China to launch personal account interbank transfers

payment solutions in mainland China.

[redstorm]

article [news.xinhuanet.com]

BEIJING, Sept. 10 -- In China, cash is king. And that means systems that allow electronic payments like money transfers, wage payments, public charges and tax payments are still relatively underdeveloped.

That will soon change. To help us with those small money transfers, China's central bank is planning to launch interbank account transfers by the middle of next year.

[edited by: bill at 6:30 am (utc) on Sep. 11, 2005]
[edit reason] "fair use" doesn't allow us to quote the entire article [/edit]

[tntpower]

Many banks, like ICBC, CMB and so on, have already provided such service. In-city transfer takes just a few minutes.