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With the rapid advent of e-commerce in China, the technological innovation of third-party payment has experienced explosive growth. This important technological innovation, initiated by emerging Internet companies, is helping the traditional financial industry's payment business—represented by commercial banks—expand in both depth and breadth. Meanwhile, there is also a large degree of substitution, competition and crowding out among these banks in terms of the traditional financial industry's basic payment and settlement functions, potential customers, deposit and loan services and traditional intermediary business. This paper explores the impact (episodic and long-term steady-state) of the technological innovation of payment on commercial banks. It also considers the impact of technological innovation on industrial evolution to clarify whether technological innovation offsets the advantages of traditional …