Core Viewpoint - Recently, Dongfang Electronic Payment Co., Ltd. has been fully acquired by Ningzhi Information Technology (Shanghai) Co., Ltd., indicating that Xiaohongshu has obtained a payment license [1] Group 1: Company Developments - Dongfang Payment's payment license is set to be renewed in August 2024, allowing it to conduct internet payment and other related businesses [1] - Ningzhi Information is a subsidiary of Xiaohongshu Technology Co., Ltd., which highlights Xiaohongshu's strategic move into the payment sector [1]

Group 1 - Citibank China has voluntarily terminated its membership with China UnionPay, ceasing its payment operations through the UnionPay network [2][3] - This decision is part of Citigroup's global restructuring of its personal banking business, which includes exiting the personal banking market in 14 global markets, including mainland China [2] - Following the termination, Citibank China will stop its personal credit card transactions by May 6, 2024, and will gradually cease related product services [2] Group 2 - The termination of Citibank China's UnionPay membership also results in the automatic termination of its UnionPay International membership, preventing it from conducting domestic and cross-border payment operations [3] - Customers holding Citibank China cards may face some impact when using UnionPay International channels abroad, but those whose accounts have transitioned to HSBC China will likely remain unaffected [3] - Despite the termination, Citigroup's overseas entities can still independently become UnionPay International members to conduct international business through the UnionPay network [3] Group 3 - The termination of Citibank China's membership has prompted interest from various foreign banks seeking to become UnionPay members, aiming to expand their payment acceptance networks and enhance customer experience in China [4]