Security and Efficiency –Target of the Central Bank of China

On the starting ceremony of China’s E-Bank Joint Promotion, the deputy of payment tool administration in Payment and Clearing Department of People's Bank of China Ou YiJun has confirmed the target of department ambition-to make sure the security and efficiency of online payment and mobile payment.

According to the data provided by Ou YiJun, till the end of 2011, the number of online payment customers has reached 695 trillion; the year-on-year growth rate of business account and amount has risen by 77% and 33% for each. Among them, the mobile payment business has grown by 109% and 74%. Online payment and mobile payment developed much faster than other kind of traditional payment instruments and were predicted to be the development direction of future payment solution. Relied on the recipient and bank cards and directed by the on line payment and mobile payment solution, china has founded a much consummate payment tools system than before.

Based on such a background, Ou YiJun thought that it would bring both opportunities and challenges. With the rapid development and wide application of modern information technology in the field of payment, the importance of customer information protection and financial security is even more apparent.

Faced with this situation, some of the larger domestic payment platforms have introduced appropriate protection methods. Such as the global security certificate issued by VeriSign provided by the Alipay and a single risk management portal provided by the GlobeBill. In addition to the risk control provided by third-party payment, legal protection is also on the way. Settlement Department of the People's Bank of china indicated that the Administrative Approaches of Online Payment Solution and Electronic Payment Guidelines are in the formulating process. The release of these two regulations is going to further improve China's payment system structure.

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This release was published on openPR.