WeChat Pay, Alipay Implement Transfer Limits
National Business Daily, 12/01/16
Chinese third-party payment processors Alipay and WeChat Pay have announced that beginning today, they will be limiting the number of online transfers an account can make on their platforms in accordance with regulations enacted today by the Chinese government. The number of daily transfers will now be limited to 100.
The amount of money transferable will continue to be limited according to a previous set of regulations, released by the People's Bank of China in December 2015.
The regulation enacted today was issued by the People's Bank of China on September 30, and is titled "Notice Concerning Increased Regulation of Payment Processing to Prevent New Kinds of Illegal Behavior on Telecom Networks."
The September 30 regulations require that organizations and individuals sign an agreement with third-party payment service providers when opening an account on the providers' platforms in order to limit the amount and number of daily transfers between payment accounts or between payment accounts and bank account. Transfers in excess of quotas are not to be processed.
Alipay is operated by Ant Financial, the financial services affiliate of Chinese e-commerce conglomerate Alibaba Group (NYSE: BABA), and WeChat Pay is run by Chinese internet company Tencent (0700.HK).
Editor's Note: For more information on both the September 30, 2016 and December 28, 2015 regulations, please see "China to Limit Users to One Account Per Non-bank Payment Institution," MD 9/30/16 and "China Implements Rules for Non-bank Online Third-party Payment Services," MD 12/28/15 issues.
Keywords: online payment Internet regulation Alipay Tencent People's Bank of China third-party payment 0700.HK Alibaba Group financial services WeChat Pay BABA Ant Financial Group mobile payment wireless
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