Core Insights - The mobile payment industry has not seen significant innovations since the introduction of QR code payments by Alipay in 2010 and the "red envelope war" in 2015, leading to a stable but less exciting market dominated by Alipay and WeChat [1] - Alipay is proactively seeking change by investing in future technologies like "Tap" and "Look" payment methods, indicating a strategic shift to avoid being outpaced by competitors [1][9] Alipay's New Payment Methods - Alipay launched the "Look" payment feature in collaboration with smart glasses brand Rokid, allowing users to make payments through voice commands while wearing the glasses [2] - The "Look" payment method offers unique advantages in hands-busy scenarios and provides convenience for special groups like disabled individuals, reflecting Alipay's ambition to simplify payment processes [4] Strategic Partnerships and Costs - Alipay plans to expand its collaboration with Rokid to enhance various daily services, although the current "Look" feature only supports Alipay's QR codes, requiring further partnerships with third-party service providers [5] - The company acknowledges that early investments in new payment methods will incur significant infrastructure costs, as seen with the previous "Tap" feature, which achieved over 100 million users in just 321 days [7] Competitive Landscape - Alipay's aggressive investment strategy contrasts with WeChat Pay, which has been slower in promoting its palm payment feature [8] - The shift from traditional QR code payments to new methods like "Tap" and "Look" aims to bypass WeChat's advantages, particularly the necessity of opening an app for transactions [9][10] Hardware as a Barrier - The focus on hardware, such as smart glasses, is becoming a critical barrier in the next generation of payment systems, with Alipay forming exclusive partnerships to enhance user experience [11] - If smart glasses manufacturers adopt similar strategies as Rokid, the payment landscape could shift dramatically, making hardware partnerships essential for payment service providers [12] Market Potential - Alipay is optimistic about the smart terminal market, having started adapting to smartwatches in 2015, with smart glasses seen as a promising hardware segment [14] - IDC forecasts that global smart glasses shipments will reach 14.5 million units by 2025, with a significant increase in audio and video recording glasses [14] Future Collaborations - Alipay is exploring additional collaborations with other smart glasses manufacturers to further develop the "Look" payment feature, which could lead to a dominant position in the smart glasses payment market [16] - The integration of smart glasses with payment systems may provide a seamless interaction experience, positioning Alipay as a superior entry point for users [17][18]