Alipay's spin-off is an interest agreement between Yahoo and Alibaba. One of the main reasons why the third-party payment license could not be implemented for a long time lies in the complicated interest entanglements in between, with more of the behind-the-scenes battles and interest game between the four major state-owned banks and Alipay. Last week, the Payment and Clearing Association has also been established, which is also a signal of the release of the license. How to divide this pie also relates to the change of the payment pattern.