BEIJING, July 29 (Xinhua) -- The People's Bank of China (PBOC) released a set of detailed rules to better facilitate implementation of the non-banking payment institution supervision and administration regulations, reported Xinhua Finance on July 27.
The rules, which strengthen full-chain and all-in-one supervision over non-banking payment institutions, stand for a fundamental and guiding institutional framework for China's non-banking payment sector.
Yan Fang, head of the Payment and Settlement Department of PBOC, said the rules provide more details on related administrative permission requirements, matching methods for new and old payment business types, and transitional period arrangements.
Containing 77 articles of six chapters, the implementation rules include the general principle, establishment, changes and termination of non-banking payment institutions, payment business provisions, regulation and supervision, legal liabilities and supplementary articles.
Before debut of the non-banking payment institution supervision and administration regulations in China, payment business was mainly classified as online payment, bankcard acquiring business and prepaid card business.
As the classification method can not satisfy market development and regulatory demand, payment business is reclassified as stored value account operation and payment transaction treatment in the non-banking payment institution supervision and administration regulations.
Under the implementation rules, matching of the old and new classification-based payment business types is clearly defined to avoid changes of the original business scope of payment institutions.
In future, PBOC will reinforce the full-chain regulation and supervision over non-banking payment institutions to better protect the legitimate rights and interests of payment service users and serve the real economy.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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