The electricity bill beeps sad》The top three money-burning customers are still losing money even if they are crowned kings

Lianjia Electronic Payment was launched at the end of last year and became the king of the electronic payment market in less than a year; however, the consolidated report of Lianjia Network for the first half of the year shows that even if Lianjia Electronic Payment won the championship, it still lost more than 40 million yuan. Quanpay, a subsidiary of Quanlian Group, surpassed Jiekou in terms of transaction volume and jumped to second place, and continued to lose 153 million yuan in the first half of the year. Jiekou Pay, which fell back to third place, seems to be under heavy operating pressure, and its losses have expanded.

The "actual transaction amount collected and paid by agents in the current month", which best reflects the activity of electronic payment, is used as the comparison indicator. According to the latest statistics in August, Lianjia Electronic Payment, which takes advantage of its huge community, has become the king with a transaction volume of 12.4 billion yuan in a single month less than a year after its opening; Quanpay, which has a huge "mother-in-law army" of Quanlian, surpassed Jiekou Electronic Payment's 6.03 billion yuan to take the runner-up in the market with 7.24 billion yuan.

After the reshuffle of the top three electronic payment companies, none of them has made a profit, and all of them are stuck in "burning money to grab customers". Lianjia.com's consolidated statement for the first half of the year shows that Lianjia electronic payment is still in the throes of construction and promotion, with a recognized loss of 40.93 million yuan.

Quanpay's net loss after tax in the first half of this year reached 153 million yuan, compared with a net loss of 245 million yuan in the same period in 2025. The extent of losses has converged, showing that economies of scale are gradually emerging; Jiekou Pay's net loss in the first half of the year reached 26.31 million yuan, compared with a net loss of 19.83 million yuan in the same period last year, but showing an expanding trend.

It can be found from the financial report details that "marketing and promotion expenses" and "bank fee costs" are the two main culprits that erode profits.

Taking Qianpay as an example, in the first half of 2026, the sales and marketing expenses reached 117 million yuan, of which about 100 million yuan was all spent on marketing and advertising expenses; Jiekou Pay also faced high customer acquisition costs, with sales and marketing expenses in the first half of the year as high as 123 million yuan, accounting for nearly half of its overall operating expenses.

The "handling fee cost" is also heavy. When consumers store value and consume by binding a bank account or credit card, the electronic payment platform must pay tolls to the back-end acquiring financial institution; the financial report shows that the handling fees paid to the bank alone in the first half of the year were as high as 102 million yuan; the handling fees of the substantive related parties (Taishin Bank, etc.) recognized by Jiekou Pay in the first half of the year also amounted to 95.35 million yuan.

This means that every time a consumer makes a payment, the meager profits that electronic payment operators receive are often not enough to pay the bank's handling fees and reward points to consumers.