China to tighten regulations on payments via PoS devices, and barcodes

Photo: Mark OFlynn / Unsplash.com

China‘s central bank said on Wednesday it will tighten regulations on payments via point-of-sale devices (PoS) and the scanning of barcodes to help regulators track fund flows.

The tighter regulations would enhance regulators’ risk management of payment terminals and cut off the illegal flow of funds from cross-border gambling using such devices, the People’s Bank of China (PBOC) said on its website.

“Some market players have altered routing of transactions, merchant codes, merchant names and transaction address … to make it hard for regulators to verify such transactions … and offered chances for criminals to transfer illegal funds,” the People’s Bank of China (PBOC) said in a statement.

China‘s mobile payments have grown quickly over the past decade with most executed by scanning Quick Response (QR) codes. Some scans use a specialised PoS device, others occur mainly via mobile phones.

Under the new rules, institutions processing transactions conducted through PoS devices must report some key information such as the merchant’s code and the geographic location of the device, and make sure the information is consistent during the transaction processes, the central bank said.

The rule will be take effect on March 1, the PBOC said.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.