my country's non-bank payment institution regulations are coming!
Antitrust supervision will be strengthened
Xinhua News Agency, Beijing, January 20 (Reporter Wu Yu) In order to further regulate my country's payment service market and prevent payment risks, the People's Bank of China issued the "Regulations on Non-Bank Payment Institutions (Draft for Comment)" on the 20th and solicited public opinions. .
The draft for comments clarified the classified regulatory requirements, strengthened reserve management, and strengthened anti-monopoly regulatory measures in the payment field.
In recent years, my country's payment service market has developed rapidly, innovations are emerging one after another, and risks are complex and changeable.
To this end, the People's Bank of China worked with relevant departments to study and draft the "Regulations on Non-bank Payment Institutions (Draft for Comment)."
In order to effectively prevent regulatory arbitrage and regulatory gaps, the draft for comments reclassified the payment business into stored-value account operations and payment transaction processing businesses, and determined the regulatory requirements.
It is worth mentioning that the draft for comments strengthened anti-monopoly regulatory measures in the payment field, clearly defined the scope of the relevant market and the standards for determining market dominance, and maintained a fair competition market order.
According to the consultation draft, the market share of a non-bank payment institution in the non-bank payment service market reaches one-third, or the total of two institutions reaches one-half, or the total of three institutions reaches three-fifths, the PBC can The Anti-monopoly Law Enforcement Agency of the State Council provides early warning of its adoption of interviews and other measures.
In addition, if a non-bank payment institution's market share in the national electronic payment market reaches one-half, or the total of two institutions reaches two-thirds, or the total of three institutions reaches three-quarters, the People's Bank of China may request the State Council to counter Monopoly enforcement agencies review whether non-bank payment institutions have a dominant market position.
The draft for comments stated that if non-bank payment institutions fail to follow the principles of safety, efficiency, integrity, and fair competition, which seriously affect the healthy development of the payment service market, the People’s Bank of China may propose to the State Council’s Anti-Monopoly Law Enforcement Agency to stop abusing market dominance and stop implementation. Measures such as centralizing and splitting non-bank payment institutions according to payment business types.
In addition, the draft requires payment institutions to deposit the reserve funds in the People's Bank of China or a commercial bank that meets the requirements, and clarify the supporting prudential supervision measures to fully protect the rights and interests of users.