A new report points to ongoing growth in both the number of China’s internet users and the size of the country’s mobile payments market.
China’s third party payments sector is expected to undergo a major reshuffle as new restrictions come into play and financial regulators step up their scrutiny.
The Chinese central bank has flagged further tight control of the payments and settlements sector alongside a strong emphasis upon security.
The Chinese central bank is stepping up the pressure on the country’s third party payments providers in 2018, after first beginning to scrutinise the sector two years ago.
Online Chinese payments company Dinpay has been hit with more than 41 million yuan in fines over infractions involving offshore gold and forex transactions.
The Chinese central bank has issued a stern warning to the country’s payments giants against using their exorbitant scale to flout government regulations in relation to barcode-based technology and user security.