Bankers call for legislation on electronic payments

Members of China's top political advisory body have called for legislation on electronic payments to better guard against risks and protect consumer rights.

It is an urgent task for legislators to conduct research and draft laws on electronic payments to clarify rights, obligations and the division of regulatory responsibilities of various players in the payment industry, said Ge Huayong, chairman of China UnionPay and a member of the 13th National Committee of the Chinese People's Political Consultative Conference, in a proposal co-signed with Jin Penghui, another fellow member and the deputy director of the Shanghai Head Office of the People's Bank of China.

"Risks associated with payments, such as leakage of personal information, theft of funds, law violations and fraud, have already affected the standardized development and safe running of the payment industry," Ge wrote in the proposal.