China's central bank has launched a payment system that allows
clients to complete a wide range of transactions at banks other
than their own, the Beijing Times reported.
After signing an agreement with account banks, clients can
deposit, withdraw or transfer small sums of money – up to 20,000
yuan (US$2,695) -- at any outlet of lenders involved in the
program, the report said.
Several banks began the business yesterday in 14 Beijing outlets
as a trial, the report said.
Clients need to pay a certain fee for transactions. For example,
China Construction Bank and Bank of China charge one percent of the
transacted sum, while China Merchants Bank charges 0.1 percent for
transactions in the same city.
(Shanghai Daily November 19, 2007)
