A man uses his smartphone to scan a Alipay two-dimensional code for payments at the first unmanned supermarket in Hangzhou, Zhejiang province.
China's central bank has proposed a daily cap of 5,000 yuan ($817) on transactions through third-party online payment systems, in an initiative to raise security protocols.
Under the draft guideline for public consultation on Friday, the amount shoppers would be able to spend through third-party online payment per day may be restricted to between 1,000 yuan and 5,000 yuan, depending on how sophisticated the system's security checks are.
While platforms that have both digital certification and signature qualification checks will be exempt from the restrictions, the limit would be set at 1,000 yuan per day for platforms that have only one qualification check.
For systems that fail to include digital certification and signature but has two or more checks, the limit would be 5,000 yuan.
When the spending amount exceeds the cap, consumers would be transferred to banking payment platforms to pay the surplus, according to the People's Bank of China (PBOC).
Meanwhile, consumers whose accounts limit them to shopping transaction will be allowed to spend no more than 100,000 yuan per year via the third-party payment systems. Those with more premium accounts that also allow for services like share purchases would be allowed to spend no more than 200,000 yuan per year.
"About 61.3 percent customers spent or transferred no more than 1,000 yuan in 2014, while 80.1 percent less than 5,000 yuan," said a central bank official to Xinhua
The draft also bans third-party payment platforms from opening accounts for institutions running financial businesses such as online lending firms to avoid risks.
Alipay, the country's leading third-party payment platform under e-commerce behemoth Alibaba, declined to comment on the draft guideline.