WorldFirst applies for spot in third-party payment market

China's central bank, the People's Bank of China, received the first application from a foreign payment company to enter the country's booming third-party payment industry on Wednesday.

A Chinese mobile phone user scans a QR code via mobile payment service Alipay of Alibaba Group on his smartphone in Jinan city, east China's Shandong province, 16 March 2018. [Photo: IC]

The international foreign exchange service provider WorldFirst submitted the application, the PBOC confirmed to China Daily.

It is the first application from a foreign third-party payment company since mid-April, when the central bank announced specific measures and a timetable to further open up the financial sector to overseas investors.

On March 21, the central bank released a notice on its website clarifying regulatory standards and access conditions for foreign payment companies, which is expected to prepare and accelerate the opening up of China's third-party payment market.