China’s Banks Set Cap On Quick Funds Transfers

What's Next In Payments®
3:00 AM EDT March 18th, 2014

 China’s major banks reportedly have set transfer caps for online quick payment services, making it more difficult for users to transfer large amounts of money to Internet wealth management, according to the Beijing News.

According to the publication, China Construction Bank set a quota of 50,000 yuan (US$8,150) for each quick transfer per day; Industrial Bank Co has imposed 5,000-yuan daily cap.

Alipay, a third-party payment tool of China’s e-commerce leader Alibaba, introduced the quick payment solution, which allows for quicker online financial transactions using a temporary password sent to a cell phone.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source. 

Topics:
Comments
Also by This Author
What's Hot
B2B Payments
Clean Technology Firm Upgrades Procurement Automation Process
B2B Payments
Fintech Partnership Set To Bring Funding To UK Businesses
B2B Payments
Engineering Firm Opts For Automated Invoicing
Acquiring
First Data’s Mobile Gifting Acquisition
View All Articles ››
You May Also Like
Company Spotlight
Visa And MasterCard Say U.S. Sanctions Won’t Affect Russian Client Banks
B2B Payments
UK Businesses Forced To Make Late Payments
International
Flipkart’s $1 Billion Bet On India
International
Amazon’s $2 Billion Bet on India
View All Articles ››