PBOC Draft Rules Cap Prepaid Cards at 5,000 RMB Registered, 1,000 RMB Unregistered, 200 RMB Online
The People's Bank of China has issued draft rules for Stored Value Account Operations Type II, targeting prepaid cards from non-bank payment institutions. The rules set a limit of 5,000 RMB per registered card and 1,000 RMB per unregistered card. Online single purchases are capped at 200 RMB, with an annual cumulative limit of 10,000 RMB. Credit cards cannot be used to buy prepaid cards. The rules also require real-name registration for unregistered card purchases over 10,000 RMB, abolish the split issuance-acceptance model, and mandate core business non-outsourcing. The revision implements the Non-bank Payment Institution Supervision Regulation and Anti-Money Laundering Law.
- Effective
- 0
- Intensity
- 72
- Confidence
- 85%
- Horizon
- Medium term