第三方支付“进与退”

Group 1 - The payment industry is entering a long-term licensing era by 2025, with a shift towards a focus on financial infrastructure attributes, leading to a more regulated environment where capital strength, corporate governance, and compliance capabilities are critical for payment institutions [1] - The domestic third-party payment industry has reached a peak in overall growth, with both transaction scale and user frequency entering a plateau phase, resulting in a shift from incremental expansion to stock competition [1] - By 2026, the number of payment licenses is expected to continue to decline slowly, with smaller institutions lacking sustainable business models likely to exit the market [1] Group 2 - As of December 26, 11 payment licenses have been revoked this year, totaling 107 licenses since the inception of the licensing system, leaving 164 licensed payment institutions [2] - The People's Bank of China has been actively revoking licenses, with a notable increase in the number of revocations from 2015 to 2024, indicating ongoing structural adjustments within the third-party payment sector [2][3] - The pressure for structural adjustment is particularly focused on prepaid card institutions, which face shrinking application scenarios and rising compliance costs [3] Group 3 - Internet platforms are increasingly acquiring payment licenses as they recognize the importance of payment systems in building commercial ecosystems and reducing transaction costs [4][6] - Companies like Xiaohongshu and Tongcheng Group have recently acquired payment licenses, indicating a trend of internet firms consolidating payment capabilities [5][6] - The acquisition of payment licenses is seen as a strategic move to enhance compliance and facilitate future growth in e-commerce and financial services [6] Group 4 - Cross-border payment is emerging as a new growth area for payment institutions, with several players obtaining domestic payment licenses to facilitate international transactions [7][8] - Companies like Newland and Lakala have reported significant growth in cross-border payment volumes, indicating a shift in focus towards international markets [8] - Smaller institutions are expected to emphasize local compliance and operational capabilities in their overseas expansions, rather than merely replicating domestic models [9]