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China limits online money transfer

China will limit the amount of money consumers can transfer to third-party online payment platforms, aiming to protect banks and consumers from fraud amid an explosion of online and mobile payment transactions. Banks will be obliged to limit how much money an individual can transfer to platforms such as Alibaba Group Holding’s Alipay per transaction or on a single day, based on the person’s financial status, showed a document issued by the central bank and banking regulator. Banks like ICBC have already limited transfers to Alipay to 50,000 yuan ($8,000) per month, in part to slow deposits leaving for high-yielding money-market funds such as Alibaba’s Yu’e Bao. But by 30 June, all banks must be prepared to implement transaction limits and also establish a means of verifying consumers’ identities when they link their accounts at third-party payment platforms to their bank accounts.

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