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China’s online payment, one of the safest in the world

(People's Daily Online)

17:04, February 28, 2013

Safety level of online payment in China is far higher than the average international level, said Ba Shusong, the deputy director of Financial Research Institute under the Development Research Center of the State Council at an online payment security seminar hold by the Xinhua News Agency on Feb. 27.
Online payment is expected to surpass offline operations in three to five years.

According to data of the China Internet Network Information Center (CNNIC), as of December 2012, the number of China’s online payment users has reached 221 million, a year-on-year increase of 32 percent. The boost of the online retail sales has also motivated the surge of online payment users.

According to statistics of IResearch, Alipay accounts for more than 48 percent of the Internet payment market, and Tenpay ranks the second accounting for 20 percent in the online payment market as at the end of the third quarter in 2012.
Ba said it is widely believed that online payment will surpass offline operations in three to five years, because the proportion of the online payment to the total volume of the consumption is increasing year by year.

The security of domestic online payment is controllable.
After ten years of security technology development of online payment, safety level of online payment in China is far higher than the average international level, Ba added at the online payment security seminar.

The safety environment needs common effort
Experts who attended the seminar believed that supervision sectors should focus on the international competitiveness of China’s online payment industry when planning the management of online payment security.

In addition, Ba said consumers should also raise account safety awareness.

Edited and translated by Ma Xi, People's Daily Online
Read the Chinese version: 中国网络支付安全高于国际
Source:Beijing Morning Post

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