The People’s Bank of China has drafted regulations aimed at standardizing third-party mobile-payment platforms, according to a report in Mobile Commerce News.
The People’s Bank of China has drafted regulations aimed at standardizing third-party mobile-payment platforms, according to a report in Mobile Commerce News.
These include limiting the amount of transactions to $1,625.96 and banningthird parties from enabling transactions to some offline retailers, the report said.
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In a further attempt to protect consumers, the central bank has banned payments based on the use of QR codes, it said.
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