Online payment policy will help mix the old with the new

The People's Bank of China has unveiled a plan that will limit the size of transactions on third-party online payment systems such as Alipay. The central bank appears to have released this policy for public scrutiny in an attempt to beef up consumer security.

But an extremely important byproduct of this proposal appears to have been overlooked. This would involve a closer working relationship between third-party online payment systems and established banking brands. It could result in "co-branding", which would lead to a successful and symbiotic relationship between the old and the new.

Under the proposal, the amount people will be able to spend through third-party online payments per day will be limited to between 1,000 yuan ($161) and 5,000 yuan, depending on the sophistication of the system's security checks.