PBOC Cancels Two Payment Licenses

On October 16, the People's Bank of China (PBOC) updated its public notice of payment business licenses, showing that the payment licenses of Hunan Lantian Payment Co., Ltd. and Henan Jianye Payment Technology Co., Ltd. have been formally revoked. Both were licensed for Class II prepaid account operation. Data shows that since the PBOC issued the first batch of third-party payment licenses in 2011, a total of 271 licenses have been granted, and now more than 40% of payment institutions have exited the market. (Shanghai Securities News)