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PBOC punishes some third-party payment firms on acquirer business

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2014-03-24 GMT+8:00

BEIJING, Mar. 24 (Xinhua) -- The People's Bank of China (PBOC), the country's central bank, said on March 21 that it had required several third-party payment institutions to stop adding new merchants in their acquiring business.

The central bank said on the twitter-like Sina Weibo that some criminals cashed in by taking advantages of pre-authorization transactions from December, 2013 to January, 2014.

After investigations, the PBOC found some acquiring institutions did not implement the rule of real-name registration for merchants and lacked all-round monitoring and risk controls over transactions.

The central bank had required several third-party payment institutions to make all-round self-inspection and make correction. They can not add new merchants in their acquiring business until they pass the PBOC's acceptance inspection.

According to an Economic Information Daily report on Monday, the PBOC had required eight third party payment institutions to stop adding new merchants in their acquiring business from April 1. The eight companies are China PnR, Yeepay, Vbill, Fuiou, Rongtong, Cardinfo, Shengpay, and Ruifutong.

The central bank also required ChinaUms and Calliance Payment to make self-inspections, according to the report. (Edited by Jiang Yujuan, jiangyj@xinhua.org) 

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