More 3rd-party payment firms
By Ding Yining |
May 27, 2011, Friday
|
Print Edition
Print Edition
CHINA'S central bank yesterday approved the first batch of 27 non-financial institutions, including Alipay and Tencent's Tenpay, to run third-party payment services.
Ten of them are based in Beijing, eight have headquarters in Shanghai, and the remainder are sited in Shenzhen and Hangzhou.
"The market will become more mature, and more players will be allowed in this sector," said researcher Zhang Meng at Analysys International.
There will also be more service providers in various segments of the market such as insurance and asset management, she added. Any applicant for the nationwide payment platform is required to have a registered capital of 100 million yuan (US$15.4 million) while regional payment operators need to have 30 million yuan.
Alipay and Tenpay have a registered capital of 500 million yuan each.
All third-party payment service providers must gain a new business license from the People's Bank of China by August 31, according to an announcement in June last year. Failure to do so will see the services shut down.
The 27 firms have licenses that are valid to May 2, 2016.
The total market size of China's online payment sector was worth 397.3 billion yuan in the first quarter, with Alipay having 45.5 percent of the market, Tenpay's 20.3 percent and China UnionPay's 11.7 percent, Analysys said.
Ten of them are based in Beijing, eight have headquarters in Shanghai, and the remainder are sited in Shenzhen and Hangzhou.
"The market will become more mature, and more players will be allowed in this sector," said researcher Zhang Meng at Analysys International.
There will also be more service providers in various segments of the market such as insurance and asset management, she added. Any applicant for the nationwide payment platform is required to have a registered capital of 100 million yuan (US$15.4 million) while regional payment operators need to have 30 million yuan.
Alipay and Tenpay have a registered capital of 500 million yuan each.
All third-party payment service providers must gain a new business license from the People's Bank of China by August 31, according to an announcement in June last year. Failure to do so will see the services shut down.
The 27 firms have licenses that are valid to May 2, 2016.
The total market size of China's online payment sector was worth 397.3 billion yuan in the first quarter, with Alipay having 45.5 percent of the market, Tenpay's 20.3 percent and China UnionPay's 11.7 percent, Analysys said.
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