竞争格局与案例分析：金融出海之跨境支付

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1] Core Insights - The report focuses on the competitive landscape and case studies of cross-border payment services, highlighting the growth and challenges in the industry [1][3][4] Summary by Sections Understanding Payment and Cross-Border Payment - Payment can be simply understood as the activity of transferring currency, which consists of three stages: transaction, clearing, and settlement [10][11] - Consumers typically only perceive the transaction stage, often referring to it as "payment" [10] Payment Industry from the Perspective of Payment Service Organizations - The payment system comprises payment service organizations, payment systems, payment tools, and payment regulation [19] - In 2024, non-cash payment transactions in China reached 576.3 billion, amounting to 54.43 trillion yuan, with bank cards accounting for 98% of transaction volume [24][25] Cross-Border Payment Case Study: Ant International - Ant International, part of Ant Group, offers a comprehensive cross-border payment service system, including products like Alipay+ and WorldFirst [101][120] - Alipay+ connects acquiring service providers and mobile payment providers, facilitating seamless transactions across various markets [110][111] Cross-Border Payment Case Study: LianLian Digital - LianLian Digital is a leading digital payment solution provider in China, focusing on cross-border payment services and has expanded its global presence [130][131] - In 2024, LianLian Digital achieved a total revenue of 1.315 billion yuan, a year-on-year increase of 27.9% [134]