Central Bank Issues New Guidelines to Improve Safety of Online Payments

(Beijing) – The central bank has tightened regulations governing third-party payment services, requiring them to conduct multiple identity checks on users and adopt a technology that can better prevent leaks of private bankcard information.

The People's Bank of China (PBOC) extended a deadline to November 1 for third-party payment services such as Alibaba's Alipay to provide at least two methods to verify a user's identity before making an online payment, the central bank said in a recent document viewed by Caixin that was distributed to banks and companies licensed to process online payments.