Central bank may cap online payments
Print Edition
China’s central bank has proposed limiting the size of transactions through third-party online payment systems like Alipay to ensure security for consumers’ information and money.
Under the proposal released by the People’s Bank of China for public consultation, a daily limit of between 1,000 yuan (US$161) and 5,000 yuan might be set, depending on how sophisticated the system’s security checks are.
While platforms that have both digital certification and signature qualification checks will be exempt from the restrictions, the limit would be set at 1,000 yuan per day if the platform has only one qualification check. If the system has two or more checks but they do not include digital certification and signature, the limit would be 5,000 yuan.
Where they are spending more than the sum allowed, consumers would be transferred to banking payment platforms to pay the surplus, the central bank proposal said.
Meanwhile, consumers whose accounts limit them to shopping payments will be allowed to spend no more than 100,000 yuan a year if the system is adopted.
Those with more premium accounts that also allow for services like share purchases would be allowed to spend up to 200,000 yuan a year.
The regulation is based on surveys of Chinese consumers’ average spending via third-party payment platforms last year, according to an unnamed source from the PBOC.
The draft guideline also bans third-party payment platforms from opening accounts for institutions running financial businesses such as online lending firms to avoid risks.
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