Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Vincent Wang

Posts by Vincent Wang

Chinese Government’s Announcement to Open Bank Cards Network Market

Posted in Global Insights

On Oct. 29, 2014, in a routine working session, the China State Council determined that the Chinese government would “open” bank card acquisition and settlement businesses in China. Qualified Chinese domestic and foreign investors may apply to establish bank card acquisition and settlement businesses in China and to process Chinese domestic bank card transactions. The… Continue Reading

Online Payments in China: Recent Regulatory Actions

Posted in Deals and Technology, Global Insights

On March 13, 2014, People’s Bank of China (“PBC”) issued an opinion letter halting immediately the use of QR codes for payments using mobile phones (as distinguished from using QR codes at POS terminals) well as the use of virtual credit cards (“Opinion Letter”). The Opinion Letter expressed concern that QR-based payments over mobile phones… Continue Reading

A Q&A on Recent Developments Involving China Union Pay

Posted in Global Insights

Recently, DWT payments team members Vincent Wang and Norm Page sat down in our Shanghai office to discuss recent developments involving China Union Pay (CUP). Vincent Wang has extensive experience helping U.S. companies and other clients pursue, develop and maintain operations in China, and he advises clients in a wide range of areas, including payments,… Continue Reading

Key Trends in Global Payments

Posted in Regulatory and Compliance, Regulatory Compliance/Federal Agencies Resources

DWT payments team members Andy Lorentz and Vincent Wang recently spoke at the Addleshaw Goddard International Financial Services Convention in London on September 27-28, 2013. Given the complexity of regulatory regimes across the world, it has become increasingly difficult for individual firms to provide a comprehensive global legal solution when it comes to financial services…. Continue Reading

Legal Overview of China’s Regulation on Payment Service by Non-Financial Institutions

Posted in Global Insights, Regulatory and Compliance

At ACI’s 2nd Advanced Forum on International & Cross-Border Payments in San Francisco, DWT partner Vincent Wang gave a presentation entitled “Legal Overview of China’s Regulation on Payment Service by Non-Financial Institutions.” The presentation focused on the following topics: Regulation of Payment Service: In General Regulation of Payment Service: Internet Payment Regulation of Payment Service:… Continue Reading

Developments in Chinese Mobile and E-Payments

Posted in Global Insights

The year end is seeing many potentially significant developments in mobile and electronic payments in China. Several of these developments are noted below. Forthcoming Standards: Lu Shuchun, deputy chief of Science and Technology Division of the People’s Bank of China (PBOC), has announced that mobile payment standards would be announced soon. PBOC will then sanction… Continue Reading

Regulation of Prepaid Cards offered by Non-Financial Institutions in China

Posted in Global Insights

On November 1, 2012, the Chinese government issued new payment service measures (“Measures”) governing payment services offered by “Non-Financial Institutions,” i.e., non-banks (click here for the Chinese text and click here for an English translation).  Anyone engaging in (i) payments through networks, (ii) the issuance and acceptance of prepaid cards, (iii) the acquisition of bankcard… Continue Reading

WTO Panel Rules on Electronic Payment Services in China: What to Expect

Posted in Global Insights

On July 16, 2012, the World Trade Organization (the “WTO”) issued its panel report regarding certain measures affecting China electronic payment services (“EPS”). The report concludes that certain restrictions on the provision of such services violate WTO trade rules, but the report is not a wholesale victory for the United States and its effects may… Continue Reading

Payments in China: A Primer

Posted in Global Insights

Set forth below is a brief overview of payments in China. Later posts will provide updates as well as more detailed analysis of selected issues, in particular with respect to payment processing. Foreign Exchange Controls and Cross-Border Payments The Renminbi (RMB) is legal tender only within China’s domestic market. Foreign currencies may not be used… Continue Reading

PBOC Grace Period for Third-Party Payment Processor Licenses Set to Expire

Posted in Global Insights

With the arrival of September 2011, the grace period for third-party payment processor licenses will soon end. The People’s Bank of China (the “PBOC”), the central bank of China, has issued 40 licenses in two rounds. Many existing third-party payment processors are still waiting for the next round of license release. However, the market expectation… Continue Reading