又一机构退场，支付牌照仅剩162张！预付卡是注销“重灾区”

Core Viewpoint - The number of third-party payment licenses in China is continuously decreasing, with only 162 licenses remaining after the recent cancellation of the license for Jubaopay, marking a significant exit from the market for payment institutions [1][9]. Industry Overview - Since the People's Bank of China issued the first batch of third-party payment licenses in 2011, a total of 271 licenses have been issued, with 109 licenses now canceled, indicating that over 40% of payment institutions have exited the market [1][15]. - The cancellation of Jubaopay's license highlights the ongoing trend of consolidation and exit among smaller payment institutions, particularly in the prepaid card sector, which has become a "disaster zone" for cancellations, accounting for approximately 77% of the canceled licenses [6][15]. Regulatory Environment - The recent cancellation of Jubaopay's license is seen as a benchmark for consumer rights protection, with the transition of its business to Jianye Payment ensuring continuity for users [4][12]. - The regulatory environment is tightening, with significant penalties imposed on other payment institutions, reflecting a continuation of strong regulatory measures from 2025 into 2026 [13][14]. Market Dynamics - The payment industry is experiencing a natural selection process, with larger institutions benefiting from technological investments and resource integration, while smaller institutions struggle with compliance costs [4][7]. - The average settlement fee for prepaid card institutions is 2.45% in 2024, significantly higher than that of online payments and card acceptance, indicating that larger institutions can still achieve high profits in niche areas [16]. Future Trends - The industry is shifting from competition for traffic to a focus on value cultivation, with a growing emphasis on B2B digital services [17]. - The prepaid card sector is evolving, transitioning from physical cards to digital forms, and integrating into various consumer scenarios through partnerships [16][17].