China's central bank has suggested limiting the size of transactions via third-party online payment systems like Alipay, to ensure security for consumers' information and money.
Under the proposal put out for public consultation over the weekend, the People's Bank of China capped the shoppers' spending through third-party online payment per day at between 1,000 yuan and 5,000 yuan ,or 160 to 800 US dollars.
Platforms with both digital certification and signature qualification checks will be exempt from the restrictions, but the limit would be set at 1,000 yuan per day if the platform has only one qualification check.
If the system has two or more checks but they do not include digital certification and signature, the limit would be 5,000 yuan. When spending more than the sum allowed, consumers would be transferred to banking payment platforms to pay the surplus, according to the proposal. The draft also forbids third-party payment platforms from opening accounts for institutions running financial businesses such as online lending firms to avoid risks.