Online services shake up China banking world

The central government would seek to break the monopoly in the banking sector, former premier Wen Jiabao said early last year. Since then 250 third-party payment licences have been issued, allowing non-bank companies to offer online payment services, issue and accept pre-paid cards, and handle bank card transactions through point-of-sale devices.

via Business feed http://www.scmp.com/business/banking-finance/article/1299375/online-services-shake-china-banking-world