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.
A cash-payment crisis at a Chinese third-party payment company, Globebill, has prevented merchants and agents nationwide from accessing their transaction proceeds. This has led to widespread payment delays since October, prompting protests outside the central bank’s Chongqing branch. Hundreds of affected individuals gathered to demand repayment, and some were reportedly taken away by police.
- 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.
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