ICBC has already limited transfers to Alipay to 50,000 yuan (HK$62,800) per month, in part to slow deposits leaving for high-yielding money market funds such as Alibaba's Yu E Bao. Photo: Reuters

Beijing to set limits on online payments in security push

Move aims to protect banks and consumers from fraud as internet transactions soar

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ICBC has already limited transfers to Alipay to 50,000 yuan (HK$62,800) per month, in part to slow deposits leaving for high-yielding money market funds such as Alibaba's Yu E Bao. Photo: Reuters
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