In order to establish a supporting system for the “Regulations on the Supervision and Administration of Non-bank Payment Institutions” and standardize the management of Class II business for stored value account operations, the People's Bank of China organized and drafted the “Administrative Measures on Class II Business Operation of Stored Value Accounts”. The Regulations and implementing rules reclassify payment services, classify the issuance and acceptance of prepaid cards as a Class II business for stored value account operations, and put forward basic business requirements. As one of the supporting systems of the Regulations, the “Measures” clarify the specific rules for the operation of Class II stored value accounts and ensure that the requirements of the Regulations are implemented in detail. With the development of the prepaid card business, some new situations have emerged in the market, including innovative practices that are convenient and beneficial to the people, as well as irregularities and risk incidents. In this regard, it is necessary to adapt and improve the regulatory system in line with the development trends and hidden risks of the prepaid card business, create a favorable policy environment, and promote the healthy and orderly development of the prepaid card industry.

In order to establish a supporting system for the “Regulations on the Supervision and Administration of Non-bank Payment Institutions” and standardize the management of Class II business for stored value account operations, the People's Bank of China organized and drafted the “Administrative Measures on Class II Business Operation of Stored Value Accounts”. The Regulations and implementing rules reclassify payment services, classify the issuance and acceptance of prepaid cards as a Class II business for stored value account operations, and put forward basic business requirements. As one of the supporting systems of the Regulations, the “Measures” clarify the specific rules for the operation of Class II stored value accounts and ensure that the requirements of the Regulations are implemented in detail. With the development of the prepaid card business, some new situations have emerged in the market, including innovative practices that are convenient and beneficial to the people, as well as irregularities and risk incidents. In this regard, it is necessary to adapt and improve the regulatory system in line with the development trends and hidden risks of the prepaid card business, create a favorable policy environment, and promote the healthy and orderly development of the prepaid card industry.