China To Issue Licenses To Domestic Online Payment Companies

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According to Ouyang Weimin, director of Payment System Department of the People's Bank of China, PBOC plans to issue licenses to Chinese online third-party payment platforms to bring more competition and a higher level of security into this industry.

Ouyang told local media that in the non-cash economic age, online payment services are an important sector to develop. At the same time, third-party payment platforms can bring a large competitive impact to online banks who might want to provide direct services themselves. For the next step, PBOC will issue licenses to Chinese third-party payment platforms to regulate and supervise the payment and settlement services of non-financial organizations.

He said with the development of e-payment business in China, the State Council requires PBOC to accelerate its adjustments to indices of e-payments to...

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