A report compiled by a Chinese regulators has advised the country's central bank to clamp down further on online payment service providers by raising the entry threshold for the market and by encouraging the existing 270 operators in the market to merge. The report, released last week, said that while there are more than 100 million people who use mobile payments services such as Alipay or WeChat Wallet, only about 10 percent of them have accounts with
A report compiled by a Chinese regulators has advised the country's central bank to clamp down further on online payment service providers by raising the entry threshold for the market and by encouraging the existing 270 operators in the market to merge. New rules have already been implemented that have been viewed as the toughest-ever regulation on third-party payment companies, requiring them to verify user identities and limit the payment amounts they can handle for different purposes.