Rumor: PBoC May Revoke Select Third-party Payment Licenses
Caijing, 2/20/14
A source at the People's Bank of China (PBoC), China's central bank, has revealed that 2014 could see revocation of a portion of the more than 200 third-party payment licenses issued by the PBoC to-date. According to the source, a regulatory focus in 2014 will be on controlling risk and strengthening oversight of third-party payment fund sources and destination accounts. User bundling of bank cards is expected to become more burdensome with the implementation of new regulations, with tighter limits imposed by banks on money transfers through third-party payment platforms.
Keywords: Internet People's Bank of China third-party payment license e-payment
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