New policy to radically change Chinese mobile payment landscape

Image Source: Article

Image Source: Article

The People’s Bank of China has issued a circular among Chinese banks and third-party payment platforms that will dramatically change the industry, reports The Asset.

The document lays out new policy that will require all transactions from third-party platforms to be handled through an independent clearing house, called Wang’lian, jointly established by the PBOC, Chinese regulatory agencies, and some payment companies.

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