The People’s Bank of China (PBoC) has created a centralised online clearing platform for the country’s third-party payment market.

The new platform, dubbed Nets Union Clearing Corp., is aimed at enhancing supervision of the country’s expanding online payment market. At present, most third-party payment institutions are directly connected with banks for processing online payment transactions.

The platform, which had been undergoing trials since 31 March 2017, was set up by 45 companies, including the PBoC – which own a 12% stake in the platform.

The central bank in its notice said that banks and online payment systems such as Alibaba’s AliPay and Tencent’s Tenpay must connect to the new platform by 15 October 2017 and route transactions through the new platform beginning 30 June 2018.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.