Payment institution which intends to continue with “payment business license” should apply for renewal of registration at local branch of Chinese people’s central bank within 6 months before the expiration. Each renewal is valid for 5 years.

Chinese people’ bank announced today at the official website of the “non-financial institution payment service management approach” , without the approval from the Chinese people’s bank, any non-financial institutions and individuals shall not engage in or disguisedly engage in payments business. The method has been approved on May 19, 2010 by 7th President Office Council meeting. Starting from September 1, 2010 the regulations will come into force.

Regulations are clear that if the non-financial institution is going to provide payment services, it should apply for the “payment business license” based on provisions to become a payment institution.

For non-financial institutions in business before the publishing of this approach, they should apply for “payment business license? within 1 year after the implementation of this regulation. Institutions overdue in admission may not continue to make payment business.