What Does the Battle Over Payment Methods Really Reflect?

Recently, there has been a lot of discussion around different regional payment habits. It appears to be a "resistance" issue, but upon deeper analysis, it is more a triangular game involving market ecology, cost structure, and usage habits.

Let's start with the policy aspect. According to the relevant financial regulatory agencies' system updates by the end of 2025, although six major retail payment systems have been designated, there are no bans on various stored-value payment tools at the policy level. In other words, this is not a policy pressure.

So why do merchants still choose traditional methods? Data provides the answer. Many small and medium-sized retailers mainly use cash and credit cards. The reason is very practical—the transaction fees for mobile payment platforms usually consume 0.6% to 1.2% of the transaction amount. For low-margin retail businesses, this cost is not insignificant. Plus, the costs of system upgrades and the fact that about 23% of merchants have experienced transaction failures make conservative choices understandable.

But the most interesting thing is that the power of history and habits is often greater than we imagine. A local card system in a certain area has been operating for over twenty years, with a circulation of more than 40 million cards, an average of over 5 cards per person, and a daily transaction volume of over 15 million. This level of penetration has gone beyond being just a payment tool; it has become part of daily life. Coupled with a local bank card penetration rate close to 98% and an average of more than 3 credit cards per person, a mature payment ecosystem has been established for many years.

So there’s really nothing mysterious about it. Market choices often stem from the most practical considerations—cost, risk, and habits. These factors, layered together, create behaviors that seem "stubborn," but are actually rational results.