PBoC ramps up regulations for QR code payments
Transactions made by QR code capped and reserve requirements increased
The People’s Bank of China has announced new rules for payments by QR code in an effort to contain risks from the rapidly expanding segment of the payments market.
In an announcement on December 27, the PBoC identified four levels of payment risk, according to their degree of verification.
Under the new rules coming into effect on April 1, customers will only be able to pay a maximum of 500 yuan ($76) by QR code scanning, which is considered to be the riskiest method.
When the transaction
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