When Big Money Isn’t Enough
Remember the headlines?
Bilibili dropped 118 million yuan trying to acquire the “Yongyi Payment” license.
Seemed like a done deal.
Until it wasn’t.
By 2021, the deal fell through. The license went back on the market.
And in June 2024, a company most people had never heard of—Zhejiang Jingkai Technology—snatched it away.
Bilibili lost the prize it thought was already theirs.
This isn’t just about a failed acquisition.
This signals a massive shift in how payment licenses work in the digital age.
Why Tech Companies Are Being Sidelined
One word: regulation.
Since 2023, new payment industry rules changed everything.
The biggest blow: strict new requirements for payment institution shareholders.
Here’s Bilibili’s problem:
Bilibili is a content platform. Millions of users. Huge traffic.
But payment services exist for one reason—to serve the real economy.
Bilibili isn’t connected to that mission.
The new regulatory logic is simple:
You want a payment license?
Not because you’re rich. Not because you have traffic.
But because you actually need it to run your business.
Bilibili vs. Zhejiang Jingkai: The Tale of Two Companies
Bilibili’s story: Internet platform + massive user base = looks perfect for a payment license
Zhejiang Jingkai tells a different story:
Behind them is Zhejiang Positive Group—a major manufacturer in PET materials and textiles.
They even own listed company Wankai New Materials.
What does that mean?
Hundreds of millions in raw material purchases every year.
Massive product sales operations.
Complex international trade business.
All of this needs payment settlement infrastructure.
Zhejiang Jingkai needs the payment license to operate.
Bilibili wanted the payment license for prestige.
One has real need. The other has none.
Regulators aren’t blind to this.
The Three Hidden Requirements Behind Payment License Approval
Requirement One: Real Business Scenario
No licenses for the sake of having a license.
Prove you need it. Show the transaction flows—procurement, sales, settlements.
How many transactions? What’s the transaction volume?
These are hard metrics.
Requirement Two: Industrial Synergy
Payment services must serve the real economy.
An internet platform, no matter how large, only creates “virtual” transaction scenarios.
Manufacturing, procurement, sales, logistics, warehousing—these are “real” supply chains.
Payment integration into real production chains is what creates true value.
Requirement Three: Sustainable Operations
It’s not just about your current capital.
It’s about shareholder structure stability.
It’s about whether your major shareholders are reliable and stable.
Many tech companies stumble here.
The Shift: From “Tech Controls Payment” to “Industry Controls Payment”
This isn’t coincidence.
It’s a clear trend.
Five years ago, every tech company rushed to acquire payment licenses.
Alipay, WeChat Pay, JD Finance—all expanding empires.
But now? Everything changed.
Regulators are redefining what payment means.
Payment isn’t a tech company playground anymore.
It’s infrastructure for industrial digital transformation.
What does this mean?
Traditional industries—manufacturing, trade, logistics—are embracing digitalization.
They need payment solutions that integrate into their supply chains.
Not payments for social media shopping.
Not payments for snacks.
But payments for real business.
What This Means for Tech Companies
Want a payment license? Money alone doesn’t cut it anymore.
You need real business scenarios.
You need to prove the license will actually be used.
You need stable, trustworthy corporate governance.
If you’re just playing financial games, regulators will say no.
But if you have genuine industry needs? That’s different.
Take Xiaohongshu. Yes, it’s a tech company. But its e-commerce business is growing, connecting it closer to the real economy than Bilibili.
The Real Question: What If You Need Payments But Can’t Get a License?
This is what many entrepreneurs ask.
Especially those with genuine business needs.
Here’s the good news:
You don’t always need your own payment license.
Third-party virtual credit card solutions give you:
- International payment capability
- Multi-currency settlement
- Professional payment infrastructure
- Lower risk, lower cost
Pikabao Virtual Credit Card solves this problem perfectly.
Designed for users who need fast, secure, flexible payments.
No lengthy regulatory approval processes.
No compliance overhead.
Just activate and go.
👉 Start using Pikabao Virtual Credit Card today: https://t.me/pikabaobot?start=5e228275-4
The New Digital Logic
The payment industry’s evolution teaches us something crucial:
- Money isn’t enough
- Massive traffic isn’t enough
- Users aren’t enough
What matters is real economic value.
Internet dominance is fading.
But industrial digitalization is rising.
Whoever integrates into real supply chains wins.
This lesson applies everywhere.
To companies. To individuals. And especially to payments.
The message is clear: the payment game has new rules now.
