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Recent Regulatory Amendments

Amendments to the Rules Governing the Administration of Electronic Payment Business

To address needs of electronic payment institutions for business expansion, increase service completeness of electronic payment institutions and convenience for users to store value in their e-payment accounts, and strengthen risk control for fund recipients, the FSC amended the aforementioned Rules on July 2, 2019. Key points of the amendments are as follows: (1) electronic payment institutions are allowed to offer information conveyance service to users and issue physical “store-value cards specifically for e-payment accounts”; (2) a database for transactions between electronic payment institutions and fund recipient users shall be created; (3) electronic payment institutions are allowed to collect and make payments for charges, fees, taxes, utility bills and other service fees via e-accounts of financial institutions, convenience stores and supermarkets which are commissioned by all levels of government agencies or public utilities; (4) electronic payment institutions are allowed to make one-time advance payment for fees that their users shall pay for public transportation or parking lot services.

Visitor: 1244   Update: 2019-10-21