传化支付长期牌照落地，支付行业开启"提质竞速"新周期 21世纪经济报道 叶麦穗 近日，央行官网发布非银行支付机构《支付业务许可证》续展(换证)公示信息(2025年12月批次)。信息 显示，传化支付有限公司(以下简称"传化支付")正式换发长期有效的支付牌照，许可内容为"储值账户运 营Ⅰ类、储值账户运营Ⅱ类(仅限线上实名支付账户充值)"。 这是央行披露的第14家换发长期有效牌照的支付机构名单。 传化支付拿"长期牌照" 回溯传化支付的成长历程，合规基因贯穿始终。这家成立于2015年4月的支付机构，诞生之初便肩负着 特殊使命——其原母公司通过债权债务承接方式，配合地方政府处置浙江易士企业管理服务有限公司的 风险事件。2017年，随着浙江易士风险处置尘埃落定，央行正式公告其牌照信息，传化支付也由此成为 支付行业中"风险处置衍生机构"的典型代表。 在支付业务类型重新划分前，传化支付已具备"互联网支付、移动电话支付、预付卡发行与受理(仅限于 线上实名支付账户充值)"的完整资质，为后续发展奠定基础。 2025年，传化支付迎来发展历程中的关键转折点——股权的全面更迭。3月31日，传化智联股份有限公 司发布公告称，其子公司传化物 ...

Core Viewpoint - The article discusses the recent issuance of a long-term payment license to Chuanhua Payment Co., Ltd. by the People's Bank of China, highlighting its significance in the payment industry and the regulatory changes that support the growth of non-bank payment institutions [1][3][4]. Company Overview - Chuanhua Payment was established in April 2015 and has a history of compliance, initially created to assist in risk management for Zhejiang Yishi Enterprise Management Service Co., Ltd. [3]. - The company has transitioned from being a "risk disposal derived institution" to a recognized player in the payment industry, having obtained various payment qualifications before the recent regulatory changes [3][4]. Regulatory Changes - The People's Bank of China has shifted to a long-term license model for payment institutions, eliminating the previous five-year renewal cycle, which reduces uncertainty and preparation pressure for these companies [4][5]. - The first batch of institutions to receive long-term licenses included 13 companies, with some institutions exiting the market due to compliance issues and strategic adjustments [5]. Market Dynamics - The third quarter of 2025 saw significant growth in non-cash payment transactions, with 1,685.08 billion transactions amounting to 150.336 trillion yuan, indicating a recovery in consumer spending and digital payment acceleration [7]. - Electronic payment transactions were particularly strong, with 775.54 billion transactions worth 82.297 trillion yuan, showcasing the dominance of online payment methods [7][8]. Industry Trends - The rise of industry chain payments is a new highlight, with companies like China Telecom's Yipay reporting substantial growth in transaction volumes and partnerships [8][9]. - The integration of payment services with the real economy is deepening, as seen in initiatives that combine communication, consumption, and lifestyle services [9]. Future Outlook - The payment industry is expected to continue evolving, with QR code payments leading the small-value transaction market, while card payment services will remain essential in B2B and cross-border transactions despite ongoing pressures [10].