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The central bank's new policy will incorporate the non-bank payment services into its supervision. The policy will cover four areas -- online payments, the issuance and acceptance of pre-paid cards and bank cards, as well as other services regulated by the central bank.
The most frequently used Alipay service is an "online payment". The pre-paid cards service is the pre-recharging of money into an account, and then using the service by swiping cards at public transport stations, and department stores. Bank card payments are usually made at point-of-sale terminals.
Experts say for service providers, the policy is setting a high standard. But for consumers, a more secure payment environment and more convenience will be ensured.
- Non-bank payment service under supervision 2010-06-23