On payments: lifting ban on QR code payment

Updates from 8/4/2016: Payment & Clearing Association of China (PCAC) issued to payment institutions a draft-for-comments version of regulation on barcode payment. This is the first time the government revives the legality of QR code payment after its ban on QR code payment in 2014. In addition to industry standard, the PBOC had also demanded the PCAC to clarify on the regulatory requirements on issues like personal information protection, fund security, encryption, and storage of sensitive information. See http://finance.sina.com.cn/money/bank/bank_hydt/2016-08-04/doc-ifxutfpc4399471.shtml

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