Rumor: Central Bank to Issue 10 Third-Party Payment Licenses
China Securities Journal, 12/12/08
Industry sources have revealed that the People's Bank of China (PBoC) will issue 10 new licenses to third-party payment platforms in a bid to better regulate the industry, and that payment processors are already ‘counting down' to the licenses, with more than 40 companies applying to receive PBoC licenses.
Under its ‘Payment Liquidity Management Law," the PBoC will set up a number of barriers to the third-party payment industry by establishing standards to control profit, risk, and other aspects of online payment. The questions of risk control and associated high costs will be key in determining whether or not companies receive licenses.
Keywords: People's Bank of China Internet online payment third-party payment e-payment license regulation
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