对此，仁东控股方面称，合利宝已完成上述罚款缴纳，目前公司生产经营活动正常，并已根据中国人民 银行要求，全面完成自查整改工作。 【支付行业再出罚单 合利宝因四项违规被罚7488万元】2025年收官之际，仁东控股（002647.SZ）发布 公告称，其控股子公司广州合利宝支付科技有限公司（以下简称"合利宝"）收到来自中国人民银行广东 省分行（以下简称"人行广东分行"）出具的《行政处罚决定书》。 具体内容为人行广东分行对合利宝2022年9月1日至2024年7月31日期间（以下简称"检查期限内"）执行 支付结算管理相关规定的情况执法检查时发现，合利宝在检查期限内存在四项违规行为：违反清算管理 规定；违反支付受理终端及相关业务管理规定；违反商户管理规定；违反账户管理规定。 综上，人行广东分行对合利宝给予警告、通报批评，并处罚款62799685.60元，没收违法所得 12080234.23元，罚没款合计74879919.83元。 值得注意的是，目前，合利宝支付牌照续展尚处于中止审查阶段，该阶段各项业务正常开展。合利宝与 监管部门保持密切沟通，正积极推动中止情形涉及事项及早解决，行政许可中止审查的相关情形消失 后，合利宝将及 ...

中经记者 许璐 李晖 北京报道 2025年收官之际，仁东控股（002647.SZ）发布公告称，其控股子公司广州合利宝支付科技有限公司 （以下简称"合利宝"）收到来自中国人民银行广东省分行（以下简称"人行广东分行"）出具的《行政处 罚决定书》。 具体内容为人行广东分行对合利宝2022年9月1日至2024年7月31日期间（以下简称"检查期限内"）执行 支付结算管理相关规定的情况执法检查时发现，合利宝在检查期限内存在四项违规行为：违反清算管理 规定；违反支付受理终端及相关业务管理规定；违反商户管理规定；违反账户管理规定。 综上，人行广东分行对合利宝给予警告、通报批评，并处罚款62799685.60元，没收违法所得 12080234.23元，罚没款合计74879919.83元。 对此，仁东控股方面称，合利宝已完成上述罚款缴纳，目前公司生产经营活动正常，并已根据中国人民 银行要求，全面完成自查整改工作。 值得注意的是，目前，合利宝支付牌照续展尚处于中止审查阶段，该阶段各项业务正常开展。合利宝与 监管部门保持密切沟通，正积极推动中止情形涉及事项及早解决，行政许可中止审查的相关情形消失 后，合利宝将及时向中国人民银行提交报 ...

2025年，支付行业正式进入长期牌照时代。支付进一步回归"收付通道"和"清结算工具"的本位，其金融 基础设施属性更加明确，监管重心从"周期审查"转向制度化、常态化治理，资本实力、公司治理、业务 真实性、持续合规能力成为支付机构发展的核心指标，难以适应市场竞争的中小支付机构退出市场。 从行业发展看，国内第三方支付行业整体增量见顶已成为事实，无论是交易规模还是用户使用频次，均 已进入平台期，存量竞争已全面取代增量扩张。C端支付格局基本固化，B端商户支付领域价格竞争的 边际收益持续下降。同时，支付机构的业务边界、合规责任和资本约束进一步明确，行业整体进入低增 速、强监管、更加依赖内生能力的发展阶段。 预计2026年，支付牌照数量将持续缓慢下降，缺乏持续经营能力或业务模式单一的预付卡、银行卡收单 机构将陆续退出支付行业。此外，跨境支付亦会成为新焦点，既包括跨境支付机构出于合规而收购境内 支付牌照，也涵盖境内支付机构为拓展多元化收入主动探索出海机遇。 退：年内11张支付牌照注销 第三方支付结构性调整、出清仍将持续。 截至12月26日，央行今年披露注销了11张支付牌照，累计注销107张支付牌照。剩余的164家持牌支付机 ...

2025年，支付行业正式进入长期牌照时代。支付进一步回归"收付通道"和"清结算工具"的本位，其 金融基础设施属性更加明确，监管重心从"周期审查"转向制度化、常态化治理，资本实力、公司治理、 业务真实性、持续合规能力成为支付机构发展的核心指标，难以适应市场竞争的中小支付机构退出市 场。 从行业发展看，国内第三方支付行业整体增量见顶已成为事实，无论是交易规模还是用户使用频 次，均已进入平台期，存量竞争已全面取代增量扩张。C端支付格局基本固化，B端商户支付领域价格 竞争的边际收益持续下降。同时，支付机构的业务边界、合规责任和资本约束进一步明确，行业整体进 入低增速、强监管、更加依赖内生能力的发展阶段。 预计2026年，支付牌照数量将持续缓慢下降，缺乏持续经营能力或业务模式单一的预付卡、银行卡 收单机构将陆续退出支付行业。此外，跨境支付亦会成为新焦点，既包括跨境支付机构出于合规而收购 境内支付牌照，也涵盖境内支付机构为拓展多元化收入主动探索出海机遇。 退：年内11张支付牌照注销 第三方支付结构性调整、出清仍将持续。 截至12月26日，央行今年披露注销了11张支付牌照，累计注销107张支付牌照。剩余的164家持牌支 付 ...

2025年以来，上海寻汇、同程集团、小红书、儒意控股等多家企业通过收购方式获得支付牌照，其中不 乏互联网平台的身影。 在部分业内人士看来，支付作为商业生态的重要落子，能够串联内容、交易与用户行为，形成"种草— 交易—支付"的正向循环。此类布局不仅有助于规避第三方支付通道的高额手续费与数据割裂问题，还 能通过资金流与数据流的融合，反哺算法优化与场景创新。 苏商银行特约研究员付一夫认为，平台布局支付不仅是"补齐短板"，更是向生态化、金融化进阶的战略 选择，旨在构建从流量到交易的完整内循环体系。 张可迎认为，自有支付牌照有助于企业实现资金流与信息流的闭环，有效规避"二清"等合规风险。 二是掌控核心数据。 支付是消费行为的"最后一公里"。付一夫表示，作为交易终点，支付直接关联资金流与用户行为数据， 自主支付既能节省手续费，也能沉淀高价值交易数据。 在监管趋严与流量红利逐渐消退的双重背景下，平台密集竞逐支付牌照并非偶然，而是战略扩张的关键 一步。 从竞争角度来看，北京社科院副研究员王鹏认为，支付行业竞争焦点正在发生转移。支付牌照已从"准 入工具"升级为"生态入口"，竞争核心转向场景融合、数据价值挖掘与用户体验优化。 对 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司是海南岛上本土唯一跨境支付有牌照的公司 吗？ 凯撒旅业（000796.SZ）12月22日在投资者互动平台表示，公司参股公司易生金服旗下易生支付拥有国 内全支付牌照，拥有国内支付全部业务类型，同时是监管机构批准的可以开展跨境人民币业务的支付机 构。 （记者 王瀚黎） ...

Core Viewpoint - Xiaohongshu has made a strategic move by acquiring a payment license, but it simultaneously announced the suspension of its local life membership program "Xiaohong Card," indicating a complex strategic landscape with both expansion and contraction elements [1][8]. Group 1: Payment License Acquisition - Xiaohongshu acquired 100% of Dongfang Electronic Payment Co., Ltd., gaining a payment license that allows for core functions such as user recharge, consumption, and transfer, which aligns with its e-commerce and local life payment needs [3][10]. - The acquisition of the payment license is expected to optimize cost structures, improve merchant settlement efficiency, and provide valuable data assets for the platform [3][10][11]. - Previously, Xiaohongshu relied on third-party payment channels, incurring high transaction fees estimated at around 2.4 billion yuan annually based on a projected GMV of over 400 billion yuan for 2024 [2][9]. Group 2: Suspension of Xiaohong Card - The "Xiaohong Card," launched in September 2025 with an annual fee of 168 yuan, aimed to create a premium membership experience in cities like Shanghai, Hangzhou, and Guangzhou, but will be suspended starting January 1, 2026 [5][12]. - The suspension is attributed to high operational costs and a mismatch with Xiaohongshu's core online content-driven model, which contrasts with the "heavy operation" nature of local life services [5][12][13]. - The decision to pause the program allows Xiaohongshu to reallocate resources towards more critical areas, particularly the integration of its e-commerce and payment systems [6][13].

Core Viewpoint - The People's Bank of China has issued a long-term payment license to Chuanhua Payment, marking a significant regulatory shift towards quality optimization in the payment industry [3][4]. Group 1: Regulatory Changes - Chuanhua Payment has received a "long-term valid" payment license, allowing it to operate both Class I and Class II stored value accounts [1][3]. - This is the second announcement of payment license renewals by the People's Bank of China in 2023, with 14 institutions, including Douyin Payment and LeShua Payment, now holding long-term licenses [3][4]. - The transition from a 5-year license to a long-term license reflects a shift in regulatory focus from quantity control to quality optimization [4][5]. Group 2: Industry Impact - The renewal process has increased pressure on payment institutions to meet regulatory requirements, including capital, net assets, and reserve fund ratios [4][5]. - Six payment institutions were denied license renewals due to various compliance issues, highlighting the stringent nature of the new regulations [4][5]. - As of now, there are 164 licensed payment institutions, with 150 still facing future renewal challenges [5][6]. Group 3: Compliance and Future Outlook - The successful renewal of licenses is contingent upon genuine business operations, robust risk control, and adherence to regulatory standards [5][6]. - Companies are advised to focus on core operations, address historical compliance issues, and enhance capital and system capabilities to avoid becoming "zombie licenses" [6]. - The long-term license does not guarantee permanence; institutions must be prepared for ongoing regulatory scrutiny and invest in compliance and risk management capabilities [6].

Core Viewpoint - The article discusses the recent issuance of a long-term payment license to Chuanhua Payment Co., Ltd. by the People's Bank of China, highlighting its significance in the payment industry and the regulatory changes that support the growth of non-bank payment institutions [1][3][4]. Company Overview - Chuanhua Payment was established in April 2015 and has a history of compliance, initially created to assist in risk management for Zhejiang Yishi Enterprise Management Service Co., Ltd. [3]. - The company has transitioned from being a "risk disposal derived institution" to a recognized player in the payment industry, having obtained various payment qualifications before the recent regulatory changes [3][4]. Regulatory Changes - The People's Bank of China has shifted to a long-term license model for payment institutions, eliminating the previous five-year renewal cycle, which reduces uncertainty and preparation pressure for these companies [4][5]. - The first batch of institutions to receive long-term licenses included 13 companies, with some institutions exiting the market due to compliance issues and strategic adjustments [5]. Market Dynamics - The third quarter of 2025 saw significant growth in non-cash payment transactions, with 1,685.08 billion transactions amounting to 150.336 trillion yuan, indicating a recovery in consumer spending and digital payment acceleration [7]. - Electronic payment transactions were particularly strong, with 775.54 billion transactions worth 82.297 trillion yuan, showcasing the dominance of online payment methods [7][8]. Industry Trends - The rise of industry chain payments is a new highlight, with companies like China Telecom's Yipay reporting substantial growth in transaction volumes and partnerships [8][9]. - The integration of payment services with the real economy is deepening, as seen in initiatives that combine communication, consumption, and lifestyle services [9]. Future Outlook - The payment industry is expected to continue evolving, with QR code payments leading the small-value transaction market, while card payment services will remain essential in B2B and cross-border transactions despite ongoing pressures [10].

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].