Core Viewpoint - The management and registration of outsourcing institutions in the payment acceptance sector are crucial for standardizing the market and ensuring industry order, with over 33,000 institutions having completed registration as of May 6, involving more than 700 aggregation payment institutions [1][2]. Group 1: Industry Overview - The term "outsourcing institutions" refers to legally established entities that undertake non-core business for payment acceptance institutions, including services like aggregation payment technology, merchant recommendations, and maintenance [1]. - The China Payment and Clearing Association has been intensifying regulations in the payment acceptance sector, recently issuing guidelines to strengthen management of outsourcing services and mitigate risks associated with subcontracting [1]. Group 2: Regulatory Trends - Experts predict a trend towards deeper, normalized regulation in the outsourcing service market, with the Payment and Clearing Association initiating inspections and focusing on combating fraudulent merchants [2]. - There will be a tiered management approach, where severely violating outsourcing institutions (e.g., those involved in gambling or money laundering) may be blacklisted [2]. - The registration system is seen as a key component of "penetrating regulation" in the payment industry, promoting a shift from rapid expansion to meticulous management, which is expected to enhance market health and user trust over the long term [2].