Caixin

Regulatory Jitters for Online Payment Sector

By staff reporters Ma Jingying and Wang Shanshan
 


China's third-party payment industry has been around for more than a decade, but nearly half of that period has been shadowed by unfinished plans to regulate the sector.

Most of today's more than 300 players are private enterprises, and collectively, they deal with tens of millions businesses and individuals every year. Last year, more than 580 billion yuan in transfers were recorded. These companies also provide payment mediation and settlement services.

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