19 April 2014

Chinese central bank drafting new mobile payment rules

12 December 2013  |  2578 views  |  0 Shanghai skyline 2

The People's Bank of China (PBOC) is drafting new rules to regulate mobile payments, the Xinhua-run Economic Information Daily reported Wednesday.

Fan Shuangwen, deputy head of PBOC's department of payment and settlement, told a mobile payment industry conference that the rules will look to encourage innovation and interoperability across competing services.

In 2010, the PBOC introduced regulations requiring non-financial institutions to apply for a license in order to provide mobile payment services. So far, 37 payment institutions have been granted mobile payment licenses, according to Fan.

China's mobile payments market is forecast to be the largest in the world by 2015, comprising $80 billion in payments from 441 million active users, according to recent figures from research house Kapronasia.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related stories

15 July, 2013
03 June, 2013
16 April, 2013
28 November, 2012
25 April, 2012
18 January, 2012
28 September, 2011
15 August, 2011
12 August, 2011
12 May, 2011
12 November, 2010
22 June, 2010
13 May, 2010

Featured job

to $120k base, $250k OTE, full benefits
Boston, MA (USA)

Find your next job