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PBoC to Clamp Down on Non-Financial Co Payment Services

Jun 22, 2010
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China will ban non-financial institutions from conducting payment services without a license from the central bank, effective from September 1, 2010, according to an order released June 21 by the People's Bank of China (PBoC). The payment services to be restricted include online payments, pre-paid cards and bank card payments on POS machines, the report said.

Alibaba Group's online payment tool Alipay plan to apply for the license, reports National Business Daily June 22 citing Alipay Public Communications Senior Manager Chen Liang. Tencent (0700.HK) is also preparing an application for a license for its online payment tool Tenpay, the report said citing a company statement.

Tags: 0700.hk, alibaba, alibaba group, alipay, e-commerce, people's bank of china, tencent, tenpay

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PBoC to Clamp Down on Non-Financial Co Payment Services
June 22, 2010: China will ban non-financial institutions from conducting payment services without a license from the central bank, effective from September 1, 2010, according to an order released June 21 by the People's Bank of China (PBoC). The payment services to be restricted include online payments, pre-paid cards and bank card payments on POS machines, the report said. Alibaba Group's online payment tool Alipay plan to apply for the license, reports National Business Daily June 22 citing Alipay Public Communications…

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PBoC to Clamp Down on Non-Financial Co Payment Services

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