Central Bank Drafted Third Party Payment Management Implementation Details

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Central bank drafted third party payment management implementation details

In order to cooperate with the implementation of the "non-financial institutions' payment service management measures", the people's Bank of China drafted the implementing rules for the management of non-financial institutions' payment services (Draft) and made public comments on the Internet in September 21st.

The implementation details have been refined from the nature of the payment institutions, the criteria for prepaid cards, the requirements for application materials, the management requirements of the license, and the supervision and management of the customer's payment.

The detailed rules for implementation indicate that the payment institutions mentioned in the "measures" refer to non financial institutions that have obtained the "payment business license" according to the provisions of the measures.

Payment institutions shall not carry out business activities in the name of financial institutions.

The prepaid cards mentioned in the measures do not include: prepaid cards which are limited to the issuance of social security payments; only prepaid cards that are on public pport; and only prepaid cards for payment of telephone charges and other communication costs.

According to the rules of implementation, payment agencies should issue prepaid cards for prepaid cards.

The acceptance of prepaid cards in the "measures" includes collecting prepaid value for the prepaid card merchants and collecting money from the prepaid card merchants on the basis of the prepaid value they receive.

According to the detailed rules for implementation, the payment business processing system shall be owned and operated by the applicant, and shall conform to the business norms, technical standards and safety requirements stipulated by the people's Bank of China.

The people's Bank of China makes a comprehensive review and comprehensive evaluation of the operation of the payment institutions, and decides whether to approve the renewal of the term of validity of the payment business license.

The implementing rules also point out that the payment institutions shall determine the charging items and charging standards of their payment businesses in accordance with the relevant provisions of laws, regulations and departmental rules.

If the laws and regulations and departmental rules do not explicitly pay the fees and fees of the business, the payment institution may reasonably determine the charging items and the charging standards of the payment business according to the market principles.

The payment institution shall disclose the charging items and charging standards of its payment business in the prominent place of the business premises.

Where the payment institution has Internet websites, it should also be disclosed in the prominent position of the homepage of the website.

In addition, the implementing rules also stipulate that payment agencies shall establish non bank settlement accounts for clients, and shall not set conditions for clients to use the money funds in their non bank settlement accounts, unless otherwise stipulated by laws and regulations.

If a payment institution opens a non bank settlement account for a client, it shall ensure that the client's Monetary Fund reaches the payment deposit account of the payment institution.

The central bank said that the relevant opinions and suggestions could be returned to the payment and settlement division of the people's Bank of China before September 27, 2010.