As mobile payments, done through QR codes, have spread like wildfire, the government is stepping in to intensify regulation. A recent notice, issued by the Payment and Settlement Department at the People’s Bank of China, stipulated that all online payment services will now go through a central clearing house as of June 30, 2018, allowing data to be fully monitored. This applies even if transfers are made within two accounts using the same service
There were worries that Alipay and Wechat Pay, the two major third-party payment tools, would be badly affected, but The Beijing News
argued that the integration of big data and cloud computing can actually make the most of Internet technology, combining the online and offline financial industry, optimizing data processing, and making services smarter.Big data, the article argued, will allow further customization of services to suit consumers' needs.