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April 22, 2014

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Prepayment firms given last chance to register

THE city government has issued a final call to 75 companies that have yet to submit details of their prepaid card schemes as required by law.

The firms have until the end of the month to register the information online or face an administrative punishment, the Shanghai Commission of Commerce said yesterday.

Many of the missing companies — which include Shanghai Shunfeng Restaurant Management Co and Shanghai Kaisiling Food Co — operate multiple outlets in the restaurant, bakery, fitness and beauty sectors.

All of their names have been published on the commission’s official website.

The requirement for firms to register their prepayment schemes came in response to growing calls from the public for better protection in the area.

Under rules set by the Ministry of Commerce last year, companies with registered capital of more than 1 million yuan (US$161,000) or annual revenue of more than 5 million yuan that issue prepaid cards must register their details online.


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