国支付宝”要靠银行牌照续命了

Core Viewpoint - PayPal, once a disruptor in the financial industry, is now shifting its strategy to become a bank by applying for a banking license, indicating a compromise with the realities of the competitive landscape and regulatory environment [1][2][9]. Group 1: Business Model and Revenue - PayPal's revenue is heavily reliant on its payment business, which accounts for over 90% of its income, making it vulnerable to competition from other payment platforms [2][5]. - The company's market share has declined by 14.5 percentage points over the past three years, primarily due to competition from Block, Apple Pay, and Google Pay [2][8]. - PayPal's payment processing fees range from 1.7% to 2.0%, significantly higher than domestic competitors, which poses a risk as competitors engage in price wars [8][10]. Group 2: Challenges and Competition - PayPal's credit and wealth management services have not developed significantly due to strict regulatory environments and competition, limiting its ability to offer personal loans [6][11]. - The company faces challenges in maintaining user growth, with a projected decrease of 1 million active users from 2022 to 2024, and a 5% year-over-year decline in transaction frequency by Q2 2025 [8][9]. Group 3: Strategic Shift to Banking - The application for a banking license is seen as a critical move for PayPal to enhance its competitive edge and create a more integrated financial platform [9][11]. - If approved, the banking license would allow PayPal to offer interest-bearing savings accounts and lower its funding costs by utilizing customer deposits instead of relying on external banks [11][12]. - The trend among fintech companies to acquire banking licenses reflects a broader shift away from the BaaS (Banking as a Service) model, aiming to establish more direct control over their financial services [12][13].