Recently, The People’s Bank of China has officially published the systematic technical standards of China’s financial mobile payment, which aimed to guide and regulate the development of China’s financial mobile payment industry, with the implementation of sharing and configuring the resources of financial industry.
The systematic technical standards of China’s financial mobile payment>composed with five categories，which are the basis of application, the insurance of security, the equipment, the application of payment，and the networked application. The series standards consist of 35 standards in total.
The series standards define the requirements of the mobile payment industry system from the aspects of “the product form, the business mode, the networked application and the security insurance”, it also includes the basic elements, security requirements and implementation programs that cover main processes in the financial mobile payment industry in China. The standards establish the technical systematic framework based on the principle of “networked application, safety and creditability”.
Since 2011, PBC has researched and planned the system of mobile payment standards actively according to the method of “condense the consensus, seek the cooperation, unify the standards, and pursue the common developments”. During that time, PBC has officially published
. On that basis, PBC set up the “mobile payment standards writing work group” which is composed of more than 40 institutes in the industry. The systematic technical standards of China’s financial mobile payment were written by the working group in the process of “full investigation, technological breakthrough, development of standards, expert review, and the consultation.”
The publication of the systematic technical standards of China’s financial mobile payment fills the blank in the industry effectively; meets the technical requirements of the development of mobile payment in current and further; enhances the mobile payment safety management level and technical risk prevention capacity in China; creates good situations of openness, cooperation and win-win amongst the Industrial chain parties; establishes a harmonious ecological environment of the industry; promotes the development process of China’s mobile payment’s intensification and scale; it also reserves the broad space of business development, product innovation and the integration with the world market.