This week ChinaTechNews has reported a ‘rumor’ that China will be issuing licenses to try and bring their growing e-payments industry under control. The rumor does not tell us concretely what will occur in furtherance of protecting consumers and regulating their industry but it does discuss some possibilities.
“The new rules to be released include Payment and Liquidation Organization and Management Method, implementation principles and relevant statutes. The former is about key rules in managing e-payment companies and it guarantees the basic rights of each online consumer.”
Additionally they say that ‘e-payment licenses’ will now be required for the following organizations:
- Bank card associations
- Invoice based e-payment companies
- Online payment companies such as PayPal and Alipay
- Other types of non-banking institutions
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