Central Bank: The issuance and acceptance of prepaid cards will be classified as type II business operations under stored value account management.

In order to formulate supporting systems for the "Regulations on the Supervision and Management of Non-Bank Payment Institutions", regulate the operation of stored value accounts for Class II businesses, the People's Bank of China organized the drafting of the "Measures for the Management of Stored Value Account Operations for Class II Businesses". The "Regulations" and implementation details redefine the classification of payment business, categorizing prepaid card issuance and acceptance into stored value account operations for Class II businesses, and proposing basic business requirements. The "Measures", as one of the supporting systems of the "Regulations", specifically outlines the rules for stored value account operations for Class II businesses, ensuring the implementation of the requirements of the "Regulations". With the development of prepaid card business, new situations have emerged in the market, including innovative practices that benefit the public as well as violations and risks. Therefore, it is necessary to adapt and improve regulatory systems in line with the trends and risks of prepaid card business development, create a favorable policy environment, and promote the healthy and orderly development of the prepaid card industry.