#加密生态动态追踪 An interesting phenomenon: in Latin America, the role of digital payment companies far exceeds our imagination. Taking a leading mobility platform as an example, it has long been more than just an entry point for transportation in Mexico, São Paulo, and other places; it has evolved into a financial services hub—over 25 million users are using this platform to make payments, top-up accounts, and even access credit services. Many people who have never entered the traditional banking system before have opened digital accounts here, and some even obtain international cards.

The logic behind this is actually very clear. Why is it different domestically? Infrastructure is already well developed. WeChat Pay and Alipay had locked in the absolute dominance of mobile payments as early as 2016—these two giants hold over 90% of the market share, which has long become the standard infrastructure for the industry. Later, various companies tried to gather financial licenses to build a closed-loop ecosystem, but in this landscape, new entrants can only play the role of plugins.

A natural problem in the mobility scenario is: funds circulate but are hard to retain. Users recharge to complete a transaction, and after the transaction, the funds are withdrawn; the platform simply cannot keep them. It’s like building a pipeline—money only passes through but doesn’t stay. So, the idea of building a financial empire on this foundation faces an inherent ceiling from the start.

In contrast, the lack of infrastructure in Latin American markets becomes an advantage. Without an existing payment network, companies must build their own roads and bridges, gradually transforming into true financial infrastructure. This environment-driven "evolution" gives platforms the opportunity to grasp the underlying logic of fund flow.

This inspires us to rethink: sometimes, underdeveloped market conditions can actually foster different forms of business.