Starting July 1, 2016, third-party online payment services like Alipay and Tenpay will have to make sure all user accounts bear the real name of the account holder, according to a report in Xinhua, the state-run news agency, cardnotpresent.com reports.
The accounts also will be sorted into one of three types based on security requirements. Maximum annual payments from the accounts will then be imposed: an annual limit of CNY 1,000 (USD 154) in spending from the least secure type of account to CNY 200,000 per year from the most secure (USD 30,713).
According to the report, the government policy is aimed, in part, at avoiding large deposits in third-party payment accounts, which are beyond the protection of bank deposit insurance and will leave consumers vulnerable to possible risks. Payments made through banks are not subject to the new regulation, the central bank said, the source cites.
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