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. 

Comments
Also by This Author
What's Hot
B2B Payments
Alaska Cuts Off Medicaid Payments To Anchorage Health Service
News
Square Launches Register App Platform
News
Etsy Debuts mPOS Solution
Merchant Innovation
Ron Johnson’s New Company To Focus On Shopper Decisions
View All Articles ››
You May Also Like
International
International Chamber of Commerce Agrees on SCF Terms
International
Putin Puts Visa/MC Deadline On Ice
International
China’s Tencent Bets Big On Mobile
B2B Payments
Ecuador Central Bank Launches Mobile B2B With No Banks Nor Telco Partners
View All Articles ››