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Politics

China caps store mobile payments at $80

New daily ceilings gum up the wheels of commerce and add to costs

Printed QR codes are widely used to pay for items at retail stores in China.

SHANGHAI -- China has imposed daily limits on smartphone-based payments in the name of combating fraud, spurring cost concerns among vendors and inconveniencing consumers.

The People's Bank of China, the country's central bank, implemented the caps on Sunday for different types of QR code payments, based on relative risk.

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