Payments Research

China is already the second largest economy in the world, however, RMB has really not been fully accepted as a payment currency internationally, which most view as a prerequisite to ‘RMB internationalization’.

On July 6th, People’s Bank of China (PBOC) issued 27 third party payment licenses to 27 companies bringing the total of 3rd party payment licenses up to 250. What catches our attention this time is the internet giants Baidu and Sina have both obtained licenses and will focus on online…

According to the specific targets for China’s EMV migration set by the PBOC, from January 1st 2015, all RMB settlement cards issued in economically advanced regions should be in the form of financial IC cards; most banks have sped up the issuance of financial IC cards since 2012. By the…