20 August 2019

PBoC set to curb third-party online payments, paper says

The People’s Bank of China has issued draft rules restricting transactions in third-party online payment systems, including Alibaba Group’s Alipay and Tencent Holdings’ (00700.HK) Tenpay, Beijing Times reported Monday, citing some of the service providers. Under the proposal, transfer of money into an individual account should not exceed 1,000 yuan (US$162.80) each time or 10,000 yuan annually. For payment of consumer products and services, the amount cannot exceed 5,000 yuan per transaction or 10,000 yuan a month. The draft rules were released last week for consultation, the report said.

– Contact HKEJ at [email protected]



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