2026以PayPal为例，详解区块链革新支付体系

Group 1 - PayPal is deeply integrated into the traditional financial system, relying on networks like Visa and Mastercard, which imposes significant transaction fees and requires substantial pre-funding to manage liquidity [1][9][10] - The company's revenue model is heavily dependent on transaction fees, currency conversion premiums, and interest from idle funds, which are at risk of disruption from blockchain technology [10][20] - PayPal's core value lies in providing a unified trust framework for 400 million buyers and 30 million merchants, acting as a "global super ledger" rather than an independent banking entity [8][9] Group 2 - The introduction of blockchain technology allows PayPal to reclaim settlement authority, enabling "atomic settlement" where asset transfers are irreversible at the moment of transaction, thus bypassing traditional banking delays [2][23] - This shift from a fee-based model to liquidity asset management signifies a transformation in PayPal's business model, focusing on efficient management of available funds rather than merely transaction fees [2][25] - The competitive landscape is evolving from fee competition to efficiency in fund management, as blockchain technology enables more strategic cost control and operational flexibility [2][28] Group 3 - China's approach to digital currency, exemplified by the digital yuan and mBridge, aims to embed settlement authority within a multilateral cooperative framework supported by central bank credit, contrasting with PayPal's model [3][29] - The digital yuan facilitates "payment as settlement," allowing for real-time asset transfers and reducing reliance on traditional banking systems, thus addressing the inefficiencies of cross-border payments [3][32][33] - mBridge's decentralized ledger technology enables direct asset exchanges between participating countries, eliminating the need for a single clearing center and enhancing transaction efficiency [3][35][39]