Core Viewpoint - The article discusses the fragmentation of global payment systems, highlighting the shift from a linear, standardized approach to a more diverse and localized payment landscape, where different technologies coexist and operate independently [2][3][4]. Group 1: Fragmentation of Global Payments - The current state of global payments is characterized by a lack of interoperability, leading to a situation where payment methods that work in one region fail in another, creating a "cyber waste" of electronic wallets when crossing borders [3][4]. - The article emphasizes the need for a new logic of connectivity that respects local payment systems while enabling interoperability, as demonstrated by UnionPay's approach at the recent Global Partner Conference [4][7]. Group 2: Thick Description and Cultural Sensitivity - The concept of "thick description" is introduced to explain the need for understanding the underlying motivations and contexts behind payment behaviors, moving away from a one-size-fits-all model to a more nuanced approach that respects local payment sovereignty and data security [6][7]. - UnionPay's strategy is to foster an open and inclusive payment ecosystem that allows for the coexistence of various local technologies while facilitating cross-border transactions [7][9]. Group 3: Technical Integration and Efficiency - The proposed solution for achieving interoperability is based on a "one-point access, global sharing" model, which simplifies the connection process for different payment systems, allowing for seamless transactions without the need for extensive individual integrations [14][15]. - This model not only enhances efficiency but also respects local payment habits, reducing the learning curve for users and merchants [15][17]. Group 4: Reconstructing the Payment Ecosystem - The article outlines a new "four-party model" that reflects the evolving nature of payment systems, recognizing the importance of technology platforms and their role in user engagement and transaction facilitation [19][22]. - By redistributing the rights to define payment systems, UnionPay aims to create a collaborative ecosystem where all participants contribute to the network's growth, transforming competition into mutual benefit [23][24]. Group 5: Future of Global Payments - The article concludes by suggesting that the future of global payments lies in creating a "universal interface" that connects disparate payment systems without challenging national sovereignty, thus facilitating trust and efficiency in cross-border transactions [27][28]. - This approach positions UnionPay as a foundational player in the global payment landscape, emphasizing the importance of adaptability and collaboration in an increasingly fragmented world [28][29].