Alipay, TenPay allay new-rule fears
Print Edition
CHINA’S top payment firms, Alipay and TenPay, have rushed to allay users’ fears regarding new central bank regulations that could deal a blow to their current business, saying that the widely reported rules have not come into effect yet.
“Media have widely reported on the draft issued by the central bank that regulates payment companies regarding online payments, which has raised concerns among users. It has not come into effect yet as the draft is aimed at soliciting public opinion,” Tencent’s TenPay said in a statement yesterday. “We’ve submitted our feedback to the central bank and will keep active communication with it.”
The sale of China Asset Management Co’s monetary market fund via TenPay’s platform has not been affected by the draft rules, it added.
Alipay also said its payment business is functioning normally and it is in communication with the central bank.
In a move aimed at protecting users’ personal information and fund security, the People’s Bank of China suspended virtual credit and code scanning payment services by the two companies last Friday.
It banned payment companies from providing online payment services for bricks-and-mortar merchants. Additionally, financial institutions are also prohibited from setting up payment accounts with them, according to a PBOC notice.
It was later reported that the PBOC has issued additional draft rules that may limit the amount of money that can be transferred in each transaction via third-party payment platforms like TenPay and Alipay.
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