The total trading volume of the third party payment business rose 43.2% year on year to 17.9 trillion CNY (2.9 trillion USD) in China last year.
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The country's third party mobile payment market also grew as transactions exceeded 1.2 billion CNY, up 707% year on year, according to a report by the Institute of Finance and Banking under Chinese Academy and Social Sciences.
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The People' s Bank of China (PBoC) suspended code-based payments and virtual credit cards on March 14, and set a limit on the size of third party payments, bringing discontent to some financial quarters, according to the Journal.
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Fan Shuangwen, deputy director of payments and settlements at PBoC said the limit guaranteed security rather than restricting consumption.
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Limits maintained transparency in the process and prevented money laundering, Fan added.
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Guo Tianyong of Central University of Finance and Economics, questioned the need for a limit if the third party payment guaranteed compensation against capital lost.
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Yang Tao of the Chinese Academy of Social Sciences, suggested risk measurement as a focus for future work.
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"Third-party systems can only be evaluated through risk measurement, rather than qualitative analysis based on subjective perception," Yang said.
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The risk measurement identifies the type and source of risks, analyzes and copes with those risks, and promises public disclosure, Yang added.Â