The People’s Bank of China on Monday said that it would cap the amount of money that can be spent using mobile-payment services, The Wall Street Journal reported, citing a PBOC interview with state media. The PBOC said the proposed caps were designed to limit business risks, without specifying the risks. The move potentially cuts off a multibillion-dollar business for companies such as e-commerce giant Alibaba Group and rival Tencent Holdings (0700.HKG), which have rushed to release products that help smartphone users shop with their phones. Last week, Alibaba Chairman said the cap could be about US$1,600 (RMB10,000) per month.