UnionPay cuts direct link between banks and third party payment platforms

(ECNS) -- China UnionPay has issued a new regulation that requires its member banks to transfer transactions not done via the only domestic bank card organization in the country back to the platform by year end, according to eeo.com.cn.

The regulation released on Wednesday aims at cutting direct links between banks and third party online payment platforms such as Alipay, analysts said.

According to the ruling, banks should transfer 50 percent of transactions not involving UnionPay to the bank card organization's platform by November 30, to be completed by December 31.

It's not the first time that UnionPay has made such a move. Earlier in 2012, the organization released several similar regulations, but to little effect.