China’s Banks Set Cap On Quick Funds Transfers
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.
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