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China Payment and Clearing Association debuts

Updated: 2011-05-23 15:45

By Cai Muyuan (chinadaily.com.cn)

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China's central bank sent out notifications to many payment service companies about attending an establishment conference Monday for the China Payment and Clearing Association, cnr.cn reported.

It's not certain whether third-party payment licenses will be released at the conference. Some industry insiders believe the license issuance may trigger a new round of industry shuffling. The website reported that it is quite likely that half of the current third-party payment providers will fail to get a license and thus be eliminated.

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