Rumor: China to Issue Payment License to Foreign Firm

China Business News, 7/02/13

According to a source close to the matter, the People's Bank of China (PBoC) will soon announce that a "foreign company has been awarded a third-party payment license, but the company will not likely be [eBay's third-party payment platform] PayPal." An announcement on the matter could be made as soon as this month, according to the source.

Zhou Jinhuang, Deputy Chief of Payment for the PBoC, announced recently that, by his estimation, China will have awarded a cumulative total of around 260 third-party payment licenses by the end of 2013. At present, 220 companies hold third-party payment licenses in China.

Editor's Note: For more information on this topic, please see "eBay CEO Confident PayPal Will Obtain China Payment License," MD 6/18/13 issue.

Keywords: online payment e-payment Zhou Jinhuang eBay Internet license PayPal People's Bank of China third-party payment

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