The government of China will monitor QR codes

Millions of people in China use this technology for payments every day, and China's financial institutions have begun to regulate this method of payment.

The government of China will monitor QR codes

In China, QR codes are very common: from buying food to ordering a taxi or renting a bicycle. Almost the homeless people in the streets use QR codes to ask a couple of yuan for a drink.

At the moment, almost a third of all payments in China are made using these codes. Due to the fact that millions of people use this technology for payments every day, it became necessary that China's financial institutions begin to regulate this method of payment, in order to avoid fraud and money laundering.

In this regard, the central bank of China announced plans to begin monitoring payments made by QR codes, bar codes and other means of payment, by scanning, keeping the initial limit of payment of 500 yuan (about $ 77) per person per day. And also the bank will give additional daily limits of 1,000 yuan (about $ 154).

Source: GizmoChina

For those who want to know more

Read in Russian: Правительство Китая будет контролировать QR-коды

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