The CPSA has also been given the authority to distribute licences to third parties, such as payment providers and processors, to operate on the Chinese market. No licences have been distributed as of yet, but experts expect that to happen soon.
Online payments are growing rapidly in China, but, to date, there has been little regulation of the industry. In June 2010, the PBC decided that non-financial institutions involved in payment services should obtain third party payment licences. Although 32 companies have applied so far, no third party has been granted a licence yet.
Michiel Willems, 2011. Published previously in a London based magazine. Picture: newsroom.sebgroup.com