China’s Central Bank Drafts Rules On Mobile Payments

By  |  March 19, 2014
 | 

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.

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    These include limiting the amount of transactions to $1,625.96 and banningthird parties from enabling transactions to some offline retailers, the report said.

    In a further attempt to protect consumers, the central bank has banned payments based on the use of QR codes, it said.

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


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