PBOC Stops Chinese Payment Service Providers Offer QR Code Payment

Mar 18, 2014 (Tue): The People’s Bank of China (PBOC) has ordered Chinese payment service companies including Tencent and Alibaba to suspend their service that allows payments made by scanning a Quick Response (QR) code with mobile devices, Reuters reports.

The report also said the central bank made the decision amid concerns about the security of verification procedures and thus has requested the payment companies to provide detailed reports on the relevant service.