Mar 17, 2014 07:27 PM

Central Bank Mulls Tough Rules for Third-Party Payment Firms

By staff reporter Yang Lu

(Beijing) – The central bank is mulling tough measures that analysts say would choke third-party payment companies including Alipay, which are expanding from online to offline payment services, an area dominated by state-backed China UnionPay.

The People's Bank of China released a draft policy last week to major banks for consultation. The policy would ban payment companies from handling offline transactions.

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