SHANGHAI :
Regulators Shut Down Bank of Lanzhou's QR Code Cash Withdrawals After Just Three Days
Zhang Xia
DATE:  Sep 07 2017
/ SOURCE:  Yicai
Regulators Shut Down Bank of Lanzhou's QR Code Cash Withdrawals After Just Three Days Regulators Shut Down Bank of Lanzhou's QR Code Cash Withdrawals After Just Three Days

(Yicai Global) Sept. 7 -- China's Bank of Lanzhou Co. has suspended its recently-introduced service that allowed QR code withdrawals from ATMs through third-party payment platform after regulators said the payment providers could not handle cash deposits and withdrawals, the 21st Century Business Herald reported.

The bank, based in China's western Gansu province, began the service on Sept. 4 with payment platforms including Tencent Holdings Ltd.'s [HKG:0700] WeChat and Alibaba Group Holding Ltd.'s [NYSE:BABA] Alipay. The service charged CNY0.3 (USD0.05) per transaction.

Rules issued by the Chinese state bank, the People's Bank of China, state that payment institutions shall not directly or indirectly deal in services like currency exchange, cash deposits or withdrawals.

Bank of Lanzhou led the service and did not officially cooperate with any third-party payment providers.

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Keywords:   Bank of Lanzhou,Third-Party Payment,Cash,Capital Risk,QR Code Withdrawals