Public opinion sought on nonbank payment rules
The People’s Bank of China on Monday began to solicit public opinion on the detailed rules regulating the nonbank payment institutions as a part of efforts to enhance their supervision and management.
The document aims to detail the regulations for the supervision and administration of nonbank payment institutions, which were issued by the State Council last December.
The document offers further clarification on key concepts, such as major shareholders and actual controllers, as outlined in the regulations, and details administrative licensing procedures for the nonbank payment institutions.
Through the move, the central bank hopes to bolster transparency and openness in the administrative process and foster greater efficiency in payment institutions to create a law-based business environment.
In protecting the legal rights and interests of payment users, it specifies requirements regarding the retention period of user data and transaction records, as well as adjustments to fees.
In recent years, China has witnessed remarkable growth in its nonbank payment industry. Data shows that over 1 trillion transactions are made in the country via nonbank payment institutions annually, with a total value at approximately 400 trillion yuan (about $56.3 trillion).