20 September 2019

Eight 3rd-party payment firms to halt new accounts, paper says

Eight third-party payment firms, including China PnR, Yeepay and vbill, has been told by the Chinese central bank to suspend acquisition of new business accounts from April 1, Economic Information Daily reported Monday, citing a source with knowledge of the matter. Meanwhile, Chinaums — a unit of China UnionPay — and Calliance were asked to conduct internal checks, the report said. The order came after several cases of fake credit card transactions to secure cash, a source from a third-party payment firm was quoted as saying. Suspension will last until the firms are cleared by the central bank after checks, the report said.

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