Fast money was traced to unlicensed cross-border payments hit edge ball

third party payment in the domestic market competition is becoming more intense, the third party payment company will look to the emerging overseas battlefield – cross-border payment. However, the third party in the regulators have not yet paid under licence conditions, all of the status of the third party payment platform "unlicensed" hides a lot of grey operating practices, the third party payment of cross-border payment behavior should be how to regulate the industry has become issues of concern.

walk policy edge

recently, the NetEase, Sohu and other forums, one claiming to be former employees post: "fast money recently launched the payment and settlement services to overseas websites, so that domestic users to hold RMB personal foreign currency payment by money and buy goods outside the site. But even when users fill in the ID fill in a also never mind! Because the company is not in the name of the user from the bank to purchase foreign exchange. Because there is no cooperation with the bank, fast money for consumers to pay the foreign exchange of cooperation sites are in the name of our employees in the bank counter purchased. The site is generally produce a purchase, the purchase of foreign exchange in the name of a counter to employees in the same amount."

reporter consulted fast money company, its spokesman denied the fast money to purchase on behalf of the staff Valet, said: "this is out of thin air", for domestic residents overseas payment, said "I do not know this business".

however, insiders also found in a South Korean shopping network gou4u, quick money and another company is the "overseas payment" third party payment platform, cross-border money failed to explain how this website for a user’s payment of rmb.

in accordance with the provisions of the State Administration of foreign exchange, foreign citizens information must be true, the third party payment companies to pay for cross-border, should be through the docking system and cooperative banks, individual foreign exchange settlement and sale system will consumers purchase information into the country." A third party payment company said.

at present, part of the third party payment company is the practice of cross-border payments: a strategic partnership with the bank, when consumers pay, the bank will be converted into foreign currency in real time and paid to overseas buyers.

cross-border payment in China has just emerged, is still a blue ocean, but the industry has yet to regulate. Chinese Financial Certification Center Deputy General Manager Cao Xiaoqing said: "the third party payment platform are currently without a license, so they operate without legal provisions which, which is not legitimate, as long as there is no said illegal to do. Therefore, in the absence of punishment, it is difficult to determine its non-compliance."

is growing cross-border payments

according to iResearch launched the 2009-2010 China online payment industry development report statistics, in 2009 China’s online payment market size of 576 billion 600 million yuan, an increase of $110.2% compared to $274 billion 300 million in 2008. Online payment transactions for five consecutive years over the growth rate of over 100%. The proportion of cross-border payments in the third party payment transactions is still low. >

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