Retail in Asia

In Shops

China’s central bank may cap online payments

China’s central bank has proposed limiting the size of transactions through third-party online payment systems like Alipay to ensure security for consumers’ information and money.

Under the proposal released by the People’s Bank of China for public consultation, a daily limit of between CNY1,000 (USD161) and CNY5,000 might be set, depending on how sophisticated the system’s security checks are.

While platforms that have both digital certification and signature qualification checks will be exempt from the restrictions, the limit would be set at CNY1,000 per day if the platform has only one qualification check. If the system has two or more checks but they do not include digital certification and signature, the limit would be CNY5,000.

(Source: Shanghai Daily)