Twenty-seven Chinese Companies Gain Third-party Payment Licenses

News Source:

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

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,, and, which have certain power and credit.


This news article comes via , who is the copyright owner of this information and news. 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

You May Also Like