China will cap QR-code payments to tackle fraud

From Engadget - December 28, 2017

The payment systems have a dark side, though, facilitating money laundering and allowing shady online retailers to cook the books by sending themselves money. These new regulations could stymie those nefarious deeds.

Starting in April, static QR transactions will have a hard limit of Rmb500 ($76.52) per person, per day. "Additional daily limits of Rmb1,000 ($153.03) or Rmb5,000 ($765.15) apply to barcode payers who have not completed certain authentication procedures," Financial Times writes.


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