People’s Bank of China Proposes Online Spending Caps (Aug. 3, 2015)
The People’s Bank of China (PBC) is proposing to tighten regulations that would cap the amount consumers can spend online per day and per year using third-party payment accounts. The central bank’s suggested measures are to improve security, according to reports. The PBC issued the proposed rules July 31 and is soliciting public feedback until Aug. 28.
Shoppers would be able to spend through third-party online payment providers between 1,000 yuan (US$161) and 5,000 yuan (US$805) per day, depending on the payment systems’ levels of security checks, according to reports. In addition, the PBC proposed annual caps for the amount of money that can be spent from third-party payment accounts—100,000 yuan (US$16,103) for accounts that are used only for shopping payments and 200,000 yuan (US$32,207) for accounts that are for shopping and investment payments—reported Chinese news Website Ecns.cn. The rules also reportedly limit offline, QR code-enabled payments to 200 yuan (US$32.20) a day.