PBOC issues administrative measures for online payments | Practical Law

PBOC issues administrative measures for online payments | Practical Law

The People's Bank of China promulgated administrative measures for online payment services of non-banking payment institutions, introducing the levelling system on personal bank accounts. These measures aim to tighten the supervision of non-banking payment institutions and to protect customer rights, particularly in the area of online payments.   

PBOC issues administrative measures for online payments

Practical Law UK Legal Update 2-621-8186 (Approx. 2 pages)

PBOC issues administrative measures for online payments

Published on 14 Jan 2016China
The People's Bank of China promulgated administrative measures for online payment services of non-banking payment institutions, introducing the levelling system on personal bank accounts. These measures aim to tighten the supervision of non-banking payment institutions and to protect customer rights, particularly in the area of online payments.