It is reported that China's mobile payments hit a total of USD 5.5tn during 2016 and the growth continued in 2017. Most of the payments are conducted by scanning a barcode. To regulate the use of barcodes in mobile payment business and to protect the finance security of users, the People’s Bank of China published the Standards for Barcode Payment Business (Trial) (“Standards”) on 27 December 2017.
The Standards reemphasise the qualification requirements for the operators of barcode payment business, set out the classification of payment verification capabilities and the relevant requirements, specify the requirements for obtaining true identifications of both individuals and entity users, and provides the general standards concerning the use of barcodes and protection of personal information.
Please click here to read the full text (Chinese only) of the Standards.