The People's Bank of China issued a statement on Friday that halted virtual credit card products and face-to-face payment services, including QR code payments, ruling that this line of business was too risky.

According to the statement, both forms of mobile finance have gone beyond the traditional business models of point-of-sale machines and credit cards, which may have potential security loopholes.

Before talking about reasons for the ban, we should talk about e-credit cards first. A few days ago when WeChat and Alipay announced such projects, everyone thought it was an industry-changing move. What exactly are e-credit cards?