Jun 29, 2018 05:42 PM

Quick Take: Beijing Traffic Police Under Fire for Giving Bank a Monopoly on Fines

Photo: VCG
Photo: VCG

China’s competition authorities have criticized Beijing’s traffic police for allowing the Industrial and Commercial Bank of China (ICBC) to monopolize traffic-fine payments in the capital.

ICBC is the only bank authorized to collect payment for traffic violations in Beijing, and while the Beijing Traffic Management Bureau allows people to pay fines through online apps, the only way to make offline payments is through ICBC-issued “Peony” traffic cards at the bank’s branches, thanks to a 1995 agreement between the city and the bank.

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