Chinese legislature passes draft bill on online payment system

Wednesday 31 December 2014 10:02 CET | News

The Chinese legislature has passed a draft bill on the nation’s third-party payment mechanism.

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.

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Keywords: China, legislature, online payments, bill, draft, third-party payment
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce