The Chinese central bank, People’s Bank of China, has just announced details for third party payment licences.  (Here is an article about it in Chinese  http://finance.people.com.cn/GB/13392479.html )

This is expected to be the last step before the government finally issue third party payment licences to companies such as Alipay, Yeepay, 99bills, etc., although they have been in the business of providing third party online payment for a considerable time.  The first one to get the license is probably Chinapay, a subsidiary of the government owned China UnionPay.

Payment used to be a bottleneck for the development of e-commerce.   After Alipay solved the issue of online payment, e-commerce took off in China.   Currently, payment is the bottleneck of another industry, the mobile internet.  Many mobile internet players (d.cn, Easou, etc.) thought payment is a problem that limit their growth.

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Sherman So

Author of Red Wired: China's Internet Revolution, the first book to completely survey the nature of China's internet. (http://redwiredrevolution.com/) She previously was the lead China technology reporter...