Recently, the updated list of payment institutions with cancelled licenses on the official website of the People's Bank of China shows that the payment license of Shenzhen UnionPay Financial Network Co., Ltd. (referred to as "Shenzhen UnionPay Financial Network") was officially cancelled on January 10, 2024. This is the second payment license cancelled by the People's Bank of China this year, following the loss of Shanghai Newsda Technology Co., Ltd. (referred to as "Shanghai Newsda"). According to data, since the issuance of the first batch of third-party payment licenses in 2011, as of the press release of Economic Reference News, the central bank has cancelled a total of 86 payment licenses. Industry experts say that in the future, compliance will still be the bottom line for the payment industry, and it is necessary to enter the payment segmentation track through its own resources and win the market with word-of-mouth. Public information shows that Shenzhen UnionPay Financial Network was established in 1996 and is 100% controlled by UnionPay Business Co., Ltd. (referred to as "UnionPay Business") with a registered capital of 100 million yuan. It obtained a payment license in 2011. Regarding the cancellation of the Shenzhen UnionPay financial network payment license, the relevant person in charge of UnionPay Business stated that after the official release of the "Regulations on the Supervision and Administration of Non Bank Payment Institutions" (referred to as the "Regulations"), UnionPay Business actively responded to regulatory requirements, complied with laws and regulations, and accelerated the integration of subsidiary holding payment institutions. "The payment license business type originally held by Shenzhen UnionPay Financial Network was bank card acquiring, covering Guangdong Province." The person in charge pointed out that the Shenzhen branch, relying on the UnionPay Business Full License Payment Business Qualification, will better provide various comprehensive payment and information technology services to local customers. Industry insiders have pointed out that UnionPay Business's move is a decision made to further comply with regulations. According to the Regulations, the same actual controller shall not control two or more non bank payment institutions of the same business type. In recent years, multiple payment licenses under UnionPay Business have been transferred or cancelled to meet new regulatory requirements. On March 20th, the official website of the People's Bank of China updated the list of institutions with cancelled licenses, showing that Shanghai Newsda Payment License has been cancelled, which is also the first payment license to be cancelled this year. According to the official website of the People's Bank of China, Shanghai Newstar obtained its first Payment Business License in December 2011, which allowed it to carry out prepaid card issuance and acceptance business in Shanghai. In December 2021, Shanghai Newstar successfully passed the renewal of its payment license, which was extended to December 21, 2026. However, Shanghai Newsda voluntarily applied for the cancellation of its payment license on September 30, 2023. However, the industry insiders mentioned above believe that the cancellation of Shanghai Newstar's payment license may be related to its poor performance and operational violations. According to the financial report, as of the end of 2021, Shanghai Newsda had a total asset of 8.2736 million yuan and a net asset of 5.3692 million yuan; The net profit in 2021 was 1.5472 million yuan. It is worth mentioning that in August 2017, Newstar was fined 30000 yuan for violating payment business regulations. It is understood that Shanghai Newstar once listed and transferred 100% of its equity for only 6.8028 million yuan, but no one paid attention. Nowadays, online point membership cards, vouchers and other similar 'prepaid card' businesses have emerged, and prepaid cards have their original advantageous position