If the law clears its third reading in the current legislative session, the new payment system may be launched in the first half of 2015.
The regulation contains two important aspects. The first is that third-party payment providers will be classified into two types. One will specialize in payment and collection services, while the other will specialize in savings services.
The legislations other important aspect involves raising the daily threshold for consumers to save and remit funds from USD 900 to USD 1500.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.