UnionPay Said to Hand Payment Firms Hefty Fines over Illegal Operations

(Beijing) – China UnionPay, the government-backed bank card association, has handed third-party payment companies heavy fines for three straight months for conducting illegal operations, an industry source with knowledge of the matter says.

Payment companies had to pay a total of more than 50 million yuan a month, the source said. China PnR, 99Bill and YeePay were each fined more than 10 million yuan in one month.