Chi­nese cbank an­nounce de­tails for 3rd party pay­ment li­cence

The Pak Banker - - Company& -

BEI­JING: The Chi­nese cen­tral bank, Peo­ple's Bank of China, has just an­nounced de­tails for third party pay­ment li­cences. This is ex­pected to be the last step be­fore the govern­ment fi­nally is­sue third party pay­ment li­cences to com­pa­nies such as Ali­pay, Yeepay, 99bills, etc., al­though they have been in the busi­ness of pro­vid­ing third party on­line pay­ment for a con­sid­er­able time. The first one to get the li­cense is prob­a­bly Chi­na­pay, a sub­sidiary of the govern­ment owned China UnionPay. Pay­ment used to be a bot­tle­neck for the devel­op­ment of e-com­merce. Af­ter Ali­pay solved the is­sue of on­line pay­ment, e-com­merce took off in China. Cur­rently, pay­ment is the bot­tle­neck of an­other in­dus­try, the mo­bile in­ter­net. Many mo­bile in­ter­net play­ers thought pay­ment is a prob­lem that limit their growth. -PB News

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