People’s Bank of China working on m-payment regulation

People’s Bank of China is working on a regulation framework for m-payments, according to comments from a central bank official.

Fan Shuangwen, deputy director of the People’s Bank of China’s payment and settlement department said: "The bank will formulate rules to guide the mobile payment sector, encourage greater cooperation and boost development in the market."

He also said: "It is impossible for one service provider to cover all segments of mobile payments industry."

A report on online payment, released by a research group headed by Ba Shosung, said the m-payment market was expected to grow to exceed CNY800bn ($130bn).

The growth of m-payment has attracted the interest of China’s major internet companies.

Wechat, China’s most popular instant-messaging service added a m-payment on its platform in August 2013 and Baidu has introduced its own m-payment service, Baidu Wallet SDK.

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