Starting from tomorrow, July 1, you may not be able to use Alipay and WeChat Wallet if your account isn't linked to a real name.
Users will be required to authenticate their accounts if they want to continue using the mobile payment platforms. Accounts not tied to a real name may not be able to use the standard functions, including transferring/receiving/saving money and paying for bills, taxis or convenience store purchases. There will be no exceptions for overseas account holders.
The new rule is based on a regulation by the People's Bank of China, which now requires third party payment platforms to implement real-name registration and reject anonymous users in hopes of preventing fraud and ensure financial safety.
Accounts tied to local bankcards should not have too many issues, as those accounts are tied to an ID card. But accounts tied to foreign banks may run into problems during the authentication process.
This isn't the first time China has required real-name registration for technology platforms — earlier this month, China announced that it would begin requiring verification of phone numbers as well.
Not sure how to authenticate your mobile payment accounts? We've highlighted the process below.
How to authenticate Alipay
Alipay users will need to provide a bit of information in order to authenticate the account. This includes a personal info questionanaire, photo ID upload and linking up a local bank card. Alipay has outlined the whole process here (link in Chinese).
Users who fail to authenticate their accounts by July 1 will not need to worry about frozen or disappearing assets, however, they will need to complete the registration process to access the funds.
How to authenticate WeChat Wallet
If you've already tied your WeChat wallet to a local bank card, then your account is already verified (even if you've removed it from your payment options).
If you haven't yet tied a bank card to your WeChat wallet, simply go to Me > Wallet > Cards and link them up.
[Image via China Daily]
0 User Comments