According to the guidelines, the third-party payment service providers who exceed USD15.3 million (CNY 100 million) in daily transactions have to establish a backup system in multiple locations in case of a disaster.
The guidelines also indicate that e-commerce third-party payment service providers should not sell their own business over the platform through which they serve other B2C participants. Furthermore, online third-party payment service providers must store their online transaction data for at least two years and should not disclose such information to a third party except as otherwise stipulated by law.
Via its guidelines for e-commerce third-party payment service providers, MOC is set to create a transaction platform for China’s online retailers and shoppers. The MOCs guidelines are a result of an on-going campaign conducted by the Chinese government on copyright infringement and the production and sale of fake and counterfeit products nationwide.
According to the MOC, Chinas B2C transactions have registered USD 611 billion (CNY 4 trillion) in 2010. China has almost 457 million internet users, out of which 148 million were active online shoppers at the end of 2010.
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