Protect the legitimate rights and interests of users and stimulate market vitality – Relevant departments interpret the “Regulations on the Supervision and Administration of Non-bank Payment Institutions”
Xinhua News Agency, Beijing, December 28, Title: Protect the legitimate rights and interests of users and stimulate market vitality – Relevant departments interpret the “Regulations on the Supervision and Administration of Non-bank Payment Institutions”
Xinhua News Agency reporters Wu Yu, Ren Jun, Bai Yang
Accelerating the construction of laws and regulations is an important part of promoting the construction of the governance system and governance capabilities of the payment industry. The recently announced “Regulations on the Supervision and Administration of Non-bank Payment Institutions” further brings non-bank payment institutions and their business activities into the legal track for supervision. How to effectively protect the legitimate rights and interests of users? How to further stimulate the vitality of the non-bank payment market? At the State Council’s regular policy briefing held on the 28th, relevant departments gave authoritative answers.
Laying a solid legal foundation for the standardized and healthy development of the industry
“With the rapid development of non-bank payment services, a new pattern has gradually emerged in which commercial banks mainly provide large-amount, corporate payment services, while payment institutions focus on small-amount, convenient payment services. The two have both competition and division of labor. Zhang Qingsong, deputy governor of the People’s Bank of China, introduced at the briefing that day that the annual number of transactions of non-bank payment institutions is about 1 trillion, with an average transaction amount of 330 yuan. They are closely related to the business activities of operating entities and the daily lives of the public. , which is of great significance for establishing a robust and adequate supervisory and management framework.
On December 17, the “Regulations on the Supervision and Administration of Non-Bank Payment Institutions” was officially announced, becoming the first administrative regulations in the financial field issued after the Central Financial Work Conference.
Zhang Qingsong said that the promulgation of the regulations has further clarified the rights, obligations and responsibilities of all parties in the payment industry, empowered regulatory authorities with administrative powers in accordance with the law, effectively consolidated the legal basis for the standardized and healthy development of the industry, and marked the development of the payment industry entering a new stage.
In June 2010, the People’s Bank of China announced the Measures for the Management of Payment Services of Non-Financial Institutions, known in the industry as Order No. 2, which laid the foundation for the supervision of non-bank payment institutions.
Wang Sheng, head of the Payment and Settlement Department of the People’s Bank of China, said that with the rapid development of payment institutions, Order No. 2 has gradually lagged behind market development and regulatory needs. The legal level is low, regulatory effectiveness is insufficient, and emerging payment methods in the market are Problems such as insufficient adaptability are highlighted.
Data shows that in the past 10 years, the business volume of my country’s payment institutions has grown rapidly, with the compound annual growth rate of both the number of transactions and the amount exceeding 40%. In 2022, the country’s 185 non-bank payment institutions will process more than one trillion transactions with an amount of nearly 400 trillion yuan, serving more than 1 billion individuals and tens of millions of merchants.
Wang Sheng said that the newly issued regulations focus on regulatory consistency and continuity, and maintain a good connection with Order No. 2. Elevating departmental regulations to administrative regulations further consolidates the legal basis for the standardized and healthy development of the payment industry. The People’s Bank of China is working hard to formulate the implementation details of the regulations and will issue them after fully soliciting and absorbing opinions from all parties to ensure the smooth implementation of the regulations.
Strengthen the protection of users’ legitimate rights and interests
Non-bank payment is related to the financial security and information security of the majority of users. Li Mingzheng, Director of the Second Legislative Bureau of the Ministry of Justice, introduced that the regulations emphasize the protection of the legitimate rights and interests of users and stipulate that non-bank payment institutions must sign payment service agreements with users in accordance with principles such as fairness and integrity to ensure the security of user funds and information, strengthen user risk management, and prevent payment Accounts are used for illegal fund-raising, telecommunications and network fraud, money laundering, gambling and other illegal and criminal activities.
The reporter learned from the briefing that in response to the behavior of individual payment institutions in recent years in leaking user information and misappropriating user funds, the regulations have strengthened the management of reserve funds, clarified the principles for handling user information, and stipulated the legal responsibilities of payment institutions for violations of laws and regulations, and effectively Protect the legitimate rights and interests of payment users.
Liu Xiaohong, head of the Treaty and Law Department of the People’s Bank of China, said that the regulations stipulate that payment institutions should follow the principles of legality, legitimacy, necessity and good faith when processing user information, disclose user information processing rules, clearly state the purpose, method and scope of processing user information, and obtain user consent. These are in line with the provisions on personal information protection in the Civil Code, Personal Information Protection Law and other laws.
In addition, the regulations also clarify the requirements for transfer of reserve funds and prohibitive provisions on the management of reserve funds by payment institutions. The regulations stipulate a centralized depository system for reserve funds, requiring payment institutions to deposit reserve funds with the People’s Bank of China or a commercial bank that meets the requirements of the People’s Bank of China.
Ensure healthy competition and stimulate market vitality
The regulations are committed to maintaining the order of fair competition, emphasizing that non-bank payment institutions shall not engage in monopoly or unfair competition behavior and hinder the order of fair competition in the market.
“Guarantee fair competition in the industry with fair supervision. The regulations adhere to the principle of licensed operations and strengthen full-chain and full-cycle supervision, which is conducive to strengthening supervision implementation and maintaining the healthy development order of the industry.” Zhang Qingsong said that the regulations focus on regulatory consistency and propose the same for similar businesses. The regulatory measures will treat payment institutions of all types of ownership equally, which will help promote fair competition and stimulate market vitality.
The reporter learned from the briefing that on the one hand, the regulations clarified a number of regulatory red lines, guiding payment institutions to firmly establish the business philosophy of “compliance is productivity and competitiveness”, prevent illegal operations, and promote the healthy development of the industry; on the other hand, they emphasize maintaining fairness. Competition order guides leading payment institutions to play their “leading goose” role, take the lead in maintaining fair competition, promote interconnection, and expand ecological openness.
The regulations will come into effect on May 1, 2024. “The preparation time is relatively sufficient, which will help payment institutions familiarize themselves with and digest relevant legal provisions and do a good job in implementation.” Zhang Qingsong said that the People’s Bank of China will strictly implement the regulations, treat all types of payment institutions equally and supervise them in accordance with the law, and continue to build a healthy and The vibrant payment industry provides high-quality payment services to business entities and the public.
2023-12-29 04:08:10
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