The People's Bank of China has published a report saying that it has issued licenses for non-financial institutions to operate payment businesses to 27 companies, including Alipay.com.
So far, 32 companies have applied for the third-party payment license. According to the Administrative Measures for the Payment Services Provided by Non-financial Institutions launched by the People's Bank of China in 2010, the deadline for getting the third-party payment licenses will be September 1, 2011, and those who are unable to get one by then will be not allowed to run a payment business in the future.
Third-party payment platforms are trading support platforms that sign contracts with major Chinese banks and are operated by independent third-party institutions, like Alipay.com, Tenpay.com, and 99bill.com, which have certain power and credit.
The...
This news article comes via ChinaTechNews.com , who is the copyright owner of this information and news. FintekAsia.com has licensed the rights to this article and any republication or re-distribution in whole or in part of this content is strictly prohibited without the express consent of ChinaTechNews.com
