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AI Payment Undercover War: Google Brings 60 Allies, Stripe Builds Its Own Path
By: Lin Wanwan
Money is already embedded in the code.
Six months ago, AI payments were just a PowerPoint presentation at a conference. Now, AI is becoming the 'cash register.'
Now, when you open ChatGPT and search for any product, you'll see a blue Buy button. Fill in the address, make the payment, and ship the product. The whole process is seamless, with no redirects or opening any web pages.
Last week, Google also joined in, integrating Etsy and Wayfair products into search and Gemini, allowing direct checkout within the conversation. Microsoft's Copilot has also launched shopping checkout features. Meta's Zuckerberg just announced a complete shift towards AI-driven commerce.
Money is already embedded in the code.
Six months ago, AI payments were just a PowerPoint presentation at a conference. Now, AI is becoming the 'cash register.'
Now, when you open ChatGPT and search for any product, you'll see a blue Buy button. Fill in the address, make the payment, and ship the product. The whole process is seamless, with no redirects or opening any web pages.
Last week, Google also joined in, integrating Etsy and Wayfair products into search and Gemini, allowing direct checkout within the conversation. Microsoft's Copilot has also launched shopping checkout features. Meta's Zuckerberg just announced a complete shift towards AI-driven commerce.
From Lloyd's Cafe to Polymarket: The prediction market is reshaping the insurance industry
Text | Vinko
In 2023, a letter arrived in the mailboxes of one hundred thousand households in Florida, USA.
A letter from the century-old insurance company Farmers Insurance. The content is brief and brutal: one hundred thousand policies, from homes to cars, are now void.
A promise in black and white has overnight turned into waste paper. Angry policyholders flooded social media, questioning the company they had trusted for decades. But all they received was a cold announcement: 'We must more effectively control our risk exposure.'
Meanwhile, in California, the situation is worse. Insurance giants like State Farm and Allstate have stopped accepting any new homeowners insurance applications, with over 2.8 million existing policies denied renewal.
In 2023, a letter arrived in the mailboxes of one hundred thousand households in Florida, USA.
A letter from the century-old insurance company Farmers Insurance. The content is brief and brutal: one hundred thousand policies, from homes to cars, are now void.
A promise in black and white has overnight turned into waste paper. Angry policyholders flooded social media, questioning the company they had trusted for decades. But all they received was a cold announcement: 'We must more effectively control our risk exposure.'
Meanwhile, in California, the situation is worse. Insurance giants like State Farm and Allstate have stopped accepting any new homeowners insurance applications, with over 2.8 million existing policies denied renewal.
Why are the giants extravagantly spending 4.5 billion on AI payments during the 2026 Spring Festival?
Text | Sleepy.txt
The Spring Festival of 2026 brings a sense of déjà vu.
The giants are once again splurging during the Spring Festival, with a total amount exceeding 4.5 billion. This figure is more than twice the total subsidies from the craziest taxi war between Didi and Kuaidi in 2014, nine times the 500 million invested during the WeChat red envelope surprise attack on Pearl Harbor in 2015, and it surpasses the peak of Baidu's extravagant spending of 1 billion during the Spring Festival Gala in 2019.
This time, all players are doing the same thing: letting you say a phrase to make a payment.
This is quite unusual. The payment issue has already been well resolved by QR codes. Take out your phone, unlock it, open the app, point at the code, and ding. If you want to pay faster, you can also swipe your card or tap with NFC. Why do AI companies insist on using a more complex technology to replace an action that is already simple enough?
The Spring Festival of 2026 brings a sense of déjà vu.
The giants are once again splurging during the Spring Festival, with a total amount exceeding 4.5 billion. This figure is more than twice the total subsidies from the craziest taxi war between Didi and Kuaidi in 2014, nine times the 500 million invested during the WeChat red envelope surprise attack on Pearl Harbor in 2015, and it surpasses the peak of Baidu's extravagant spending of 1 billion during the Spring Festival Gala in 2019.
This time, all players are doing the same thing: letting you say a phrase to make a payment.
This is quite unusual. The payment issue has already been well resolved by QR codes. Take out your phone, unlock it, open the app, point at the code, and ding. If you want to pay faster, you can also swipe your card or tap with NFC. Why do AI companies insist on using a more complex technology to replace an action that is already simple enough?
From Real Estate to the Internet, Where is the Wealth Password Hidden for the Next Decade?
Text｜Sleepy.txt
Every generation has its own password for wealth.
In the 1970s, when the spring thunder of reform and opening up had just exploded, the password for wealth was written in the factories of town enterprises, written in the construction drawings of Shekou, Shenzhen. Daring to venture into business and buying properties in core locations was the most certain thing of that era.
In the 1980s and 1990s, when the first email was sent from China, and the time tunnel of Yinghaiwei opened, the password of wealth was written in the suffix '.com', written in the sleepless lights of Zhongguancun. Buying stocks in Tencent and Alibaba, diving into the wave of the internet, was the most exciting choice of that era.
Every generation has its own password for wealth.
In the 1970s, when the spring thunder of reform and opening up had just exploded, the password for wealth was written in the factories of town enterprises, written in the construction drawings of Shekou, Shenzhen. Daring to venture into business and buying properties in core locations was the most certain thing of that era.
In the 1980s and 1990s, when the first email was sent from China, and the time tunnel of Yinghaiwei opened, the password of wealth was written in the suffix '.com', written in the sleepless lights of Zhongguancun. Buying stocks in Tencent and Alibaba, diving into the wave of the internet, was the most exciting choice of that era.
Lost in Hong Kong
文 | Sleepy.txt
When a city uses yesterday's rules to embrace tomorrow's innovation, it is destined to lose its way in the present.
Hong Kong today is shrouded in a tremendous sense of division. Or rather, it is more like two Hong Kongs in parallel universes, folded together in the same city.
A Hong Kong, inside a skyscraper in Central.
Hong Kong's economy is projected to perform strongly in 2025, with real GDP growth expected to reach 3.2% for the year. The Hang Seng Index is expected to rise 27.8%, marking its best annual performance since 2017. Merchandise exports are expected to reach a record high, with December exports alone reaching HK$512.8 billion, a year-on-year increase of 26.1%. Net capital inflows will remain robust, and private wealth management assets will surpass the HK$10 trillion mark.
When a city uses yesterday's rules to embrace tomorrow's innovation, it is destined to lose its way in the present.
Hong Kong today is shrouded in a tremendous sense of division. Or rather, it is more like two Hong Kongs in parallel universes, folded together in the same city.
A Hong Kong, inside a skyscraper in Central.
Hong Kong's economy is projected to perform strongly in 2025, with real GDP growth expected to reach 3.2% for the year. The Hang Seng Index is expected to rise 27.8%, marking its best annual performance since 2017. Merchandise exports are expected to reach a record high, with December exports alone reaching HK$512.8 billion, a year-on-year increase of 26.1%. Net capital inflows will remain robust, and private wealth management assets will surpass the HK$10 trillion mark.
Mr. Beast officially enters the financial industry, becoming a new banker for Generation Z.
Text | Kaori
Edited by | Sleepy.txt
In February 2026, Mr. Beast officially acquired Step, a digital banking unicorn targeting teenagers. Through this transaction, he directly gained a complete financial infrastructure that includes accounts, card issuance, and credit building.
Last October, MrBeast Financial filed a trademark application for "MrBeast Financial," covering areas such as decentralized exchange operation, cryptocurrency payment processing, and investment management. Just one month prior, BitMine, a financial company holding 4.3 million Ethereum and aiming to control 5% of the total Ethereum supply, invested $200 million in MrBeast's business.
Edited by | Sleepy.txt
In February 2026, Mr. Beast officially acquired Step, a digital banking unicorn targeting teenagers. Through this transaction, he directly gained a complete financial infrastructure that includes accounts, card issuance, and credit building.
Last October, MrBeast Financial filed a trademark application for "MrBeast Financial," covering areas such as decentralized exchange operation, cryptocurrency payment processing, and investment management. Just one month prior, BitMine, a financial company holding 4.3 million Ethereum and aiming to control 5% of the total Ethereum supply, invested $200 million in MrBeast's business.
BTC plummeted, but Bitcoin wallets are still valued at 4 billion
Original title: (BTC plummeted, but Bitcoin wallets are still valued at 4 billion)
Original author: Lin Wanwan, Dongcha Beating
Bitcoin's price has halved, but the company selling BTC mining rigs announced plans to go public in the U.S.
On January 21, 2025, in the early morning, in the small town of Vichy in central France.
David Balland was dragged awake from his sleep, and before he could understand the situation, he and his wife were stuffed into two cars. Ten minutes later, the two cars drove in different directions.
What happened in the next 48 hours was like a poorly made kidnapping film. The kidnappers cut off one of Balland's fingers, took a photo, and sent it to his former colleagues, demanding a ransom of 10 million dollars in Bitcoin.
Original author: Lin Wanwan, Dongcha Beating
Bitcoin's price has halved, but the company selling BTC mining rigs announced plans to go public in the U.S.
On January 21, 2025, in the early morning, in the small town of Vichy in central France.
David Balland was dragged awake from his sleep, and before he could understand the situation, he and his wife were stuffed into two cars. Ten minutes later, the two cars drove in different directions.
What happened in the next 48 hours was like a poorly made kidnapping film. The kidnappers cut off one of Balland's fingers, took a photo, and sent it to his former colleagues, demanding a ransom of 10 million dollars in Bitcoin.
A Brief History of Idol Creation in Silicon Valley: Moltbook, Cyber Mirage, Industrialized Narration
Original title: (A Brief History of Idol Creation in Silicon Valley: Moltbook, Cyber Mirage, Industrialized Narration)
Original authors: Sleepy.txt, Lin Wanwan, Kaori, Dongcha Beating
In this era, capital is responsible for creating idols, while the public is responsible for footing the bill.
In the beginning of 2026, an open-source AI agent framework named OpenClaw went live on GitHub. It instantly ignited the enthusiasm of the entire developer community, as it significantly lowered the barriers to deploying autonomous AI agents; you only need an API key, an AI model, and a prompt to create your own agent.
Original authors: Sleepy.txt, Lin Wanwan, Kaori, Dongcha Beating
In this era, capital is responsible for creating idols, while the public is responsible for footing the bill.
In the beginning of 2026, an open-source AI agent framework named OpenClaw went live on GitHub. It instantly ignited the enthusiasm of the entire developer community, as it significantly lowered the barriers to deploying autonomous AI agents; you only need an API key, an AI model, and a prompt to create your own agent.
Escaping Leviathan: Epstein, Silicon Valley, and the Sovereign Individual
Original title: (Escaping Leviathan: Epstein, Silicon Valley, and the Sovereign Individual)
Original author: Sleepy.txt, Dynamic Observation Beating
For the past century, ultra-wealthy individuals have been seeking the same thing: a lawless territory that allows money to completely escape the scrutiny of sovereign nations.
In the early 20th century, they found Swiss bank accounts.
In 1934, the Swiss Banking Law stipulated that banks must keep customer information confidential, and those who leak information will face criminal prosecution. Wealthy individuals can store assets in accounts where only a few senior bank employees know the identity, evading their home country's taxes and legal scrutiny.
Original author: Sleepy.txt, Dynamic Observation Beating
For the past century, ultra-wealthy individuals have been seeking the same thing: a lawless territory that allows money to completely escape the scrutiny of sovereign nations.
In the early 20th century, they found Swiss bank accounts.
In 1934, the Swiss Banking Law stipulated that banks must keep customer information confidential, and those who leak information will face criminal prosecution. Wealthy individuals can store assets in accounts where only a few senior bank employees know the identity, evading their home country's taxes and legal scrutiny.
Mass production of Palantir, 58-year-old Peter Thiel wants to profit from war
Original title: (Mass production of Palantir, 58-year-old Peter Thiel wants to profit from war)
Original author: Jack, Insight Beating
In January 2026, Minnesota went out of control.
The Trump administration announced the termination of Temporary Protected Status (TPS) for Somalia, meaning that tens of thousands of Somali refugees who have lived in the U.S. for many years must leave by March 17. Minneapolis has the largest Somali community in the U.S., making it the city most directly impacted by this policy.
Then, the 'Operation Metro Surge' came as scheduled. Over 2,000 federal Immigration and Customs Enforcement (ICE) agents in tactical gear flooded into the city, a number that even exceeded the total personnel of the Minneapolis Police Department. They drove black SUVs and conducted intensive raids and arrests in residential areas.
Original author: Jack, Insight Beating
In January 2026, Minnesota went out of control.
The Trump administration announced the termination of Temporary Protected Status (TPS) for Somalia, meaning that tens of thousands of Somali refugees who have lived in the U.S. for many years must leave by March 17. Minneapolis has the largest Somali community in the U.S., making it the city most directly impacted by this policy.
Then, the 'Operation Metro Surge' came as scheduled. Over 2,000 federal Immigration and Customs Enforcement (ICE) agents in tactical gear flooded into the city, a number that even exceeded the total personnel of the Minneapolis Police Department. They drove black SUVs and conducted intensive raids and arrests in residential areas.
Per capita profit of 90 million dollars, the largest private buyer of gold on Earth
Original title: (Per capita profit of 90 million dollars, the largest private buyer of gold on Earth)
Original author: Lin Wanwan, Dongcha Beating
A private company has become the largest holder of gold in the world outside of central banks.
Paolo Ardoino has been very busy lately. He spends 1 billion dollars every month, buys 1 to 2 tons of gold every week, and says, "It won't stop in the coming months."
Paolo is not the governor of any central bank; he is the CEO of Tether, the largest stablecoin company in the world.
The USDT issued by Tether is the largest stablecoin in the world, with a circulation of about 187 billion dollars. The business model is extremely simple; you give it 1 dollar, and it gives you 1 USDT token, you take the token to trade, and it uses the dollars to buy government bonds to earn interest.
Original author: Lin Wanwan, Dongcha Beating
A private company has become the largest holder of gold in the world outside of central banks.
Paolo Ardoino has been very busy lately. He spends 1 billion dollars every month, buys 1 to 2 tons of gold every week, and says, "It won't stop in the coming months."
Paolo is not the governor of any central bank; he is the CEO of Tether, the largest stablecoin company in the world.
The USDT issued by Tether is the largest stablecoin in the world, with a circulation of about 187 billion dollars. The business model is extremely simple; you give it 1 dollar, and it gives you 1 USDT token, you take the token to trade, and it uses the dollars to buy government bonds to earn interest.
$5.15 billion, a win-win 'sale'
Original title: ($5.15 billion, a win-win 'sale')
Original authors: Sleepy.txt, Kaori, Motion Insight Beating
On January 22, 2026, Capital One announced its acquisition of Brex for $5.15 billion. This was an unexpected deal, with Silicon Valley's youngest unicorn being acquired by Wall Street's oldest bankers.
Who is Brex? The hottest corporate payment card company in Silicon Valley. Two Brazilian prodigies founded Brex at the age of 20, achieving a valuation of $1 billion in just one year, and reaching $100 million ARR in 18 months. In 2021, Brex was valued at $12.3 billion and was hailed as the future of corporate payments, serving over 25,000 companies, including star companies like Anthropic, Robinhood, TikTok, Coinbase, and Notion.
Original authors: Sleepy.txt, Kaori, Motion Insight Beating
On January 22, 2026, Capital One announced its acquisition of Brex for $5.15 billion. This was an unexpected deal, with Silicon Valley's youngest unicorn being acquired by Wall Street's oldest bankers.
Who is Brex? The hottest corporate payment card company in Silicon Valley. Two Brazilian prodigies founded Brex at the age of 20, achieving a valuation of $1 billion in just one year, and reaching $100 million ARR in 18 months. In 2021, Brex was valued at $12.3 billion and was hailed as the future of corporate payments, serving over 25,000 companies, including star companies like Anthropic, Robinhood, TikTok, Coinbase, and Notion.
All wealth myths are a conspiracy of non-consensus and the power of time compounding
Original title: (All wealth myths are a conspiracy of non-consensus and the power of time compounding)
Original author: Sleepy.txt, Dongcha Beating
In 2017, Black Ant Capital made its first investment in Pop Mart and continued to increase its stakes in the following years. In December 2020, Pop Mart went public in Hong Kong, with the market value exceeding 100 billion HKD on its first day. Black Ant Capital achieved over a hundred times paper return, becoming a classic case in China's consumer investment sector.
In 2010, Sequoia Capital China invested in Meituan, and after several rounds of follow-on investments, ultimately achieved over 100 times return at Meituan's IPO. This investment made Sequoia China one of the most successful institutions in the history of internet investment in China.
Original author: Sleepy.txt, Dongcha Beating
In 2017, Black Ant Capital made its first investment in Pop Mart and continued to increase its stakes in the following years. In December 2020, Pop Mart went public in Hong Kong, with the market value exceeding 100 billion HKD on its first day. Black Ant Capital achieved over a hundred times paper return, becoming a classic case in China's consumer investment sector.
In 2010, Sequoia Capital China invested in Meituan, and after several rounds of follow-on investments, ultimately achieved over 100 times return at Meituan's IPO. This investment made Sequoia China one of the most successful institutions in the history of internet investment in China.
Developing 15 products to test human nature, this 'dopamine dealer' became Musk's product master
Original title: (Developing 15 products to test human nature, this 'dopamine dealer' became Musk's product master)
Original author: Sleepy.txt, Dongcha Beating
On June 30, 2025, X welcomed a young product leader. His name is Nikita Bier, 36 years old, and before joining under Musk, he had already turned his self-developed social applications into blockbusters and sold them to tech giants for tens of millions of dollars.
Since acquiring Twitter, Musk has been obsessed with turning it into a super app that integrates social networking, payments, investments, and banking. However, this path is littered with the bones of many tech giants who have had similar dreams, and none have succeeded.
Original author: Sleepy.txt, Dongcha Beating
On June 30, 2025, X welcomed a young product leader. His name is Nikita Bier, 36 years old, and before joining under Musk, he had already turned his self-developed social applications into blockbusters and sold them to tech giants for tens of millions of dollars.
Since acquiring Twitter, Musk has been obsessed with turning it into a super app that integrates social networking, payments, investments, and banking. However, this path is littered with the bones of many tech giants who have had similar dreams, and none have succeeded.
6 years ago, the sweat money of 220,000 people in Dongguan flowed into a U.S. stock that rose 38 times
Original title: (6 years ago, the sweat money of 220,000 people in Dongguan flowed into a U.S. stock that rose 38 times)
Original author: Lin Wanwan, Dongcha Beating
On January 19, 2026, Martin Luther King Jr. Day, the U.S. stock market is closed.
A 35-page short-selling report quietly went online. The title is alarming: (Southeast Asian money laundering group's Nasdaq 'laundromat').
The core conclusion of the report is summed up in one sentence: "AppLovin is the ultimate milestone of a new type of multinational financial crime in the 21st century."
The publisher Capitalwatch is an investigative agency focused on Chinese stocks listed in the U.S. Given their previous financial fraud accusations against Noah Health, which ultimately led to the latter's delisting in 2025, investors have reason to take this report seriously.
Original author: Lin Wanwan, Dongcha Beating
On January 19, 2026, Martin Luther King Jr. Day, the U.S. stock market is closed.
A 35-page short-selling report quietly went online. The title is alarming: (Southeast Asian money laundering group's Nasdaq 'laundromat').
The core conclusion of the report is summed up in one sentence: "AppLovin is the ultimate milestone of a new type of multinational financial crime in the 21st century."
The publisher Capitalwatch is an investigative agency focused on Chinese stocks listed in the U.S. Given their previous financial fraud accusations against Noah Health, which ultimately led to the latter's delisting in 2025, investors have reason to take this report seriously.
The Year of the Token Economy Being Disproven
Original Title: (The Year of the Token Economy Being Disproven)
Original Authors: Kaori, Sleepy.txt, Action Insight Beating
At the beginning of 2024, when the Bitcoin ETF was approved, many cryptocurrency practitioners jokingly referred to each other as 'Noble U.S. Stock Traders.' However, when the New York Stock Exchange plans to develop stock on the blockchain and trade 24/7, the crypto community gradually realizes that the crypto industry has not occupied Wall Street.
On the contrary, Wall Street has been betting on integration from the beginning and has slowly transitioned to a dual acquisition era, where crypto companies buy traditional financial licenses, customers, and compliance capabilities; traditional finance buys crypto technology, pipelines, and innovation capabilities. Both sides are infiltrating each other, and the boundaries are gradually disappearing. In three to five years, there may no longer be a distinction between crypto companies and traditional financial companies, only financial companies.
Original Authors: Kaori, Sleepy.txt, Action Insight Beating
At the beginning of 2024, when the Bitcoin ETF was approved, many cryptocurrency practitioners jokingly referred to each other as 'Noble U.S. Stock Traders.' However, when the New York Stock Exchange plans to develop stock on the blockchain and trade 24/7, the crypto community gradually realizes that the crypto industry has not occupied Wall Street.
On the contrary, Wall Street has been betting on integration from the beginning and has slowly transitioned to a dual acquisition era, where crypto companies buy traditional financial licenses, customers, and compliance capabilities; traditional finance buys crypto technology, pipelines, and innovation capabilities. Both sides are infiltrating each other, and the boundaries are gradually disappearing. In three to five years, there may no longer be a distinction between crypto companies and traditional financial companies, only financial companies.
Trump's One Year in Office: Memorable Moments and Messy Affairs
Original title: (Trump's One Year in Office: Memorable Moments and Messy Affairs)
Original author: Lin Wanwan, Motion Insight Beating
January 20, 2026 marks the one-year anniversary of Trump's official inauguration.
Back to a year ago, 72 hours before the inauguration, a cryptocurrency wallet with the code 6QSc2Cx began to buy a new token in large quantities, priced at 18 cents each. This token was just created a few hours ago and had not been publicly promoted.
A few hours later, Trump announced on social media: he has issued a cryptocurrency named after himself, $TRUMP.
After the announcement, the token price skyrocketed from less than $1 to $75 within 48 hours. The wallet that entered early cleared at the peak, making a profit of $109 million.
Original author: Lin Wanwan, Motion Insight Beating
January 20, 2026 marks the one-year anniversary of Trump's official inauguration.
Back to a year ago, 72 hours before the inauguration, a cryptocurrency wallet with the code 6QSc2Cx began to buy a new token in large quantities, priced at 18 cents each. This token was just created a few hours ago and had not been publicly promoted.
A few hours later, Trump announced on social media: he has issued a cryptocurrency named after himself, $TRUMP.
After the announcement, the token price skyrocketed from less than $1 to $75 within 48 hours. The wallet that entered early cleared at the peak, making a profit of $109 million.
With the Bill Vote Approaching, Why Did Coinbase Suddenly Back Down?
On January 14, a bill aimed at regulating the U.S. crypto market—the CLARITY Act—was about to face a crucial vote in the Senate Banking Committee. On the eve of this industry breakthrough, Coinbase's founder and CEO, Brian Armstrong, announced that the company would fully withdraw its support for the bill, citing that 'a bad bill is worse than no bill at all.'
As soon as the news broke, it immediately caused a stir in the industry. But what truly surprised everyone was the fact that Coinbase found itself opposed by nearly all other major players in the industry.
As soon as the news broke, it immediately caused a stir in the industry. But what truly surprised everyone was the fact that Coinbase found itself opposed by nearly all other major players in the industry.
Wall Street's Wild Woman, Vance's Aide, and a Century-Old Bank Lead Bank
Author | Kaori
Editor | Sleep.txt
At the end of last year, JPMorgan froze the accounts of two YC-backed stablecoin payment startups, BlindPay and Kontigo, targeting the Latin American market, as their operations touched high-risk jurisdictions such as Venezuela, triggering the bank's sanctions and compliance red lines.
Similarly, another bank previously seen as crypto-friendly, Lead Bank, has recently tightened its cooperation with certain stablecoin payment companies, adding customer identity verification, while extending transaction settlement times and account opening durations.
Editor | Sleep.txt
At the end of last year, JPMorgan froze the accounts of two YC-backed stablecoin payment startups, BlindPay and Kontigo, targeting the Latin American market, as their operations touched high-risk jurisdictions such as Venezuela, triggering the bank's sanctions and compliance red lines.
Similarly, another bank previously seen as crypto-friendly, Lead Bank, has recently tightened its cooperation with certain stablecoin payment companies, adding customer identity verification, while extending transaction settlement times and account opening durations.
The Second Half of Payment Industry Overseas Expansion: A Marathon of Persistence
Text | Sleepy.txt
China's payment industry is undergoing an unprecedented major reshuffle.
On one hand, small and medium-sized players are exiting the market in batches. By the end of 2025, the central bank had canceled 107 payment licenses, reducing the number of licensed institutions to 163, a decrease of over 40% from the industry's peak.
On the other hand, leading players are aggressively expanding without regard for cost. In 2025, Tencent's Tenpay completed a business registration change, increasing its registered capital from RMB 15.3 billion to RMB 22.3 billion. Shortly after, ByteDance Pay and JD.com's NetBank Online both initiated capital increases in the hundreds of millions to billions of yuan.
China's payment industry is undergoing an unprecedented major reshuffle.
On one hand, small and medium-sized players are exiting the market in batches. By the end of 2025, the central bank had canceled 107 payment licenses, reducing the number of licensed institutions to 163, a decrease of over 40% from the industry's peak.
On the other hand, leading players are aggressively expanding without regard for cost. In 2025, Tencent's Tenpay completed a business registration change, increasing its registered capital from RMB 15.3 billion to RMB 22.3 billion. Shortly after, ByteDance Pay and JD.com's NetBank Online both initiated capital increases in the hundreds of millions to billions of yuan.
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