China begins regulating QR code payments
December 28, 2017 | Uncategorized
In an attempt to cut down on fraud, China’s central bank has announced plans to begin regulating payments by QR codes, barcodes, and other scannable codes. The regulations will initially cap payments by traditional QR codes to 500 yuan, or about $76 USD. When additional security measures are applied, the cap can raise to 5,000 yuan, or around $765 USD. At an even higher security level, banks and payment processors are given discretion over the cap.
Beyond that, The People’s Bank of China isn’t putting many hard rules in place. But it is mandating that banks and payment processors begin to self-regulate, and the central bank has provided quite a few guidelines on what they should do….
