Alipay once spearheaded the mobile payment revolution.

From transforming payment habits to innovating financial products like Yu'e Bao, and deeply exploring the essence of finance, it exemplified cutting-edge trends.

However, with intensifying competition in the mobile payment market, especially with the advent of interconnectivity, Alipay now exhibits significant anxiety. This anxiety has led it astray in the new battle for payments.

The increasingly bloated app and unsustainable cash subsidies are stark indicators of this anxiety.

A deep dive into the root cause reveals that Alipay still measures its development by traffic and struggles to find new growth amidst the stock era. This is a crucial aspect.

Indeed, Alipay is now trapped in a new traffic labyrinth.

Whether deploying AI or experimenting with new payment methods like tap-and-pay, a strong traffic-centric focus underlies all initiatives.

It is evident that Alipay has lost its direction in mobile payments.

While cash subsidies, content communities, and diverse application scenarios may bring some traffic increments, as competition in the payment market evolves, especially with payments focusing on industry transformation, user benefits, and industry empowerment, Alipay's traffic-driven approach will fall short and potentially lead to a dead end.

Clearly, blindly pursuing traffic through social networking, cash subsidies, and content creation will hinder sustainable development and further confuse Alipay in the new payment battle.

I. The Changing Paradigm

As interconnectivity deepens and platform barriers crumble, the traffic-driven development model of the Internet era is fading. So is the platform-centric model.

We are witnessing the dawn of a new battle led by the integration of digital and real economies.

Players are focusing on the B-end, adopting a decentralized business model.

Whether AI-driven B-end transformation or digital-real economy integration through the Internet's return to the physical world, these are direct manifestations of this shift.

We are entering a new phase of reshuffling.

Relying solely on Internet-era legacies is insufficient. Breakthrough development necessitates abandoning conventional Internet-era models and embracing new paradigms.

The payment market is experiencing renewed competition.

It's a redistribution of market share. Seizing this opportunity is crucial, akin to mobile payments' emergence.

Perhaps recognizing this trend or feeling external pressure, Alipay is exploring new avenues.

Heavy investments in content communities and subsidizing new payment methods like tap-and-pay underscore this shift.

Alipay's operations aim to reclaim its Internet-era glory in this new cycle.

Alipay's underlying logic transcends being a mere payment tool; it seeks to become a major platform, leveraging it for new traffic.

While these operations may yield initial results, Alipay's development will stagnate as remaining traffic dwindles.

II. The C-end Dilemma

Alipay's dilemma stems from its ultimate pursuit of C-end traffic to expand its scale.

Superficially, Alipay gains traffic, but this growth model remains tethered to the Internet.

With interconnectivity, the C-end-driven model faces increasing challenges and limitations.

Traffic peaking is evident.

Whether this traffic can generate as many "gold mines" as in the mobile Internet era is questionable.

As uncertainties arise, Alipay's C-end-driven model becomes fraught.

If this persists, the new payment market battle won't replicate Alipay's past glory but may plunge it into a deeper dilemma.

Alipay's priority isn't transforming into a super platform by incorporating diverse scenarios but exploring new ways to empower industries through integration.

Only by abandoning the large platform mindset and finding a new path beyond C-end traffic can Alipay continue leading the interconnected payment market.

Ultimately, Alipay must transform internally, opening new imagining spaces for mobile payments and meeting users' evolving needs.

Only by abandoning the Internet-era's outward-looking mindset, self-reflecting, and seeking genuine transformation can Alipay escape the Internet-style development model and enter a new phase.

Otherwise, Alipay will stagnate, merely expanding its platform and scale without fundamental change.

When offerings fail to meet user needs, Internet-style traffic gains will dissipate, and barriers will collapse.

III. The New Mobile Payment Revolution

As Alipay focuses on traffic and platform expansion, a mobile payment revolution unfolds. AI-enhanced payment experiences, improved security, and blockchain-boosted efficiency exemplify this shift.

Just as Alipay once transformed traditional payments with Internet technology, AI and blockchain are now reshaping payments.

Alipay's priority should be using new technologies to transform payments, not acquire traffic.

Only by genuinely leveraging new technologies to transform payment methods and enhance efficiency can Alipay lead the current payment revolution.

Otherwise, Alipay will remain trapped in its old development logic.

Behind the new payment market battle lies profound environmental changes.

In this environment, growth is a red ocean, and large platforms are countercurrents.

What the mobile payment market truly needs now is payment security and inclusivity, not scale or efficiency.

If Alipay continues the mobile Internet model without transforming payments, it may temporarily deter competitors but will stagnate when the model becomes unsustainable.

Alipay must focus on using new technologies for self-transformation and bursting the mobile Internet bubble with new models, not merely perpetuating old ones or fixating on traffic.

If Alipay strays from the payment industry's current direction, especially in competition on the new battlefield, its established market share may erode, missing out on the new payment market landscape.

Conclusion

Alipay once led mobile payments.

Now, it lags behind.

The fundamental reason is Alipay's neglect of the payment market's new revolution, fixating on traffic and scale from the mobile Internet era.

Unable to reclaim leadership, Alipay risks being lost in payment market changes and potentially squeezed out.

If Alipay doesn't break this confusion and change course, as the payment market reshuffles, its time may indeed be running out.