In Depth: PBOC Punishes Payment Companies for Mishandling Bank Card Transactions

(Beijing) – China's central bank has punished four third-party payment companies that it accused of mishandling bank card transactions in a way that experts say threatens capital safety and harms the interests of banks and the bank card association.

The People's Bank of China (PBOC) said on September 10 it told ChinaPNR, Fuiou, Yeepay and VBill to stop business in up to 15 provinces by the end of this year and to stop developing new clients in other regions until it is satisfied that they have changed their practices.