Marbridge Daily

<- September 01, 2011 ->

Paypal China Applies for Third-Party Payment License

Sohu IT, 9/01/11

eBay's online payment platform PayPal China has announced that it is in the process of applying for a third-party payment license and has currently submitted all relevant application materials. Paypal China said its services will continue to operate normally.

A Paypal China insider emphasized that the company differs from other Chinese third-party payment systems, stating "the third-party payment license is geared towards online payments between Chinese buyers and sellers, who are conducting business within the country. Paypal's services emphasize cross-border online payments, and help Chinese merchants sell their products to buyers outside of the country."

The "Administrative Regulations Pertaining to Payment Services Offered by Non-Financial Institutions" issued by the People's Bank of China (PBoC) do not clarify how to apply for transnational third-party payment licenses, though these types of third-party payment systems are not outside the scope of the PBoC's supervision.

 
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