To strengthen its monitoring of the bankcard market, the Chinese central bank says it plans soon to issue new regulations for the country’s merchant-acquiring activities.
In a March 1 announcement, the People's Bank of China said it plans to issue management rules for acquirers as soon as possible and will continuously monitor and revise those rules.
The central bank said it expects the new rules to strengthen acquiring institutions' ability to manage merchant card acceptance and the payment terminals they deploy to accept cards. It also said it will specify requirements for nonbank acquirers, such as ICBC Financial Leasing Co., Ltd.
In addition, People's Bank said that it considering establishing a system for card management and services and a platform for risk-information sharing and business management under the new rules.
A spokesperson declined a PaymentsSource request to comment on why the central bank is revising its acquiring rules and introducing new ones. He also declined to say when the new rules would take effect.
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