Chinese Payment Firm’s Settlement Crisis Leaves Merchants Unable to Recover Funds
Merchants and agents are demanding repayment as unpaid transaction funds may total hundreds of millions of yuan, sources said.
TL;DR
- Globebill, a licensed Chinese third-party payment company, is facing a cash-payment crisis.
- Merchants and agents are unable to access their transaction proceeds.
- Widespread payment delays began in October.
- Hundreds of merchants and agents protested outside the People’s Bank of China’s Chongqing branch.
- Several participants were reportedly taken away by police.
- Interviewees spoke on condition of anonymity due to fear of reprisal.