Central Bank Tells Companies to Delay Issuing E-Credit Cards

(Beijing) – Two Internet companies gearing up to launch electronic credit cards linked to their payment services have been told by the central bank to delay launching them due to security concerns. The companies were also told to stop handling payments through quick response (QR) codes.

Alipay, the country's largest third-party payment service, and WeChat, Tencent Holdings' messaging app, both said recently they would cooperate with China Citic Bank to issue virtual credit cards that would allow users to shop online and at brick-and-mortar stores. The e-credit cards would be linked to Alipay's app and Tenpay, Tencent's payment service.