CHINAEUROPE AFRICAASIA 中文双语Français
Business\Industries

China regulates banking cards to counter telecom fraud

Xinhua | Updated: 2016-12-02 10:06

BEIJING - New rules regulating the application and use of bank cards took effect Thursday as China's central bank decided to crack down on illegal practices.

An individual can now only open one multi-function account, enabling payment, deposit, transfer and other services, per bank, while they can have additional accounts with limited functions, according to the new rules released by the People's Bank of China (PBOC).

According to the rules, the money to be transferred to another account via ATM will be "frozen" by the bank for 24 hours and the transferrer can apply to have the transfer revoked within that period.

In some fraud cases, victims are swindled to transfer money to certain bank accounts, suffering huge losses.

On average a Chinese person had about 4.39 bank cards at the end of the third quarter, with the majority debit cards, a PBOC report showed Thursday.

A total of 330 billion transactions took place via bank cards in the third quarter, with the majority transfer services, the report showed.

Online payment services surged in Q3, led by non-banking payment platforms, saw online payment transactions and volume more than double.

Alipay, Alibaba's payment service, also announced new rules on account registration and transfer limits, early Thursday morning, to echo PBOC's call for measures against telecom fraud.

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US