Global EditionASIA 中文双语Français
Business
Home / Business / Macro

China's central bank to standardize QR code payment

Xinhua | Updated: 2017-12-27 23:36

BEIJING-- The People's Bank of China (PBOC) announced plans Wednesday to regulate QR code payment to contain risks arising from the popular service.

Payment institutions must obtain proper permits to offer barcode-based payment services, according to a document released by the PBOC.

Both banks and non-banking payment institutions must channel cross-bank transactions involving barcodes through the clearing system of the PBOC or other legal clearing houses.

The institutions should also enhance their security to prevent data breaches, according to the document.

Paying through QR code is increasingly popular. By scanning QR codes at convenience stores, subway stations or street vendors, people can buy almost anything.

The number of China's mobile payment users has exceeded 520 million, according to Ant Financial, Internet company Alibaba's financial affiliate.

But the growing popularity of the payment method has also brought concerns such as security issues and unfair market competition, the PBOC said in the document.

The central bank has always been seeking a delicate balance between encouraging innovation and controlling risks, and the new standards on barcode payment have reflected that principle, it said.

The standards will be put into trial use from April next year.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US