Looking back at the recently concluded year of 2024, in the context of fierce competition and tightening regulation, the payments Industry is accelerating in clearing and consolidation. Overall, the development trend of the Industry highlights three main characteristics: first, leading Institutions are ramping up capital increases, with some payment companies' registered capital significantly boosted, especially those under Internet Plus-Related platforms; second, the reshuffling of the Industry has intensified, with small and medium payment Institutions being accelerated in their withdrawal and elimination, and existing Institutions also renaming according to regulatory requirements; third, Industry regulation has further detailed, with clearer establishment and termination of payment Institutions, business expansion, and supervision.