China begins regulating QR code payments

In an attempt to cut down on fraud, China’s central bank has announced plans to begin regulating payments by QR codes, barcodes, and other scannable codes. The regulations will initially cap payments by traditional QR codes to 500 yuan, or about $76 USD. When additional security measures are applied, the cap can raise to 5,000 yuan, or around $765 USD. At an even higher security level, banks and payment processors are given discretion over the cap.
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