(ECNS) - More than 60 percent disapprove of the China central bank's proposed daily cap of 5,000 yuan ($817) on transactions through third-party online payment systems, and think restrictions on online spending are "too complicated."
The central bank says the proposal aims to raise security protocols and set different spending limits depending on how sophisticated the system's security checks are. When the spending amount exceeds the cap, consumers would be transferred to banking payment platforms to pay the surplus.
A survey by China News Service shows 67.6 percent think it's too complicated to log on to the banking website if the payment amount per purchase exceeds 200 yuan.
For example, Tencent's popular social messaging app WeChat allows users to send virtual "red envelopes" online via the platform's payment system. Red envelopes filled with money are usually given during Chinese New Year or other occasions. The new policy means that if users send more than 200 yuan, even 201 yuan, in the virtual envelope service, it must be certified by the bank.
More than 81 percent of respondents think it's more hassle to prepare applications for as many as five institutions, which is required by the draft guideline, to open an online personal financing service at a third-party payment system.
According to the survey, the consumption standards of netizens who participated varies. More than 37 percent spend less than 5,000 yuan via non-bank payment institutions per year. Nearly 43 percent spend between 5,000 yuan to 100,000 yuan, and 8.6 percent between 100,000 yuan to 200,000 yuan. Some 11 percent exceed 200,000 yuan per year.
The central bank warns that simple network payment services are a big source of financial risk. Consumers should take care.
Experts say advanced payment technologies are encouraged, and fingerprint and face identification should be applied more widely in the field of finance.
Alipay, the country's leading third-party payment platform under e-commerce behemoth Alibaba, declined to comment on the draft guideline.
