The competitive landscape of the domestic payment market is undergoing dramatic changes.

On one hand, small and medium-sized payment institutions are accelerating their exit. According to relevant statistics, by the end of 2025, the People's Bank of China has canceled a total of 107 payment licenses, and the number of licensed institutions remaining has dropped to 163, a decrease of over 40% from the industry's peak.

On the other hand, leading players are expanding rapidly. Tenpay, a subsidiary of Tencent, has completed a business registration change, with registered capital jumping from 15.3 billion yuan to 22.3 billion yuan. Douyin Pay and JD.com's online banking platform, Online Banking, have also launched investment plans worth hundreds of millions or even billions of yuan.

The market logic is clear—the profit margins for domestic payments have been squeezed to the limit. Rates have long been stuck between 0.3% and 0.6%, with fierce competition leading to a kill-or-be-killed situation. In contrast, cross-border overseas payment rates generally range from 1.5% to 3%, with the profit margin directly multiplying by 3 to 5 times.

The regulatory environment is also continuously tightening, with policy red lines appearing one after another. Under these circumstances, the only path for giants is to look outward—go overseas to find new opportunities.

But the problem is, there is no so-called blue ocean in overseas markets anymore. Everywhere are strict financial regulations and complex market struggles. Going global with payments is destined to be a hard battle requiring huge investments and a long cycle.

Licenses, time, capital—these are all stepping stones.