Core Viewpoint - The article discusses the recent developments in the non-bank payment industry in China, particularly focusing on the regulatory changes and the implications for payment institutions following the implementation of the new regulations. Group 1: Regulatory Changes - The People's Bank of China has approved the increase of registered capital for Jiepay Ruitong (Inner Mongolia) Payment Co., Ltd. [1] - The "Non-Bank Payment Institution Supervision Management Regulations" have led to various payment companies changing names and increasing capital, indicating a shift towards compliance and quality optimization in the industry [2][6] - The recent issuance of "long-term valid" payment licenses to 13 payment institutions reflects a move towards normalized regulation, emphasizing quality over quantity [3][9] Group 2: Company Developments - Jiepay Ruitong was established in 2011 and has undergone several changes, including a name change in 2024 to comply with new regulations, and it is now primarily owned by Xiaomi Technology [4][5] - The company has expanded its services through an app based on the Xiaomi operating system, offering various payment and financial services [4] - Other payment companies, such as WeChat Pay, Douyin Pay, and LeShua Pay, have also significantly increased their registered capital to meet the new regulatory requirements [7] Group 3: Industry Implications - The new regulations require non-bank payment institutions to include "payment" in their names and maintain a minimum registered capital of 100 million RMB [7] - The shift to "long-term valid" licenses does not imply relaxed regulation; instead, it raises compliance standards for payment institutions [9][10] - Analysts suggest that the regulations aim to transition the industry from "scale expansion" to "quality development," enhancing the overall compliance of payment institutions [10]