一边是腾讯财付通超百亿元资本金的"豪掷加码"，一边是12家机构牌照的"黯然离场"，回顾2025年 的第三方支付行业，资本与牌照向头部高度集中，专业化细分赛道加速下沉，行业生存逻辑也在被进一 步改写中…… 回顾2025年第三方支付行业，"进与退"的两面展现得愈发明显。一方面，《非银行支付机构监督管 理条例》（以下简称《条例》）缓冲期正式结束，绝大多数持牌机构已完成更名、实缴资本提升等合规 动作。 包括宝付支付、东方付通支付等机构在内，年内获批变更公司名称，加入"支付"字样。这与《条 例》规定保持一致。同时，为满足"设立非银行支付机构的注册资本最低限额为人民币1亿元，且应当为 实缴货币资本"的要求，已有唯品会支付、银盛支付等分别增资至2亿元、3.1亿元。 "注册资本普遍提高至1亿元或以上，行业准入门槛实质性抬高，合规成本显著上升。这不仅强化了 行业的规范性，也加速了缺乏实际业务能力的机构退出。"博通咨询首席分析师王蓬博评价道。 向监管靠拢的同时，更多支付机构进行大手笔增资以夯实资本实力、巩固行业地位。财付通自2024 年4月注册资本从10亿元猛增至153亿元，到2025年6月获批再增至223亿元。此外，也有网银支 ...

一边是腾讯财付通超百亿元资本金的"豪掷加码"，一边是12家机构牌照的"黯然离场"，回顾2025年的第三方支付行业，资本与牌照向头部高度集中，专业 化细分赛道加速下沉，行业生存逻辑也在被进一步改写中…… 不变的是严监管态势，2025年，支付行业被罚没超2亿元、约75张罚单落地，反洗钱、备付金、商户管理三类违规成为罚单重灾区，"全周期管控"与"主动 防控"取代"事后处罚"和"被动整改"，成为支付机构的必修课。 格局"大洗牌"、合规"动真格"之外，"破存量""谋出海"仍是机构谋求的关键词，北京商报记者了解到，2025年多家支付机构在海外业务上取得突破性进 展，业内认为，未来，出海胜出者仍需具备本地合规能力、与本地钱包或银行的合作能力，并探索基于支付的增值服务变现路径。 "进与退"的两面 回顾2025年第三方支付行业，"进与退"的两面展现得愈发明显。一方面，《非银行支付机构监督管理条例》（以下简称《条例》）缓冲期正式结束，绝大 多数持牌机构已完成更名、实缴资本提升等合规动作。 "注册资本普遍提高至1亿元或以上，行业准入门槛实质性抬高，合规成本显著上升。这不仅强化了行业的规范性，也加速了缺乏实际业务能力的机构退 出。" ...

Core Viewpoint - The performance of payment institutions in China shows a dual-track characteristic of "steady growth in domestic business and explosive expansion in cross-border business" in the first half of 2025, with a notable shift from "traffic competition" to "value creation" in the industry [3][5]. Group 1: Financial Performance - As of June 30, 2025, Lakala reported a revenue of 2.65 billion yuan and a net profit of 230 million yuan, with its digital payment business generating 2.36 billion yuan in revenue and a transaction amount of 1.96 trillion yuan [2]. - Lianlian Digital achieved a total revenue of 783 million yuan, a year-on-year increase of 26.8%, and a net profit of 1.51 billion yuan, with a total payment volume (TPV) of 2.1 trillion yuan, up 32% [2]. - Yizhifu's operating profit exceeded 40 million yuan, growing over 50% year-on-year [3]. Group 2: Cross-Border Expansion - Yizhifu's cross-border collection amount exceeded 2.5 billion USD, a year-on-year increase of over 47%, covering over 170 countries and regions [3][4]. - Lakala's cross-border payment transaction amount and customer numbers grew by 73.5% and 70.4% respectively, while foreign card payment transaction amounts and customer numbers surged by 210% and 72% [4]. - Micard obtained the Money Services Business (MSB) federal payment license in the U.S. and the Money Transmitter License (MTL) in Arizona, further enhancing its overseas operations [4]. Group 3: Industry Trends - The payment industry is experiencing three major trends: licensing first, localized operations, and ecosystem integration, reflecting a strategic logic of "local payment + global ecosystem" [5][6]. - The acceleration of overseas expansion by payment institutions is driven by policy benefits, explosive demand from globalization and cross-border e-commerce, and the saturation of the domestic payment market [5][6]. - The convenience of payment is expected to bring various opportunities for payment institutions, particularly in technological innovation, scenario expansion, cross-border payments, and policy support [6].