China has ordered a halt to mobile phone payment systems and virtual credit cards, in a move that will slow the rapid development of online finance in the country.
Just two days after Alibaba and Tencent launched virtual credit cards, the central bank has ordered a temporary halt to this line of business, according to local media.
Chinese websites, including the state-run Securities Times, posted a notice from the People’s Bank of China on Friday saying that the virtual credit cards posed risks to their users. The central bank ordered the suspension of the virtual cards as well as mobile phone payments based on swiping barcode-like QR symbols.
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