The central bank's draft regulation that sets a 5,000 yuan ($805) ceiling for online payments among non-banking agencies has sparked intense debate and controversy, with critics denouncing it as a move that compromises the interests of consumers.

In response, the monetary authorities have argued that the move is aimed at dealing with the emerging problems and risks resulting from the rapid development of domestic payment platforms.

Market analysts are more concerned about what kind of attitude the financial regulator holds toward online payments rather than the limit on such payments. Some have expressed worries that clauses in the regulation excessively stress consumer safety at the cost of consumption and narrow the space for enterprises' financial innovations.