Marbridge Daily

<- December 21, 2011 ->

Rumor: PBoC to Issue 70 More Third-Party Payment Licenses

eNet, 12/21/11

The People's Bank of China (PBoC) may soon issue a third batch of third-party payment licenses to as many as 70 companies, an industry source has revealed.

According to the PBoC website, over 200 enterprises have received third-party payment licenses so far. In order to prevent the industry from becoming too centralized, China Mobile (NYSE: CHL; 0941.HK), China Telecom (NYSE: CHA; 0728.HK), and China Unicom (NYSE: CHU; 0762.HK; 600050.SH) are not among the third set of license recipients, although Chinese authorities have yet to clarify the fate of companies with payment operations that do not receive a license.

According to an industry veteran, the licenses have become a valuable commodity, with a single license worth at least hundreds of millions of RMB.

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