The Information Office of the State Council held a regular State Council policy briefing on 28 December to introduce the situation regarding the Regulations on Supervision and Administration of Non-Bank Payment Institutions. Zhang Qingsong, vice governor of the People's Bank of China, said at the meeting that at present, more than 4,000 commercial banks and more than 180 payment institutions have effectively met the payment needs of 160 million business entities and hundreds of millions of consumers. According to retail show, China's personal bank account ownership rate has exceeded 95 per cent, higher than the average level of middle- and high-income economies, and the mobile payment penetration rate has reached 86 per cent, ranking first in the world.
Zhang Qingsong introduced that the payment industry has been playing a fundamental role in serving the needs of the real economy and people's livelihood. According to retail show, after decades of development, China has established a payment and clearing system with broad coverage, security and efficiency centred on the central bank's payment and clearing system, with the joint participation of commercial banks, clearing agencies and non-bank payment institutions.
"A modern financial system that is fast, safe and inclusive is one of the characteristic highlights and important markers of China's financial services. Payment services used to be dominated by commercial banks, and with the rapid development of non-bank payment services, it gradually presents a new pattern of commercial banks providing mainly large-value, public payment services and payment institutions focusing on small-value, convenient payment services, with both competition and division of labour." Zhang Qingsong said.
According to retail show, accelerating the construction of regulations and systems in the payment field is an important element in promoting the construction of the payment industry's governance system and governance capacity. Since 2018, the Ministry of Justice and the People's Bank of China have drafted and formed the draft Regulations on Supervision and Administration of Non-Bank Payment Institutions on the basis of in-depth research and full demonstration, Zhang Qingsong said.2023 On 24 November, the State Council executive meeting considered and passed the Regulations on Supervision and Administration of Non-Bank Payment Institutions, which will come into force on 1 May 2024.2024 The Regulations are expected to come into force in the near future. The introduction of the Regulations on Supervision and Administration of Non-Bank Payment Institutions further clarifies the rights and obligations of all parties in the payment industry and the boundaries of their responsibilities, and empowers the supervisory authorities to administer the payment industry in accordance with the law, which strengthens the rule of law foundation for the standardised and healthy development of the industry, and signifies that the development of the payment industry has entered into a brand-new stage.
Source:微信公众号-人民网