9月28日，财付通宣布，面向小微经营主体的降费让利政策再延长1年，有效期至2026年9月30日。自 2021年9月1日降费让利政策实施以来，财付通累计降费让利超590亿元、惠及超7200万户各类商户主 体，以实打实的费用减免支持实体经济与小微经营者。 本次续期继续覆盖小微企业、个体工商户及有经营行为的个人等对象（小微企业按工信部《中小企业划 型标准规定》界定）。符合标准的主体将按微信支付官网公示费率自动享受9折，无需额外操作；同时 延续小微主体和个人收款码用户手续费优惠，开通"收款有礼"的个人收款码用户通过线下有效收款可获 积分，用于兑换经营权益。上述安排将结合场景推出专项优惠，并适时优化细则，以财付通官方公告页 面为准。 财付通表示，相关举措持续贯彻人民银行、银保监会、发改委、市场监管总局联合发布的《关于降低小 微企业和个体工商户支付手续费的通知（银发〔2021〕169号）》精神，并积极响应中国支付清算协 会、中国银行业协会关于在既有到期节点后延续部分降费项目标准的行业倡议，确保"应降尽降、应享 尽享"，切实降低小微主体综合费用水平，助力稳经营、稳就业、稳预期。 ...

We came across a bullish thesis on Visa Inc. on Monopolistic Investor’s Substack by Antoni Nabzdyk. In this article, we will summarize the bulls’ thesis on V. Visa Inc.'s share was trading at $346.20 as of September 17th. V’s trailing and forward P/E were 33.21 and 26.45, respectively according to Yahoo Finance. JMiks / Shutterstock.com Visa operates one of the largest and most trusted payment networks in the world, serving 4.7 billion cards and over 150 million merchants across 200 countries. Unlike ba ...

9月28日，财付通宣布，面向小微经营主体的降费让利政策再延长1年，有效期至2026年9月30日。自 2021年9月1日降费让利政策实施以来，财付通累计降费让利超590亿元、惠及超7200万户各类商户主 体。 （文章来源：北京商报） 无独有偶，支付宝也发布消息称，为切实服务小微、服务实体经济，支付宝先后实施了"2017年收钱码 推出至今提现免费""小微商户网络支付服务费9折优惠"等举措。 近4年来，通过上述举措支付宝已为商家降费超 260亿元，惠及各类商户及小微经营者超 9200万户。为 了进一步服务好小微，支付宝决定对上述降费让利举措在到期后再延长一年，延至2026年9月30日。 参与方式上，无需商家额外操作，商家通过收钱码进行的线下有效收款，可获得提现免费额度。小微商 家收款可以通过"商家积分"兑现提现免费额度和经营类权益。为了维护更广大商家的权益，支付宝将根 据交易真实情况对额度进行相应调整，具体以页面展示为准。 据了解，本次续期继续覆盖小微企业、个体工商户及有经营行为的个人等对象（小微企业按工信部《中 小企业划型标准规定》界定）。符合标准的主体将按微信支付官网公示费率自动享受9折，无需额外操 作；同时延 ...

孔某某对付临门支付有限公司未确保交易信息的真实性、完整性、可追溯性以及在支付全流程中的一致 性的违法行为负有直接责任，被给予警告，并处以罚款人民币10万元。 北京商报讯（记者 岳品瑜 董晗萱）9月26日，据人民银行上海市分行行政处罚信息，付临门支付有限公 司因未确保交易信息的真实性、完整性、可追溯性以及在支付全流程中的一致性，被给予警告，并处以 罚款人民币200万元。 ...

Core Insights - Stripe plans to repurchase shares from investors at a valuation exceeding $100 billion, surpassing its previous peak of $95 billion in 2021 [1][4] - The company is shifting its growth focus towards artificial intelligence and cryptocurrency payments after achieving success in traditional online payment [1][5] Company Background - Founded in 2010 by brothers Patrick and John Collison, Stripe aimed to simplify online payment processes for merchants [2] - Stripe's core philosophy is to streamline payment integration, allowing merchants to connect to payment systems with minimal coding [2][3] - The company has raised a total of $9.8 billion through 24 funding rounds, with a peak valuation of $95 billion in March 2021 [3] Recent Developments - In March 2023, Stripe's valuation dropped to $50 billion after a $6.5 billion funding round led by Thrive Capital [3] - Stripe is currently negotiating a share buyback at a valuation of $106.7 billion, with details on the scale and employee participation still uncertain [4] Financial Performance - In February 2024, Stripe reported that the total payment volume on its platform reached $14 trillion, a 38% year-over-year increase, equivalent to 1.3% of global GDP [4] Future Directions - Stripe is optimistic about the artificial intelligence and cryptocurrency markets, having established partnerships with leading AI companies [5] - The company is actively investing in the cryptocurrency space, including a new blockchain project for stablecoin payments in collaboration with Paradigm [6] - Stripe has re-entered the cryptocurrency market, launching features for crypto payments and planning to support stablecoin transactions for merchants in October 2024 [6][7] Strategic Acquisitions - In October 2024, Stripe acquired a stablecoin payment technology company named Bridge for $1.1 billion to enhance its capabilities in stablecoin technology and cross-chain payments [7] - The company aims to bridge the gap between fiat and cryptocurrency worlds, potentially supporting central bank digital currencies (CBDCs) and mainstream blockchain assets in the future [7]

Core Viewpoint - China UnionPay has been actively contributing to the high-quality development of Xinjiang by providing safe, convenient, and efficient payment services, marking its commitment to corporate social responsibility during the 70th anniversary celebration of Xinjiang Uygur Autonomous Region [1] Group 1: Payment Services Expansion - China UnionPay has established over 1 million UnionPay cards in Xinjiang and has surpassed 10 million registered users on the Cloud Flash Payment APP [1] - The company has built over 13,000 rural payment service points to enhance financial accessibility for farmers and herders, allowing them to perform transactions without leaving their villages [2] - UnionPay has achieved full payment coverage in high-frequency service sectors such as food, accommodation, transportation, and healthcare, and has implemented a "one-stop" payment system for government services [2] Group 2: Economic Development Initiatives - UnionPay is actively involved in government consumption voucher distribution and promotional activities to stimulate consumption in various sectors, including automotive and retail [3] - The company has launched over 3 million "Rural Revitalization Theme Cards" in collaboration with commercial banks to support agricultural development [3] - UnionPay has facilitated cross-border payment convenience by issuing over 1.7 million "Silk Road Cultural Theme Cards" and exploring new settlement models for cross-border trade [3] Group 3: Technological Integration and Future Plans - UnionPay has introduced the "Xinjiang Tourism Digital Card" to enhance the travel experience by integrating various consumer rights [4] - The company has developed a comprehensive solution for truck ETC, helping the logistics industry save over 370 million yuan [4] - Looking ahead, UnionPay aims to deepen its financial service layout in Xinjiang, enhance cross-border collaboration, and build a secure payment ecosystem to contribute to the modernization of Xinjiang [4]

Market News - The three major US stock indices closed lower, with the Dow Jones down 0.38%, Nasdaq down 0.5%, and S&P 500 down 0.5%, marking the third consecutive day of decline [1] - Oracle fell over 5%, Tesla dropped over 4%, and Meta decreased over 1%, while Intel surged nearly 9% and Apple rose over 1% [1] - The Nasdaq China Golden Dragon Index increased by 0.42%, with most Chinese concept stocks rising, including NIO, Xpeng Motors, and Bilibili, which all gained over 4% [1] - International precious metal futures generally rose, with COMEX gold futures up 0.33% at $3780.5 per ounce and COMEX silver futures at $45.47 per ounce [1] - International oil prices fluctuated slightly, with WTI crude oil up 0.35% at $65.22 per barrel and Brent crude oil up 0.42% at $68.75 per barrel [1] Industry Insights - Changjiang Storage Technology Co., Ltd. completed its shareholding reform, with a valuation exceeding 160 billion yuan, and has established a collaborative industrial ecosystem covering flash memory manufacturing, wafer foundry, packaging testing, industrial investment, and innovation incubation [2] - The current price surge in the memory market is driven by demand from cloud service providers (CSPs), with a projected increase in capital expenditure of $18 billion for the 2025 fiscal year, boosting AI-related storage needs [2] - The DRAM price index has risen approximately 72% over the past six months, with expectations for enterprise-level storage prices to increase in Q4 [2] - The digital RMB international operation center officially commenced operations, aiming to improve the global cross-border payment system with a focus on "no loss, compliance, and interoperability" [3] - The global retail cross-border payment market is projected to reach $39.9 trillion by 2024 and grow to $65 trillion by 2032, with B2B payments dominating the market [3] - The largest humanoid robot training facility in China has opened in Beijing, expected to accelerate the evolution of humanoid robots and support their application in various industries [4] - The humanoid robot industry is anticipated to enter a critical growth phase by 2025, driven by advancements in component performance and cost reduction [4][5]

Market News - US stock indices collectively declined, with the Dow Jones down 0.38%, Nasdaq down 0.5%, and S&P 500 down 0.5%, marking the third consecutive trading day of decline [1] - Oracle fell over 5%, Tesla dropped over 4%, and Meta decreased over 1%, while Intel surged nearly 9% and Apple rose over 1% [1] - International precious metal futures generally rose, with COMEX gold futures up 0.33% at $3780.5 per ounce and COMEX silver futures at $45.47 per ounce [1] - International oil prices fluctuated slightly, with WTI crude oil up 0.35% at $65.22 per barrel and Brent crude oil up 0.42% at $68.75 per barrel [1] - European stock indices closed slightly lower, with Germany's DAX down 0.56%, France's CAC40 down 0.41%, and the UK's FTSE 100 down 0.39% [1] Industry Insights - Changjiang Storage Technology Holdings Co., Ltd. completed its shareholding reform, with a valuation exceeding 160 billion yuan, and has established a collaborative industrial ecosystem covering various sectors [2] - The current price surge in the memory market is driven by demand from cloud service providers, with a projected increase in capital expenditure by $18 billion for the 2025 fiscal year, boosting AI-related storage needs [2] - The DRAM price index has risen approximately 72% in the past six months, with expectations for enterprise-level storage prices to increase in Q4 [2] - The digital RMB international operation center has officially launched, aiming to improve the global cross-border payment system, with a projected global retail cross-border payment market size of $39.9 trillion by 2024 [3] - The largest humanoid robot training facility in China has opened in Beijing, expected to accelerate the evolution of humanoid robots and support the development of a trillion-dollar industry [4][5] - The humanoid robot industry is anticipated to enter a critical growth phase by 2025, with significant increases in domestic robot shipments expected [5]

Core Viewpoint - Another OTA platform, Tongcheng Group's affiliate, eLong, has entered the payment sector by acquiring 100% equity of Newborn Payment Co., Ltd, thereby obtaining a payment license [1] Group 1: Company Developments - eLong has completed the acquisition of Newborn Payment, with changes in business registration already partially updated [1] - The acquisition will allow eLong to benefit directly from the development of Hainan Free Trade Port [1] Group 2: Strategic Opportunities - eLong aims to leverage payment services as a link to seize strategic opportunities in cross-border trade and cultural tourism consumption [1] - The company plans to support the digital upgrade of cultural tourism consumption scenarios through this acquisition [1]

AI在金融行业的渗透已进入到重要的奇点时刻。支付作为最高频、最贴近用户的金融场景，成为优化 体验的关键环节。9月25日，在2025京东供应链金融科技大会上，京东支付发布了其在用户体验全链路 中应用智能体的全景图，为商家和用户提供更便捷的新体验。比如使"用户问题一次性解决率"提升近两 倍、助力某银行交易额同比增长120%， 国补的成单率提升17%等…… 在核心决策层的数据分析维度，JoyData分析平台基于大模型与智能算法，构建了新一代数据分析智能 体，深度融合AI事实解读引擎、异动归因分析系统和对话式数据交互的三大特点，彻底解决了数据定 位难、解读成本高、归因链条复杂等痛点。目前，该智能体已覆盖60%以上的决策场景，使数据查询与 可视化效率提升超50%，分析报告生成与归因解读耗时压缩至1分钟内，显著提升了决策质量与响应速 度。在风控维度，京东支付构建了从"态势感知"到"风险分析"，再到"归因定位"、"策略推荐"、"线上验 证"的全链路智能风控决策。创新引入支付风控AI智能体，通过对金融黑灰产团伙的信源监测、行为溯 源、风险挖掘和策略迭代，提升了风险对抗效能，重塑了原本依赖人工的长链路对抗模式，比如使得风 险发 ...