As per the regulations, the maximum transfer via third-party payment accounts will not be allowed to exceed USD 162.6 per single transaction and the cumulative total of transfers per year must be no more than USD 1630.10 (CNY 10,000).
The draft rules for management of payment providers online services and draft guidelines for development of mobile payment services also stipulate that payment providers will be ordered to implement separate management of money transferred to users’ accounts, which can only be used for consumption and cannot be transferred back into bank accounts.
As to mobile payment services, the draft guidelines specifies that third-party payment providers will be banned from offering internet payment transactions linking buyers and certain offline retailers.
The rules have yet to come into being and the central bank may make adjustments to the regulations based on opinions that it receives from relevant parties.
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.