New 3rd-party payment licenses expected 'soon'

Online financing in China will have more players, as the authorities plan to issue more licenses for third-party online payment soon.

Liu Shiyu, Deputy Governor of the People's Bank of China says online financing improves the efficiency of funds' use, and complements traditional financing.

Liu also says that policy makers are studying how to regulate online financing to avoid credit defaults. China has already given third party payment licenses to 250 companies. Last year, China's online payments accounted for 40 percent of total online transactions, which include third-party payment, credit and loans, and fund raising.