China News Agency, Beijing, July 8 (Reporter Xia Bin) Fan Yifei, deputy governor of the People's Bank of China, said in a policy briefing in Beijing on the 8th that the central bank will continue to promote better and faster development of the payment market, while targeting Irregular behaviors in the payment market continue to be regulated.
"Some time ago, some interviews were conducted including the anti-monopoly situation of the Ant Group, and relevant information was also disclosed. The monopoly phenomenon is not only in the Ant Group, but also in other institutions."
Fan Yifei bluntly said that the measures taken against Ant Group will also be implemented in other payment service market entities, and revealed that such a situation will be seen soon.
Fan Yifei said that the central bank has been promoting the development of the payment industry over the past few years. The payment industry has developed rapidly and has maintained a growth rate of more than 50% in recent years.
At the same time, some irregular behaviors did appear in the development process.
On the whole, Fan Yifei summed up the payment market in two sentences: on the one hand, the speed of development is very alarming; on the other hand, the central bank is also working on monopolies and disorderly expansion of capital during development.
"Especially in the past few years, the establishment of a network company to manage the payment reserve has played a certain role in reversing the situation in the payment market."
Wen Xinxiang, Director of the Payment and Settlement Department of the People’s Bank of China, stated that the payment system processed by China’s payment system in 2020 amounts to RMB 8,195 trillion, which is 81 times GDP in the same period, which strongly supports the national economy’s capital cycle. Banks process 235.2 billion electronic payment services. Payment institutions processed 827.3 billion online payment transactions, and the average number of mobile payments processed per capita was 615, making a good contribution to people's livelihood and the economy.
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