The People's Bank of China is "rectifying" 270 online platforms, with 100 of them holding "shell licenses" and not having any operations.
Licenses of 27 of the platforms have expired and awaiting renewal, with these including Alipay and China Smartpay (8325), which said it is running "unlicensed business."
Another 93 licenses will also expire by the end of the year.
However, China Smartpay chairman Jacky Li is confident the license will be renewed and expects that to come when the People's Bank of China announces the results next month.
The Standard Channel 
Li said the company will focus on micropayments and aim to become the "Octopus card" of China.
It will focus on four fields: medical services, tourism, community and transportation.
