Core Viewpoint - The global payment industry is undergoing significant transformation, driven by technological innovation and evolving regulatory frameworks, with a focus on enhancing service to the real economy [1][3]. Group 1: Global Payment Industry Trends - The report identifies four major trends in the global payment industry: regionalization and infrastructure development, accelerated application of technologies like AI and blockchain, a focus on regulatory consistency, and the emergence of new payment models such as A2A payments and BNPL [3][4]. - The shift from traditional transaction processing to more intelligent financial infrastructure highlights the growing importance of payment systems within the financial ecosystem [3][5]. Group 2: China's Payment Industry Development - China's payment industry is characterized by its leading global scale, with a focus on ecological, open, and compliant development following the explosive growth of mobile payments [6][7]. - The industry has formed a diverse ecosystem, integrating both physical and digital card issuance, with digital wallets becoming central payment tools [7][8]. - As of the second quarter of 2025, non-bank payment institutions in China processed 333.845 billion network payment transactions, amounting to 82.11 trillion yuan [7]. Group 3: Innovation and Competition - The payment industry is experiencing a homogenization of services, leading institutions to seek new growth points through technological advancements [5][8]. - The competitive landscape is shifting towards financial technology and value-added services, with institutions focusing on digitalization and tailored solutions for specific industries [8].

Core Insights - The partnership between American Express and Lianlian Digital, through their joint venture Lian Tong (Hangzhou) Technology Service Co., aims to enhance payment innovation and support domestic partners in China [1][2] - The recent summit at the 2025 Inclusion Bund Conference gathered nearly 400 representatives from various sectors, focusing on payment innovation and improving cardholder experiences [1] Group 1 - The summit featured keynote speeches from industry leaders, including Kartik Mani, President of Global Network Services at American Express, emphasizing collaboration and innovation in the payment sector [1] - Lian Tong introduced a new corporate payment solution called the Centralized Payment Account, which allows companies to manage travel-related expenses more effectively by integrating with multiple banks and expense management platforms [1] - This solution represents a successful localization of American Express's global corporate payment offerings in mainland China, showcasing the company's commitment to enhancing service for local partners [1] Group 2 - CEO Zhu Yaming highlighted the importance of the Bund Conference as a platform for discussing payment innovation and enhancing customer experiences for American Express cardholders and domestic merchants [2] - The focus on differentiated services aims to support the steady development of the payment industry in China [2]

Group 1 - The 2025 China International Service Trade Fair aims to inject new momentum into global service trade development, showcasing China's commitment to high-level opening up and promoting high-quality service trade growth [1] - The theme of this year's fair is "Digital Intelligence Leading, Service Trade Renewed," highlighting innovations in artificial intelligence (AI) and big data [2] - The fair features various innovative products, including the FWH-3000 heavy-duty drone for logistics and medical rescue, and advanced nuclear power construction technologies [2] Group 2 - China's travel service exports grew by 62.9% in the first seven months of the year, driven by policies such as visa exemptions and payment facilitation [4] - China Bank announced a new "immediate refund" tax refund service for outbound travelers, enhancing its brand recognition in the tax refund sector [4] - Tencent showcased cross-border payment services for foreign visitors, allowing users from countries like Malaysia and Singapore to use their wallets for in-store purchases in China [4] Group 3 - The fair attracted participation from 54 countries and 21 international organizations, creating opportunities for collaboration [6] - Australian companies presented innovative products, including a 3D interactive product that can be applied in various fields such as healthcare and education [6] - The event emphasizes mutual cooperation and shared prosperity, aiming to expand bilateral and regional service trade partnerships [7]

Group 1 - Shunyi District has implemented over 200 key tasks related to the "Two Zones" initiative, achieving a high level of innovation density with 16 breakthrough policies, 8 of which are national firsts [1] - The district has established itself as a pilot area for rare disease drug security, upgraded "bonded + consumption" models, and initiated cross-border e-commerce sales of medical products, enhancing trade facilitation and public welfare [1] - In the aviation sector, Shunyi has pioneered the use of the comprehensive bonded zone for international aircraft engine repairs and opened the first fifth freedom route from Beijing, with the aviation engine maintenance project expected to operate by 2026 [1] Group 2 - The financial sector in Shunyi has attracted major foreign institutions, including Allianz Insurance Asset Management and PayPal, creating a multi-faceted financial cluster [2] - The Capital International Convention Center has commenced operations, promoting the "Shunyi Convention" brand, while cultural trade innovations have established Shunyi as a significant hub for international cultural exchanges [2] - The Tianzhu Comprehensive Bonded Zone has achieved an import and export value of 123.5 billion, with an average annual growth rate of 19% since 2020 [2] Group 3 - Shunyi District has seen a 50% increase in foreign enterprises, reaching a total of 2,181, due to enhanced foreign investment services and streamlined approval processes [3] - The district has established 16 national-level standardization pilot projects, significantly improving cross-border trade efficiency, with a new model for rare disease drug supply chain management [3] - The Capital Airport Economic Zone has developed 13 types of specialized port functions, supporting the growth of industries such as integrated circuits and biomedicine [3]

Core Insights - The report highlights a dual trend in the global payment industry characterized by "regionalization" and "infrastructuralization" as it undergoes significant transformation [1] - It emphasizes the role of card organizations in supporting the real economy through digital transformation and ecosystem collaboration, providing future development paths and policy recommendations [1] Industry Trends - The global payment industry is experiencing a shift towards real-time payment systems and regional interconnectivity, driven by advancements in technologies such as AI, big data, cloud computing, blockchain, and biometrics [1] - New payment models like Account-to-Account (A2A) payments, Buy Now Pay Later (BNPL), and cryptocurrency wallet payments are rapidly emerging, reflecting the market's demand for efficient and diverse payment tools [2] Achievements in China - China's payment industry has developed a leading global scale, deep technological penetration, and a diverse ecosystem, with a parallel issuance model of physical and digital cards becoming mainstream [2] - Various payment methods, including card swiping, QR codes, NFC, and biometric payments, are widely adopted in high-frequency, low-value transaction scenarios such as supermarkets and transportation [2] Collaborative Efforts - Card organizations are enhancing cooperation in product innovation, scenario co-construction, and risk management, with initiatives like the upgrade of dual-standard cards from magnetic to chip cards by 2025 [3] - The report underscores the indispensable core value of card organizations in advancing payment experiences and establishing a secure, globally compatible, and open interconnected industry mechanism [3]

Core Insights - PayPal has launched an upgraded "PayPal Open" global payment platform, enhancing system stability and business scalability [1] - The new platform supports various features including subscription billing, in-app payments, multi-currency display and settlement, and intelligent risk control capabilities [1] - Key checkout experience optimizations include "Fastlane by PayPal" and "New Checkout," aimed at improving cross-border payment efficiency and security [1] Feature Enhancements - "Fastlane by PayPal" allows users to autofill shipping and payment information, increasing merchant checkout sales by an average of 7.5% [1] - "New Checkout" streamlines the payment process from multiple steps to three, reducing payment delays by 35% and improving completion speed by approximately 400 basis points [1] Venmo Expansion - By 2026, Venmo users will be able to use the app for purchases at millions of online and offline merchants globally, expanding its consumer scenarios [2] - This initiative provides new marketing channels for cross-border merchants targeting young, urban, high-spending digital-native consumers [2] AI Integration - PayPal is focusing on integrating AI technology into its services, with a recent developer hackathon aimed at creating smarter, automated cross-border payment solutions [2] - AI is expected to reshape existing search and social customer acquisition models, with 60%-70% of Chinese clients already utilizing AI technologies [2][3] Market Resilience - Despite challenges in the foreign trade environment, Chinese cross-border merchants have shown strong resilience and adaptability [3] - New cross-border business models are emerging, with digital services and content products like games and AI tools becoming new growth points [3] Commitment to China - PayPal plans to increase investment in the Chinese market, particularly in the integration of AI and payment services to help merchants maintain competitiveness in a complex international environment [4]

经济观察网 9月10日至13日，以"重塑创新增长"为主题的"2025Inclusion·外滩大会"在上海黄浦世博园区 盛大举行。 谈及欧洲金融科技未来及中资企业出海欧洲的路径，刘丁华认为，鉴于欧洲复杂的监管体系与成熟的市 场生态，中资企业若要在欧洲立足，应选择与具备深厚合规能力、强大生态整合能力的支付机构合作。 数据显示，空中云汇在全球设立26个办事处，全球本地化团队超1800人，且扩张步伐仍在不断加快。近 日空中云汇通过收购位于美国旧金山的计费平台OpenPay，将推出计费功能，与Stripe Billing等同类对 手竞争，助力企业释放商业潜力；在巴西，空中云汇顺利运营支付机构牌照，此外其正筹备在墨西哥推 出收单等产品，拓展在拉丁美洲市场的业务版图。 空中云汇还在越南市场完成对CTIN Pay的收购，持有金融牌照已覆盖亚太地区主要市场，并借此快速 获取当地市场资源与运营经验，扩大亚太市场影响力。 2025年年中数据显示，空中云汇的年化交易额已突破2000亿美元大关，与去年同期相比增长92%；年化 收入同步跃升至9亿美元，同比增长89%。 对于未来发展，空中云汇将继续以金融科技为核心支撑，在优化跨境支付相关 ...

Group 1 - PayPal aims to resolve payment challenges for overseas tourists in China by allowing them to scan WeChat payment QR codes within this year [1] - The launch of PayPal World is intended to connect global local wallets, enabling users to make quick payments and receipts using their local wallets [1] - PayPal is collaborating with Tenpay Global as one of its first partners to achieve global payment interoperability [1] Group 2 - PayPal's business in China has primarily served cross-border e-commerce sellers, with a significant focus on the Chinese market [2] - The cross-border e-commerce export in China is projected to reach approximately 2.15 trillion yuan in 2024, reflecting a year-on-year growth of 16.9% [2] - PayPal's growth rate in China has exceeded the overall market growth, indicating strong performance [2] - The company recognizes the emerging trends in industries such as short dramas and gaming, and plans to support these sectors in their international expansion over the next five years [2]

Core Insights - The report highlights the focus on "regulatory consistency" and "penetrative regulation" globally, aiming for a dynamic balance between fair competition, risk prevention, and innovation incentives [1] - New payment methods such as Account-to-Account (A2A) payments, Buy Now Pay Later (BNPL), and cryptocurrency wallet payments are rapidly developing, reflecting the market's pursuit of efficient and diverse payment tools [1] Industry Achievements - The Chinese payment industry has achieved significant milestones, forming an ecosystem characterized by "global scale leadership, deep technological penetration, and diverse structural coexistence" [1] - The mainstream model of issuing both physical and digital cards has emerged, with digital wallets becoming the core payment tool due to their convenience [1] - Various payment methods, including card swiping, QR codes, NFC, HCE, palm scanning, and facial recognition, have achieved extensive coverage in high-frequency, low-value transaction scenarios such as supermarkets and transportation [1] Transformation Pathways - The report outlines the transformation path of card organizations in the global payment industry, noting that Visa is transitioning from a traditional four-party clearing network to an open ecosystem positioning [1] - Visa is extending its value boundary from transaction processing to capability output, strategically connecting multiple payment tracks and driving a comprehensive reconstruction of payment and fund flows [1] - Visa's card business continues to demonstrate vitality, evolving into a multi-engine structure of "consumer payments + commercial payments and fund flows + value-added services" [1]

Core Insights - PayPal has launched a global payment platform in Shenzhen to assist Chinese merchants in accelerating their globalization efforts through AI-enabled products and optimized consumer experiences [1][2] - The company emphasizes its commitment to the Chinese market, which is seen as a crucial part of its global strategy, and plans to focus on emerging industries such as short videos, live streaming, and AI over the next five years [2] Group 1: Market Position and Strategy - PayPal has established itself as a key player in the digital payment sector, having served nearly 200 markets and millions of consumers and merchants globally over 25 years [1] - The company has achieved significant growth in its Chinese operations, outpacing the 16.9% year-on-year increase in China's cross-border e-commerce exports [2] - PayPal aims to provide customized solutions for emerging industries, enhancing its local operations and services such as RMB withdrawals [2] Group 2: Addressing Pain Points in Cross-Border Payments - The company identifies three major pain points for cross-border e-commerce sellers: security risks, fragmented payment methods, and technical barriers for small and medium-sized merchants [3] - PayPal utilizes AI-driven risk management models to enhance transaction security, allowing merchants to mitigate potential fraud losses [3] - The platform has evolved from a single payment tool to a comprehensive global payment platform, integrating various payment methods and offering rapid fund transfer services [3] Group 3: Competitive Landscape - The cross-border payment sector is highly competitive, with both local and international players vying for market share [4] - PayPal's unique advantage lies in its extensive bilateral network of 400 million active users and millions of merchants, facilitating direct access to a large consumer base [4] - The company collaborates with other institutions, such as UnionPay International, to enhance its service offerings and promote industry growth [4]