Central bank propses 10,000 yuan ceiling on transfer to 3rd party payment
Print Edition
CHINA’S central bank said yesterday that controlling risks was the priority when it suspended some Internet financial services, answering concerns that excessive scrutiny was to smother innovation.
Earlier this month, it halted virtual credit card issuance and quick-response payment services.
The central bank is proposing a 10,000 yuan (US$1,613) ceiling on the amount of money consumers can transfer to third-party payment platforms every year.
The move caused economists to question the bank’s attitude toward innovation, consumers to worry about online spending restrictions, and concern among payment companies about the effect on revenue.
In its first official response to these concerns, the People’s Bank of China said it has made the decisions to control risk. But it said it will leave room for Internet financial innovations without “excessive and rigid” regulations.
Internet companies could not ensure holders’ identities if credit cards were not activated in person, the PBOC said, and payment through scanning QR codes risked the leak of personal information and the loss of money due to an immature technology.
The two services were halted on March 13, the same week Alibaba and Tencent launched the services to meet an online shopping boom.
“The central bank is only suspending the two services introduced by relevant organizations, not banning them,” the bank said in a statement, adding that it will back payment companies in improving business procedures and consumer protection.
It also noted that the widely circulated draft of third-party payment rules that set a 10,000 yuan payment quota was still being discussed and authorities would “seek the maximum consensus among regulators, payment companies and consumers.”
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