Guidelines issued
Source: Xinhua |
April 13, 2011, Wednesday
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Print Edition
Print Edition
CHINA'S Ministry of Commerce yesterday published its long-awaited guidelines for e-commerce third-party payment service providers in a bid to regulate a rapidly developing business-to-consumer industry that processes about six times as many transactions as global retail giant Wal-Mart Stores Inc.
The guidelines ordered third-party payment service providers whose daily transactions exceed 100 million yuan (US$15.3 million) to establish a backup system in multiple locations in case of a disaster.
The guidelines also stipulate that an e-commerce third-party payment service provider should not sell its own business over the platform through which it serves other B2C participants.
The guidelines ordered third-party payment service providers whose daily transactions exceed 100 million yuan (US$15.3 million) to establish a backup system in multiple locations in case of a disaster.
The guidelines also stipulate that an e-commerce third-party payment service provider should not sell its own business over the platform through which it serves other B2C participants.
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