The Study of Cross-Border Trade with Third-Party Payment Institutions in China

Abstract

The cross-border Renminbi (RMB) business volume of third-party payment institutions makes up a small share of China’s total cross-border business, but there is still an absolute amount of trade that cannot be disregarded. The third-party payment institutions are subject to policy restrictions in the process of seeking development and business promotion and hope to obtain policy support in the business, transaction amount limit, identification, and other aspects. Recently, China has made a strict policy for third-party payment institutions and warned against issuing any new licenses concerning payment. On the other hand, 39 payment institutions’ licenses have been canceled for various reasons. Under the premise that strict supervision becomes normal, all payment institutions should be more cautious to develop businesses legally.