people's bank of china Archives

QR code payment fraud in China’s radar with new caps

01/02/201812/30/2017 Julie Campbell

As popular as the mobile transactions may be, the country’s central bank is issuing new security regulations. China’s central bank is rolling out new regulations to help prevent QR code payment fraud. Quick response codes have become exceptionally popular in the country but have exposed consumers to fraudulent activities from criminals. Some of the most popular mobile payments apps in China currently use the barcodes to complete transactions. Both WeChat and Alibaba’s AliPay – two of the largest mobile payments apps in the country – use QR code payment technology…

QR code payments get one step closer in China

07/26/201607/22/2016 Jennifer Goula

The central bank in the country is working on creating standards for the use of quick response codes. QR code payments have spent years in a state of limbo. There has been a ban on using quick response codes for mobile payments due to a lack of regulations. That said, the central bank is getting ever closer to drafting security and tech standards for QR codes in combination with mobile transactions. Once the regulations have been passed, it will allow third party payment providers to offer rapid verification processes. This…

Apple teams with China UnionPay to launch new mobile payments service

05/16/201405/15/2014 Stephanie Beck

mobile commerce payments smartphone shopping

Apple and China UnionPay partner to boost mobile commerce Apple has entered into a partnership with China UnionPay concerning a new mobile payments service. This may be a big move for Apple, who has been somewhat cautious with its participation in the mobile commerce field. Apple has been keen to avoid some of the pitfalls that its counterparts have fallen victim to with their own mobile commerce endeavors. In partnering with China UnionPay, Apple may be ready to break into the mobile payments space more aggressively. New service to faciliate…

China’s central bank introduced new regulations targeting mobile payments

03/18/201403/17/2014 Stephanie Beck

People’s Bank of China unveils draft regulations aimed at the mobile commerce sector The People’s Bank of China has issued two drafts concerning regulations for online payment providers. The regulations are meant to introduce new restrictions on the digital finance sector in order to provide more protections to consumers and businesses concerning mobile commerce. Mobile payments are still quite new and lack any comprehensive regulatory structure. Without adequate regulation, mobile payment services are not required to adhere to any specific standards, therefore leaving some consumers exposed to possible exploitation due…

Mobile payments receive new framework in China

04/26/201304/24/2013 Stephen Vagus

China Mobile payments technology commerce

People’s Bank of China sets sights on mobile payments The People’s Bank of China, China’s largest telecommunications company, has released new technical standards that are meant to govern the proliferation and support of mobile payments. Mobile commerce has been experiencing strong growth in several Asian markets, with much of this growth taking root in China. A growing number of consumers are becoming comfortable with the idea of mobile payments, leading People’s Bank of China to begin seeking ways to expand mobile commerce services throughout the country. In order to do…