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China may limit transactions for online payment

Staff writer |
China's central bank has proposed limiting the size of transactions through third-party online payment systems. This is to ensure security for consumers' information and money.

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The People's Bank of China released the proposal on Friday for public consultation. The deadline for receiving comments from the public is August 28.

It suggested the amount shoppers would be able to spend through third-party online payment per day may be limited to between 1,000 yuan and 5,000 yuan. It would depend on how sophisticated the system's security checks are.

And consumers whose accounts limit them to shopping payments would be allowed to spend no more than 100,000 yuan a year.

The draft guideline also bans third-party payment platforms from opening accounts for institutions running financial businesses, such as online lending firms.

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