传化支付长期牌照落地，支付行业开启"提质竞速"新周期 21世纪经济报道 叶麦穗 近日，央行官网发布非银行支付机构《支付业务许可证》续展(换证)公示信息(2025年12月批次)。信息 显示，传化支付有限公司(以下简称"传化支付")正式换发长期有效的支付牌照，许可内容为"储值账户运 营Ⅰ类、储值账户运营Ⅱ类(仅限线上实名支付账户充值)"。 这是央行披露的第14家换发长期有效牌照的支付机构名单。 传化支付拿"长期牌照" 回溯传化支付的成长历程，合规基因贯穿始终。这家成立于2015年4月的支付机构，诞生之初便肩负着 特殊使命——其原母公司通过债权债务承接方式，配合地方政府处置浙江易士企业管理服务有限公司的 风险事件。2017年，随着浙江易士风险处置尘埃落定，央行正式公告其牌照信息，传化支付也由此成为 支付行业中"风险处置衍生机构"的典型代表。 在支付业务类型重新划分前，传化支付已具备"互联网支付、移动电话支付、预付卡发行与受理(仅限于 线上实名支付账户充值)"的完整资质，为后续发展奠定基础。 2025年，传化支付迎来发展历程中的关键转折点——股权的全面更迭。3月31日，传化智联股份有限公 司发布公告称，其子公司传化物 ...

Core Viewpoint - The People's Bank of China has issued a long-term payment license to Chuanhua Payment, marking it as the 14th payment institution to receive such a license, which allows for the operation of both Class I and Class II stored value accounts [1][3]. Group 1: Company Overview - Chuanhua Payment was established in April 2015 and has a history of compliance, initially created to assist in the risk management of Zhejiang Yishi Enterprise Management Service Co., Ltd. [3]. - The company has transitioned ownership, with its 100% stake sold for 315 million yuan to Shanghai Xunhui Information Technology Co., Ltd., reflecting the market's recognition of the value of payment licenses [3][4]. - The acquisition by Shanghai Xunhui is part of its strategy to enhance its global licensing matrix, allowing it to integrate cross-border funds and domestic scenarios effectively [4]. Group 2: Regulatory Changes - The new regulatory framework, effective from May 1, 2024, will replace the previous five-year renewal system with a long-term validity for payment licenses, aligning more closely with banking regulations [5]. - The first batch of long-term licenses included 13 payment institutions, with some institutions exiting the market due to compliance issues and strategic adjustments, highlighting a regulatory "survival of the fittest" approach [5]. Group 3: Industry Trends - In the third quarter, non-cash payment transactions in China reached 1,685.08 billion, with a total amount of 150.336 trillion yuan, indicating significant growth compared to the previous year [7]. - Electronic payment transactions were particularly strong, with 775.54 billion transactions amounting to 82.297 trillion yuan, showcasing the dominance of online payment methods [7][8]. - The rise of industry chain payments is noted as a new highlight, with companies like China Telecom's Yipay reporting substantial growth in transaction volumes and partnerships [8][9]. Group 4: Market Dynamics - The payment industry is experiencing structural differentiation, with traditional card payment methods declining while digital payment methods, especially QR code payments, continue to grow [9][10]. - The forecast indicates that QR code payments will maintain their dominance in the offline small payment market, while card payments will still hold importance in B2B and cross-border transactions despite ongoing pressures [10].