卡组织的“加密”之争，全球支付格局会被重写吗？

21世纪经济报道05-29 11:59

热点栏目自选股数据中心行情中心资金流向模拟交易客户端　　从近日市场动态看，支付巨头与加密货币的碰撞还在继续加深。　　5 月 27 日，万事达卡拿下美国纽约 BitLicense 虚拟货币经营牌照，成为全球少数同时手握牌照与全链路支付能力的巨头；另一边， Visa 瞄准非洲市场，宣布加密货币信用卡试点全面启动，稳定币将嵌入未来支付核心生态。　　那么，...

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BitLicense 虚拟货币经营牌照，成为全球少数同时手握 牌照 与全链 路 支付能力的巨头；另一边， Visa 瞄准 非洲 市场 ，宣布加密货币信用卡试点全面启动，稳定币将嵌入未来支付核心生态。\n　　那 么，...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2026-05-29/doc-inhzpspr9581432.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2125154778.USD","symbol_name":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2026-05-29/doc-inhzpspr9581432.shtml","article_id":"2639497166","we_media_id":null,"thumbnails":[],"rights":{"source":"sina","url":"https://finance.sina.com.cn/roll/2026-05-29/doc-inhzpspr9581432.shtml","rn_cache_url":null,"customStyle":"body{padding-top:10px;}.art_tit_h1{#titleStyle#}a{#lv2TextColor#}.art_time, .art_cite{#sourceStyle#;} .art_cite{margin-left: 3px;}","selectors":".module-article, article","filters":"header, .voice2, .tags, #norm_qrcode_link_auto, .unfold-box, 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battle of card organizations?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"V":1.93,"MA":1.92},"content_text":"热点栏目\n\n自选股\n数据中心\n行情中心\n资金流向\n模拟交易\n\n客户端\n\n\n　　从近日市场动态看，支付巨头与 加密货币 的 碰撞还在继续加深 。\n　　5 月 27 日，万事达卡拿下美国纽约 BitLicense 虚拟货币经营牌照，成为全球少数同时手握 牌照 与全链 路 支付能力的巨头；另一边， Visa 瞄准 非洲 市场 ，宣布加密货币信用卡试点全面启动，稳定币将嵌入未来支付核心生态。\n　　那 么，这场被多个全球支付巨头瞄准的加密市场，还有哪些探索空间？潜力几何？又要注意哪些风险？ \n　　巨头落子\n　　“本次获批，将助力万事达卡稳步推进长期战略， 在合规框架下布局不断发展的 加密 资产支付与结算基础设施 。 ” 对于拿下牌照的下一步，万事达卡如是表述，随着支付体系不断发展，公司始终致力于在监管完善的金融环境中合规经营。\n纽约 BitLicense 自 2015 年落地以来，发放的牌照数量并不多，以严苛的资本要求、反洗钱标准与消费者保护机制着称，也被视为加密资产领域的“黄金入场券”。万事达卡首席产品官约恩・兰伯特指出，新型加密资产从试点探索走向实际应用的过程中，清晰完善的监管框架是建立市场信任的关键。拿下该牌照，与万事达卡的长期发展战略高度契合，公司将在坚守全球支付网络既有运营标准的基础上，合规布局稳定币、通证化存款等加密货币相关的新型支付与结算体系。\n\n\n　　而另一巨头 Visa 则选择新兴市场破局。 据媒体报道，近期， Visa 南非及东非地区负责人 Michael Berner 在 接受媒体采访时表示，非洲数字支付的发展速度前所未有，远超世界其他地区，未来两到三年内，整个支付格局或将发生根本性改变。他认为， 非洲数字支付增长势头全球领先，稳定币或将成为未来支付生态的重要组成部分，相关虚拟货币结算试点也即将启动 。\n　　在虚拟货币与稳定币方面， Visa 态度积极且明确。 Berner 透露，非洲多国银行对加密货币信用卡表现出浓厚兴趣， Visa 已与多家非洲银行就此展开交流，相关试点项目即将启动。\n　　对于 万事达卡 与 Visa 的相关布局，北京商报记者向二者采访求证，但后者均称加密货币、稳定币等相关话题不便回应。 \n　　为何布局\n　　为什么这个时间点选择布局加密资产？巨头落子背后有何考虑？\n　　在业内看来， 对 Visa 、万事达而言，布局加密 行业 并非跟风， 背后主要是由 效率 需要 、防御卡位 和 增量突破三重 因素推动 。\n中国通信工业协会区块链专委会共同主席、香港注册数字资产分析师学会学术委员会轮值主席于佳宁 告诉北京商报记者，加密资产业务对万事达卡、 Visa 这类支付巨头的吸引力，一方面是为 清结算效率的根本改善 ，直接关系到成本结构和资金周转 ； 另一方面是 防御性的市场卡位 ，稳定币天然带有绕开卡组织的潜质，如果放任其独立发展，支付巨头几十年积累的网络优势就有被旁 落 的风险，把潜在颠覆者纳入自身网络是一种主动防御。\n\n\n　　此外也是为了考虑新兴市场的增量空间， 于佳宁 指出，非洲这类地区银行体系不发达、本币波动大、跨境汇款需求旺盛，稳定币恰好填补了传统金融基础设施的空白，是 抢占增量用户和交易量的窗口 。\n　　“平台解决传统跨境支付链条冗长、综合成本偏高的行业问题， 也 希望借助这套新的结算模式，搭建属于自己的独立业务体系，减少对传统清算渠道的依赖。 ” 但博通咨询首席分析师王蓬博也指出，要 客观看待 此事 ， 加密货币 业态和现行全球金融监管框架适配度有限，二者底层运行逻辑存在差异，平台现阶段更多是长期布局的试水动作，想要让新体系完全成熟落地，还需要跨过监管、市场融合等多重阻碍。 \n　　加密信用卡\n　　对于加密信用卡，于佳宁告诉北京商报记者， 市场上所说的 加密 资产信用卡，绝大多数并不是银行给你授信一笔 加密 资产额度让你透支，而是把 加密 资产和传统卡组织网络打通的支付工具，主流形态有两类。\n　　一类是 加密 资产借记卡 ，用户先把稳定币或比特币、以太坊等资产存入关联账户，刷卡时由发卡方实时兑换成法币完成结算，本质是花自己的钱；另一类是 真正的 加密 资产信用卡 ，发卡方给一笔法币授信额度，用户可以用 加密 资产作为抵押或还款来源。\n“ 无论哪一类，对商户端都是一笔普通的 Visa或万事达卡交易，可以在支持这两大卡组织的任何场景正常消费，区别只在资金来源和清算后端。 ”于佳宁解释。\n\n\n　　于佳宁进一步称，加密信用卡 优势清晰， 但 风险同样突出 。 主要 打通了 加密 资产的支付出口， 在 新兴市场适配性强，在本币波动大、银行覆盖率低的地区实用价值远高于成熟市场 。但 价格波动风险 也存在 ， 因此 稳定币 主要是 主流载体 ，另外也存在 合规与税务风险 ， 不少 地区将加密消费视为应税行为，税务与合规成本高； 同时也 依赖发卡方偿付能力， FTX等平台 爆 雷的教训表明托管型产品一旦发行方出事，用户资产 会 直接受威胁 。此外是 监管不确定性，涉及授信、资产抵押等复杂环节，框架尚不成熟。\n　　总体看，这类产品在跨境消费、新兴市场、高净值人群中有清晰需求，但 要走向大众市场，还取决于稳定币普及程度、监管成熟度和发卡方的风控水平 。\n　　“这类产品确实能填补部分区域的结算空白，但虚拟资产价格波动幅度大，叠加各地监管政策的不确定性，用户资金安全和机构业务运营都会存在潜在隐患，整个品类的发展节奏需要保持谨慎。” 王蓬博同样强调。 \n　　警惕风险\n　　在业内看来 ， 加密货币、 稳定币 领域 已涌入大量跨境支付玩家， 布局 焦点 也在不断发生变化。如今，对于机构来说，核心竞争优势主要体现在技术、牌照、生态以及场景覆盖上。\n　　但面对不同国家 / 地区的监管差异，风险同样要注意。\n王蓬博称， “ 对于想要搭建全域自有支付体系的机构而言，跨区域合规管控，会是长期存在的一大难题。 机构 必须分区域梳理监管细则，根据当地规则调整业务模式与体系架构，同时持续跟踪政策变动 ” 。\n\n\n　　“ 各主要法域对稳定币的监管取向差异很大，机构最容易踩的坑就是用单一市场的合规思路去套全球业务。 ”于佳宁则进一步称， 美国 GENIUS 法案走联邦与州双层分级监管，对储备资产、赎回、反洗钱、资本充足设了明确标准，并禁止储备资产再抵押、禁止向持有人支付利息。欧盟 MiCA 强调发行方牌照化和储备资产全额覆盖，中国 内地 则维持禁止性政策， 境内 不允许相关业务经营，中国香港专门立法监管稳定币，这几者是方向上的根本不同。\n　　对于参与的机构来说，于佳宁建议， 要 重点防范法域错配风险、牌照风险、储备与赎回风险、反洗钱与制裁风险等 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