Core Viewpoint - The article highlights the increasing popularity of "China Travel" in 2024, with various regions prioritizing inbound tourism as a key task for cultural and tourism development by 2025, supported by initiatives to enhance transportation and payment convenience [1][5]. Group 1: Inbound Tourism Development - Multiple regions are focusing on inbound tourism as a significant aspect of their 2025 cultural and tourism development plans, implementing new measures to facilitate travel [1]. - The China UnionPay is accelerating the construction of a cross-border payment ecosystem to meet the growing demand for cross-border payment services from foreign visitors [1][8]. Group 2: Payment Innovations - The "Jinxiu Action" by China UnionPay has led to innovative payment experiences, allowing foreign tourists to use their home electronic wallets linked to UnionPay cards for seamless transactions across various scenarios [5][3]. - UnionPay is collaborating with commercial banks, acquiring institutions, and merchants in 41 key cities to create an inclusive payment system that supports multiple payment methods [5][8]. Group 3: User Experience - Foreign tourists, such as a Thai traveler, report that using their home wallets linked to UnionPay cards eliminates the need for currency exchange, providing a transparent and convenient payment experience [3]. - The system allows automatic currency conversion, enhancing the payment experience for international users, as demonstrated by a Korean student using Naver Pay linked to UnionPay for daily expenses [5][8]. Group 4: Future Directions - UnionPay aims to promote high-level openness through payment innovations, transitioning from convenience to smarter payment services while expanding its global payment network [8].

Core Viewpoint - The China Payment and Clearing Association has issued a warning regarding the management of outsourced acquiring services, emphasizing the need to prevent subcontracting and sub-leasing risks in the industry [1][2][4]. Group 1: Regulatory Requirements - The association has outlined three main requirements for the industry: 1. Acquiring institutions must enhance management of outsourced institutions and their operations 2. Acquiring institutions should strengthen risk management of outsourced services 3. Outsourced institutions must comply with self-regulatory management requirements [2][3]. Group 2: Industry Oversight - As of May 6, over 33,000 outsourced institutions have completed registration, involving more than 700 aggregation payment institutions, with 972 institutions registered in the current year [1]. - The association has noted that acquiring institutions should conduct thorough due diligence on outsourced partners and establish risk management systems, including annual independent security assessments [3][4]. Group 3: Market Trends - The regulatory environment for outsourced acquiring services is expected to remain stringent, with ongoing inspections and a focus on combating fraudulent merchant activities [4][5]. - The association's push for full registration of existing outsourced institutions is seen as a critical step towards enhancing market integrity and user trust [5].

2025年"五一"假期（2025年5月1日至5日），银联、网联共处理支付交易234.39亿笔、金额7.64万亿元， 较去年"五一"假期（2024年5月1日至5日）分别增长20.49%、3.21%。其中，处理境外来华人员支付交 易笔数、金额较去年同期分别增长244.86%、128.04%。 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating for VISA [2][9]. Core Insights - VISA is positioned as a global leader in digital payments, transitioning from a payment clearing network operator to a comprehensive digital payment infrastructure provider and fintech empowerment platform [3][9]. - The company has established a robust competitive moat through its first-mover advantage, network effects, and continuous technological innovation, which supports its market leadership [9][46]. Financial Overview - Current price: US$334.37, Target price: US$364.35, Market capitalization: US$653.22 billion [2]. - Revenue projections for FY25, FY26, and FY27 are US$39.33 billion, US$43.15 billion, and US$47.54 billion respectively, with a compound annual growth rate (CAGR) of approximately 10% [4][8]. - Net profit estimates for the same periods are US$22.06 billion, US$24.36 billion, and US$26.68 billion, reflecting a CAGR of around 10% [4][8]. Business Segments - VISA's revenue is derived from four main segments: data processing income (35.6%), payment services income (32.4%), international transaction income (25.5%), and other income (6.4%) [4][6]. - The company anticipates growth in payment services income driven by innovative technologies and increased penetration among high-end consumers [4][8]. Strategic Growth Pillars - The report highlights three strategic pillars for growth: consumer payments, new payment flows, and value-added services, which are expected to drive revenue diversification and enhance platform value [15][16]. - The potential market for new payment flows is estimated at US$200 trillion, with significant opportunities in B2B, B2C, G2C, and P2P transactions [21][22]. Market Position and Competitive Advantage - VISA maintains a leading market share of 61.1% in the U.S. payment card industry, significantly ahead of competitors [3][38]. - The company's light-asset model and high leverage support a strong return on equity (ROE) of 56.5% in FY25, with expectations of continued shareholder returns through buybacks and dividends [7][8]. Technological Innovation - VISA's investment in technology, such as tokenization and contactless payment solutions, enhances transaction security and user experience, contributing to its competitive edge [46][47]. - The company has processed over 100 billion transactions through its VISA Direct platform, which supports real-time fund transfers, further solidifying its position in the digital payment ecosystem [25][28].

Core Viewpoint - China UnionPay has issued a stern announcement regarding new types of fraud, urging cardholders to be vigilant and protect their financial information [1][2] Group 1: Fraud Prevention Measures - Cardholders are advised not to click on unfamiliar links or download apps from unverified sources to ensure the security of their bank accounts [1] - Users should avoid sharing their mobile screens with strangers and be cautious of any requests for remote assistance that could lead to the exposure of sensitive information [1] - It is recommended to verify the identity of callers claiming to be customer service representatives, especially those requesting unusual actions like keeping a bank card close to a phone [1] - Cardholders are warned against lending or renting their bank cards, as this could facilitate criminal activities and violate laws [1] Group 2: Risk Management and Technology Utilization - China UnionPay has enhanced its risk monitoring capabilities using AI and big data technologies, successfully intercepting over 200 million suspicious gambling and fraud-related transactions since 2021 [2] - The organization has blocked high-risk cross-border suspicious transactions involving tens of thousands of bank cards in real-time [2] - Since the launch of its risk management platform in 2016, China UnionPay has assisted law enforcement in freezing over 70 trillion yuan in suspicious funds [2] - The company has implemented a judicial assistance system for rapid queries on illegal fund flows, collaborating with law enforcement on over 7,000 cases of gambling and fraud in 2024 [2] - China UnionPay is committed to working with various industry stakeholders and law enforcement to mitigate risks associated with cross-border gambling and telecom fraud [2]

面对电信网络诈骗、跨境赌博等新型违法犯罪手段的不断升级,中国银联始终秉持"支付为民"的初心,在 人民银行的指导下,切实履行银行卡清算机构职责与金融基础设施的担当,不断提升风控能力,加强警银协 作和产业联防联控,将反诈拒赌作为维护金融安全的重要任务,全力保障持卡人资金安全,为人民群众筑牢 金融安全防线。 中国银联不断压实工作责任,以"技术防控"为根基,通过"便民服务"提升用户自主防范能力,依托"精准拦 截"动态阻断风险,最终通过"广泛宣传"凝聚社会共识,形成"预防—拦截—响应—教育"的闭环防护体系,织 密金融行业风险防控网,多措并举构建起全方位风险防控体系,牢牢守护百姓的"钱袋子"。 凝聚安全共识,筑牢全民反诈防线 除技术拦截与便民服务之外,银联着力提升全民反诈意识。积极参与"反赌反诈集中宣传月""3·15消费者 权益日"等活动,通过官方公众号发布系列反诈推文,并深入复旦大学、西北工业大学等46所高校,举办专 题宣讲50余场,覆盖超十万人。银联以多样化宣传形式,向社会公众科普反赌反诈基本知识,不断凝聚安全 共识。 此外,针对近期不法分子伪冒"银联会议APP"等新型诈骗手段,中国银联及时通过官网发布严正公告,并再 ...

中国与马来西亚在数字经济领域的合作取得显著成果，尤其是在跨境支付方面。在中国人民银行的指导 下，网联清算公司和马来西亚央行的金融基础设施PayNet实现对接，提升了跨境支付效率。目前， PayNet的13家成员机构App已能在中国使用，方便马来西亚来华人员的支付需求。2024年，马来西亚在 华交易规模达到1475万笔，金额近28亿元。网联清算公司致力于提升外国人在华支付便利度，计划进一 步扩大支付场景和受理环境的覆盖范围。(中证报) ...