对商户而言，PayPal的AI战略不仅是技术升级，更是一场普惠性的产业赋能。通过提升效率、引领模式 创新、赋能中小企业，PayPal正助力全球商户在AI时代赢得先机。同时，其自身也在经历着一场从"数 字钱包"进化为综合性智能商业平台的深刻转型。 文｜石丹 ID | BMR2004 "我是一个重度咖啡爱好者，最近发现中国咖啡行业设备生产速度快到惊人，在过去的两个月中我已经 买了四台机器。这些融合了精巧设计与实用功能的小众电器，不仅在国内受到追捧，更具备强劲的海外 吸引力。我曾多次在赴美出差时携带这类产品作为礼物，总能引发当地同事的惊叹与好奇，甚至主动询 问购买渠道。"在"2025 PayPal中国跨境电商大会"现场，PayPal全球高级副总裁兼中国区首席执行官邱 寒在接受《商学院》记者专访时如是表示。 邱寒说，这便是当下"中国质造"的魅力，也是中国出海商户在不确定的外贸环境中扛住压力、展现韧性 和独特优势所在。不确定的外部环境究竟锻造了中国跨境商家怎样的能力？AI技术的发展，如何为跨 境电商赋能？这是作为跨境电商服务者PayPal非常关键的方面。在助力全球商户赢得AI时代的同时， PayPal也正经历着一场从" ...

应用市场上架限制则成为未备案服务商的"致命关卡"。当前主流应用商店（如苹果App Store、华为应用市场、小米应用商店、微信支付宝小程序等）均已将 聚合支付备案作为上架前置条件，未备案应用将面临三大限制：一是新应用拒绝上架，无备案凭证的聚合支付类App无法通过应用市场审核；二是存量应用 强制下架，已上架的未备案应用会被平台监测并要求限期整改，逾期将被强制移除；三是功能限制，部分应用市场对未备案App采取支付功能屏蔽、流量限 制等措施，直接影响用户使用体验与商户服务效率。 随着数字支付渗透率持续提升，聚合支付作为连接商户与多支付渠道的核心环节，已成为商业交易的基础设施。然而，部分服务商对聚合支付备案政策重视 不足，不仅面临严峻的经营风险，还将遭遇应用市场上架的硬性壁垒。 从监管层面看，未备案经营直接触碰政策红线。根据《非银行支付机构支付业务管理办法》及地方金融监管要求，聚合支付服务商需完成备案登记方可开展 业务。未备案企业将面临三大风险：一是行政处罚，监管部门可依法责令停止经营，并处以10万至100万元不等的罚款；二是业务阻断，未备案主体无法与 持牌支付机构建立合规合作，现有支付渠道可能被切断；三是信用惩戒， ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com BVNK于2021年成立，总部位于伦敦，专注为企业提供稳定币支付、跨国结算及资金管理解决方 案。花旗集团旗下风投部门Citi Ventures日前向BVNK注资。BVNK联合创始人Chris Harmse日前接受 《CNBC》访问时未透露花旗投资额，但表示估值在上一轮融资时已披露达7.5亿美元。 据财富，加密货币交易所Coinbase与支付系统营运商万事达卡(Mastercard)，拟竞购稳定币新创公司 BVNK，交易估值约介乎15亿至25亿美元。Coinbase暂在竞购中处于领先位置。如果落实交易，这将成 为迄今最大规模稳定币公司收购个案，亦反映稳定币已进入金融主流之一。 （责任编辑：刘静 HZ010） CNBC引述Visa数据显示，过去12个月稳定币交易额接近9万亿美元，而Coinmarketcap数据则指， 目前所有稳定币的估值超过3000亿美元。 ...

（原标题：迪拜环球港务集团与PayPal签署谅解备忘录） 阿通社10月3日消息，迪拜环球港务集团（DP World）与全球知名电商支付平台PayPal签署了一份 谅解备忘录，计划合作开展一项开创性的数字支付计划，以简化并加速跨境贸易支付流程。根据协议， 该举措有望将跨境交易用时从传统的最长一周缩短至几分钟。 ...

We came across a bullish thesis on PayPal Holdings, Inc. on Value Investing subreddit by strict_positive. In this article, we will summarize the bulls’ thesis on PYPL. PayPal Holdings, Inc.'s share was trading at $67.30 as of September 26th. PYPL’s trailing and forward P/E were 14.41 and 11.60 respectively according to Yahoo Finance. PayPal Holdings, Inc. (PYPL) has seen a meaningful reduction in its share count over the past two years, declining by roughly 13% from 1.098 billion shares in 2023 to 955 mi ...

另外，10月8号，支付宝消费趋势显示，中国游客消费足迹遍布全球，日韩东南亚仍是中国游客出国消 费热门目的地，而一些欧洲冷门目的地则成中国游客消费新宠。中国游客出国使用支付宝消费总金额排 名最高的国家TOP5依次为：日本、韩国、马来西亚、泰国、新加坡。而消费金额增速最快的"黑马国 家"榜单中，希腊、老挝、尼泊尔、葡萄牙、土耳其跃居前五位。 从消费类别来看，中国游客出国最爱用支付宝消费的五大品类依次为：服装、杂货、珠宝、正餐、化妆 品。在美食面前，一些小众冷门目的地如：老挝、芬兰、尼泊尔、印度尼西亚、文莱，则成了中国食客 的新选择。 北京商报讯（记者 刘四红）2025年国庆中秋8天超长假期，全面点燃出行、消费热情。微信团队10月8 日公布的"2025国庆中秋数据报告"显示，今年黄金周假期，新一线城市、县域市场涨幅"领涨"全国，在 假期前5天消费总额对比今年"五一"假期（4月29日-5月3日）增幅达到10%。在全国消费金额Top5的城 市中，重庆的微信支付消费金额、笔数均为第一，超越北上广深成为本次长假"双料冠军"。 长假带动跨境旅游热，小程序、微信支付等"中国科技"伴随游客深入世界各地。中国用户用长假去看更 远的 ...

通过支付宝支付数据还发现，今年"十一"，国际游客来华最爱用手机"买买买"的城市前10名分别是广 州、上海、深圳、北京、金华、珠海、佛山、杭州、苏州、东莞，这些境外游客的热门打卡目的地中， 广州入境游客的支付宝消费金额较去年同比涨了70%。 国庆假期前5天，外国游客最爱用"支付宝碰一下"消费的5大商圈分布在浦东机场、上海百联奥特莱斯广 场、南京路步行街、上海第一八百伴、cdf三亚国际免税城。而上海第一八百伴、深圳大运天地、上海 第一食品南东旗舰店、深圳Kaledo、上海静安嘉里中心则成为外国人来华"碰一下"消费金额增长最快的 新晋商圈顶流。 新浪科技讯 10月8日下午消息，今年国庆假期前5天，全球入境游客用支付宝消费金额相比去年同期增 长近 40%，而且，外国朋友使用"支付宝碰一下"消费金额更是同比增长500%。 来华扫货"买买买"已然成为跨境旅行新潮流。支付宝平台数据显示，这个假期，餐饮、旅游、线下零 售、交通出行是入境游客热门消费的行业。其中，入境购物热度攀升，入境游客用支付宝在零售品牌支 付的金额较去年同期增长超200%。 责任编辑：郭栩彤 ...

Core Viewpoint - The article discusses the various methods for efficiently recycling idle Alipay consumption vouchers, emphasizing the importance of matching user needs and preferences in the recovery process [1] Group 1: Online Recovery Platforms - Online recovery platforms are highlighted as one of the most efficient methods for voucher recycling, allowing users to complete the process in three simple steps [3] - The advantages include "zero space limitation" and a "standardized process," making it suitable for busy users seeking efficiency [3] - Users should ensure the platform has proper business registration and a robust fund security mechanism to avoid issues like delayed payments or information leaks [3] Group 2: Offline Recovery Points - Offline recovery points are located in community service centers and large supermarkets, catering to users who prefer face-to-face transactions [4] - This method offers "transaction transparency" and "risk controllability," allowing users to confirm payment receipt in real-time [4] - Limitations include geographic restrictions and potentially lower recovery prices due to operational costs [4] Group 3: Social Community Transfers - Social community transfers leverage trust within familiar social circles to facilitate voucher recycling [5] - The method is characterized by "high demand accuracy" and "low communication costs," making it ideal for small, short-term vouchers [5] - Users must be cautious about the identity of community members and establish clear transaction rules to prevent disputes [5] Group 4: Peer-to-Peer Exchange - Peer-to-peer exchanges rely on trust among friends and colleagues, allowing for non-profit recovery through "demand complementarity" [6] - This method has "zero transaction risk" and enhances social interaction, but its effectiveness depends on the matching of needs within the social circle [6] - The frequency of exchanges is limited by the size of the social circle, which may not meet the demand for recycling idle vouchers [6] Group 5: Merchant Points Redemption - Some chain merchants offer "idle voucher to points" exchange programs, allowing users to convert vouchers into points for future discounts [7] - The advantages include "stability of rights," as the redemption rules are set by the merchants, minimizing transaction risks [7] - However, the applicability is limited to specific brands, and the exchange rates may not always be favorable [7] Group 6: Key Logic in Recovery Method Selection - The article concludes that each recovery method has its strengths, with online platforms suited for efficiency, offline points for safety, social transfers for quick circulation, peer exchanges for trust-based interactions, and merchant redemptions for brand loyalty [9] - Users should consider "time cost," "risk tolerance," and "expected returns" when selecting a recovery method [9] - Establishing a habit of regularly reviewing and managing vouchers can enhance resource utilization and protect user rights [9]

Financial Data and Key Metrics Changes - IDT reported a 43% increase in consolidated adjusted EBITDA to a record $129 million for the fiscal year 2025, with full-year adjusted EBITDA totaling $128.7 million, surpassing the updated guidance of $126 million [4][11][26] - Consolidated revenue increased by 2% for fiscal 2025, marking the first full-year increase since 2021, with Q4 revenue up by 3% [12][11] - Consolidated income from operations increased by 9% to $21.9 million in Q4 and by 55% to $100.4 million for the full year [13] Business Line Data and Key Metrics Changes - NRS's income from operations decreased by 3% to $5.8 million in Q4, while adjusted EBITDA increased by 32% to $9.3 million [14] - The fintech segment saw income from operations increase by 88% to $4.8 million in Q4, with adjusted EBITDA climbing over threefold to $5.5 million [16] - Net2phone's income from operations increased by 74% to $1.5 million in Q4, and adjusted EBITDA increased by 42% to $3.5 million [19] Market Data and Key Metrics Changes - BOSS Money's digital channel expansion contributed over 80% of remittance volume, with digital transactions increasing by 28% in Q4 and the amount sent increasing by 41% [5][17] - The average recurring revenue per terminal at NRS reached $299 in Q4, benefiting from increased penetration of NRS pay offerings [15] - The strengthening dollar impacted financial results from key South American markets, muting positive impacts from continued seat growth in net2phone [20] Company Strategy and Development Direction - The company plans to continue focusing on high-margin growth segments, with expectations of 20%-25% revenue growth and faster adjusted EBITDA growth in fiscal 2026 [16] - IDT is exploring opportunities in AI-driven solutions, particularly in net2phone, with a shift from a seat-based model to a usage-based model for AI agents [7][19] - The company is committed to returning cash to stockholders through buybacks and dividends while evaluating potential acquisitions [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about fiscal 2026, citing strong customer enthusiasm and the potential for continued growth despite challenges in the remittance business due to immigration policy changes [9][47] - The upcoming 1% federal tax on remittances is expected to accelerate the migration to digital channels, which are exempt from the tax [18] - Management acknowledged the competitive landscape and the need to adapt to changing market conditions while maintaining a focus on operational efficiency [41][42] Other Important Information - The company will report a revised measure of non-GAAP adjusted EBITDA starting Q1 FY 2026, excluding non-cash compensation expenses [24][25] - IDT's cash position increased by $30 million to $254 million, reflecting strong cash generation across all segments [23] Q&A Session Summary Question: What is the progress with stablecoins and Visa-linked wallets? - Management indicated that wallets have been launched in a beta phase and expect stablecoins to play a significant role in future transactions [28] Question: What is the WhatsApp launch date? - The WhatsApp feature is set to launch in the next few days for existing customers, with a broader rollout expected within 30-45 days [30] Question: What is causing the increase in churn rate in NRS terminals? - Management noted factors such as increased immigration enforcement, competition, and technical issues with equipment as contributors to churn [41][42] Question: Can the strong growth in BOSS Money be sustained? - Management believes that while growth may slow slightly, initiatives like wallets and WhatsApp will help maintain a competitive edge [46][49] Question: What is the focus for future acquisitions? - Management indicated a preference for smaller acquisitions over larger ones, emphasizing organic growth and internal investments [54]

Core Points - The "Social Security Card Enjoying a Good Life" service platform was officially launched in Jinan, Shandong Province, as part of the "Social Security Card Resident Service 'One Thing' Action" and the 2024 "Social Security Card Enjoying Shandong" initiative [1][3] - The platform, developed by UnionPay Business, aims to create a new ecosystem for social security card consumption applications, integrating features such as "special products, online shopping, consumption subsidies, and merchant discounts" [1][3] Group 1 - The Shandong Human Resources and Social Security system has implemented an information technology innovation action to enhance convenience services, promoting "full data sharing, full services online, and full business card usage" [3] - The platform aims to provide diverse, intelligent, and convenient service experiences for over 97 million social security cardholders in Shandong, making the social security card a true "happiness card" [3][6] Group 2 - The "Social Security Card Enjoying Shandong" event features selected scenarios closely related to daily life, such as fuel, movies, shopping, and public transport, allowing residents to easily access relevant services via their mobile devices [4] - Cardholders can use the "Cloud Flash Payment" app to find information on social security policies and exclusive discounts across various sectors, including food, shopping, culture, tourism, medical care, education, and transportation [4][6] Group 3 - The platform enables online management and data statistics for designated merchants and social security cardholders, assisting in the analysis and decision-making of social security service policies [6] - UnionPay Business is committed to applying various digital innovation technologies in government service sectors, enhancing the precision, digitization, and intelligence of public services, and promoting high-quality development [6]