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].

Core Viewpoint - The People's Bank of China has issued a long-term payment license to Chuanhua Payment, marking it as the 14th payment institution to receive such a license, which allows for the operation of both Class I and Class II stored value accounts [1][3]. Group 1: Company Overview - Chuanhua Payment was established in April 2015 and has a history of compliance, initially created to assist in the risk management of Zhejiang Yishi Enterprise Management Service Co., Ltd. [3]. - The company has transitioned ownership, with its 100% stake sold for 315 million yuan to Shanghai Xunhui Information Technology Co., Ltd., reflecting the market's recognition of the value of payment licenses [3][4]. - The acquisition by Shanghai Xunhui is part of its strategy to enhance its global licensing matrix, allowing it to integrate cross-border funds and domestic scenarios effectively [4]. Group 2: Regulatory Changes - The new regulatory framework, effective from May 1, 2024, will replace the previous five-year renewal system with a long-term validity for payment licenses, aligning more closely with banking regulations [5]. - The first batch of long-term licenses included 13 payment institutions, with some institutions exiting the market due to compliance issues and strategic adjustments, highlighting a regulatory "survival of the fittest" approach [5]. Group 3: Industry Trends - In the third quarter, non-cash payment transactions in China reached 1,685.08 billion, with a total amount of 150.336 trillion yuan, indicating significant growth compared to the previous year [7]. - Electronic payment transactions were particularly strong, with 775.54 billion transactions amounting to 82.297 trillion yuan, showcasing the dominance of online payment methods [7][8]. - The rise of industry chain payments is noted as a new highlight, with companies like China Telecom's Yipay reporting substantial growth in transaction volumes and partnerships [8][9]. Group 4: Market Dynamics - The payment industry is experiencing structural differentiation, with traditional card payment methods declining while digital payment methods, especially QR code payments, continue to grow [9][10]. - The forecast indicates that QR code payments will maintain their dominance in the offline small payment market, while card payments will still hold importance in B2B and cross-border transactions despite ongoing pressures [10].