It's being reported that over 20 payment institutions and banks in China have joined the newly-launched Nets Union Clearing Corporation, which is the country's new online payment clearing platform.
This means online transactions through payment vehicles such as Alipay, Tenpay and ChinaBank Payment will be processed via this clearing house starting from June 30, 2018.
Established on August 29, 2017, the Nets Union Clearing Corporation was founded by 45 entities, with the People's Bank of China as its largest shareholder.
It enables the central bank to get direct access to transaction details and spending data.
China's central bank intends to put the country's rapidly expanding online payment market under strict scrutiny, saying its necessary to ensure financial stability.
It's expected that over 200 banks and some 40 different payment institutions will be connected to the clearing house by the end of the year.
